Don't Rent Your House - Lease Option It!

Don't book your house- lease option it
The fastest way to obtain houses is to lease option, not rent. That way you recruit a better made of tenant, more and more people to choose from, more cash up-front, more cash each month and no repair headaches. Sounds good, right? I usually get $100 monthly extra over a house until $150,000; up-front option money is about 3% in the sales price. If the home needs work, I offer a work credit when they do 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 each day). If it is possible to get in light, you do not have a lot of cash tangled up in fix up costs. Long ago, I learned to not link my take advantage keepers.
Since you get so many calls on these ads, you must minimize the time and effort expended on your side. The ad is positioned in the houses for rent and houses for sale sections.
A typical ad reads a significant house reads:
Rent to own Cute 3/1 fenced yard. Nice area. Low down $850 mo+ $100 mo towards purchase
If the residence is a disaster, I always fix it first. This is how the ad reads:
Rent to Own- $0 down- U fix. 3/1 fenced yard. Nice area $850 mo + $100 mo towards purchase.
Notice that this price and rent hasn't changed? Slick huh?
You must have another number with a different voice mail. On the voice mail it is possible to provide address and hype the home. Tell them drive an automobile beginning with and take a flier and search within the windows. At the exact property is another contact number, that's my cell. That way you merely speak to those who have seen a nearby, and seen the home, and understand how the offer works. At the home you do have a flier that outlines what's required. I have about 100 fliers and appearance every week to find out if it can be empty. Tape you to definitely the window in the event that someone takes the past one.
Make sure the property is clean and neat even if it requires work. Leave of the question coverings open. Check your voice mail regularly as it will refill fast. Mostly there'll be hang-ups. The calls you receive back are those you'll want to speak with. Be sure to take the time to screen the callers. Ask them about employment, who'll live there, the amount they earn, how much time currently address. Do they have the necessary option money? Verify which they earn at the very least 3 times the rent amount each month. How is their credit? If things are ok, build a showing time.
Make sure you schedule several appointments at the same time. Tell them to take $100 in cash plus $25 application fee in case that like your house. When you have the showing, arrive 10 minutes late. Let them see other people there also. Take applications from the qualified ones and their money. No money-no application. Don't inquire about marital status- it's illegal.
Every adult gets his/her own application. Date and number the applications. You have to go ahead and take first qualified tenant, not probably the most qualified.
Check out  property manager richmond . When you have made the decision finances for it to find the rest in the first month's money quickly. You would be surprised what number of people walk from $100. Don't take the ad out with the paper til you have ALL the money. Things can be wrong getting the club the very last minute. Return all unacceptable deposits without the presence of $25 credit check needed fee. If possible, visit the prospective tenant's house to have the rest with the money to see where did they live. At the very least, have a look at their car. If you will find mounds of McDonald's wrappers about the back seat, think carefully. Look at their driving license to see if they are really who it is said they are. Take only cash until they move in.
If you actually like them nevertheless they do not have all the money needed, let them 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 if they transfer and welch, it is possible to evict them for non-payment of rent. It's tough to evict because of non-payment of option money.
I carried this out successfully even from out of state. Many times I never met the people. What do I care the things they look like. If they qualify, they qualify.