1. Don't Rent Your House - Lease Option It!
  2. Don't rent out your house- lease option it
  3. The easiest way to own houses would be to lease option, not rent. That way you get a better made of tenant, more and more people to choose from, more income up-front, additional money every month with out repair headaches. Sounds good, doesn't it? I usually get $100 monthly extra on a house until $150,000; up-front option money is about 3% in the sales price. If the home needs work, I give a work credit if they undertake it themselves. If the residence is an emergency, then I offer my special, "No money down, you fix" deals (On those deals I get approximately 150 calls every day). If you are able to get involved light, you don't have big money tangled up in fix up costs. Long ago, I learned never to link my cash in keepers.
  4. Since you will get numerous calls on these ads, you must minimize the effort expended on your side. The ad is positioned within the houses for rent and houses for sale sections.
  5. A typical ad reads a decent house reads:
  6. Rent to obtain Cute 3/1 fenced yard. Nice area. Low down $850 mo+ $100 mo towards purchase
  7. If the house is a disaster, I always clean it first. This is how the ad reads:
  8. Rent to Own- $0 down- U fix. 3/1 fenced yard. Nice area $850 mo + $100 mo towards purchase.
  9. Notice how the price and rent have not changed? Slick huh?
  10. You must have another number with an outside voice mail. On the voice mail you are able to supply the address and hype the home. Tell them drive an automobile by first and require a flier and appearance inside the windows. At the property is another contact number, that's my cell. That way you only talk to individuals who have seen your neighborhood, and seen your house, and understand how the deal works. At the exact property you have a flier that outlines what is required. I have about 100 fliers and check every few days to find out if it is empty. Tape you to definitely of the question in the event someone takes the past one.
  11. Make sure the exact property is elegant even if it requires work. Leave of the question coverings open. Check your voice mail regularly as it will fill up fast. Mostly you will see hang-ups. The calls you get back are the ones you will need to talk to. Be sure to take time to screen the callers. Ask them about employment, that will live there, the amount they earn, just how long at present address. Do they have the necessary option money? Verify that they can earn no less than 3 x the rent amount each month. How is their credit? If things are ok, setup a showing time.
  12. Make sure you schedule several appointments concurrently. Tell them to take $100 in cash plus $25 application fee just in case that like your house. When you have the showing, arrive 10 minutes late. Let them see the rest of the people there also. Take applications in the qualified ones along with their money. No money-no application. Don't enquire about marital status- it's illegal.
  13. Every adult gets his/her own application. Date and number the applications. You have to make first qualified tenant, not the most qualified.
  14. Check out everyone thoroughly. When you have decided make arrangements to get the rest with the first month's money quickly. You would be surprised the amount of people walk from $100. Don't take the ad out in the paper until you have ALL the money. Things may go wrong up to the last minute. Return all unacceptable deposits without worrying about $25 credit check needed fee. If possible, navigate to the prospective tenant's house to find the rest in the money to view where did they live. At the very least, have a look at their car. If you will find mounds of McDonald's wrappers around the back seat, think hard. Look at their driver's license to find out whenever they are really who it is said they're. Take property management balwyn until they transfer.
  15. If you truly like them however they don't possess all the money needed, permit them to possess a payment schedule- in writing- but refer to it rent-owed. The money they pay first is option money. The money they owe you is rent. That way should they move in and welch, you'll be able to evict them for non-payment of rent. It's tough to evict due to non-payment of option money.
  16. I done this successfully even from out of state. Many times I never met the folks. What do I care what they look like. If they qualify, they qualify.

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