Don't Rent Your House - Lease Option It!
Don't rent your house- lease option it
The easiest method to obtain houses would be to lease option, not rent. That way you get a better made of tenant, lots more people to pick from, additional money up-front, more income monthly with out repair headaches. Sounds good, doesn't it? I usually get $100 a month extra on a house until $150,000; up-front option money is about 3% of the sales price. If your house needs work, I offer a work credit if they take action themselves. If the home is an emergency, then I offer my special, "No money down, you fix" deals (On those deals I get approximately 150 calls a day). If it is possible to be in light, there isn't a lot of money tangled up in fix up costs. Long ago, I learned not to tie up my cash in keepers.
Since you get so many calls on these ads, you will need to minimize the time and effort expended on your side. The ad lies in the houses for rent and houses for sale sections.
A typical ad reads a decent house reads:
Rent to have Cute 3/1 fenced yard. Nice area. Low down $850 mo+ $100 mo towards purchase
If the property is a tragedy, I always wash 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 the price and rent hasn't changed? property manager doncaster huh?
You should have a separate number with a different voice mail. On the voice mail it is possible to give the address and hype the house. Tell them they are driving by first and take a flier and appearance in the windows. At the exact property is some other telephone number, that's my cell. That way you merely speak to people who have seen a nearby, and seen the home, and understand how the offer works. At the exact property you've got a flier that outlines what's required. I have about 100 fliers and look every week to find out if it can be empty. Tape someone to your window in the event that someone takes the final one.
Make sure the property is clean and neat regardless of whether it takes work. Leave the window coverings open. Check your voice mail regularly since it will fill fast. Mostly you will see hang-ups. The calls you get back are the ones you should speak to. Be sure to take the time to screen the callers. Ask them about employment, who will live there, how much they earn, how long presently address. Do they have the necessary option money? Verify they earn at the very least 3 x the rent amount monthly. How is their credit? If things are all ok, setup a showing time.
Make sure you schedule several appointments concurrently. Tell them to take $100 in cash plus $25 application fee in the event that that they like your home. When you have the showing, arrive ten mins late. Let them see other people there also. Take applications from your qualified ones and their money. No money-no application. Don't enquire about marital status- it's illegal.
Every adult gets his/her own application. Date and number the applications. You have to make first qualified tenant, not one of the most qualified.
Check out everyone thoroughly. When you have determined finances for it to obtain 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 of the paper in anticipation of having ALL the money. Things can be wrong up to the last minute. Return all unacceptable deposits without worrying about $25 credit check needed fee. If possible, see a prospective tenant's house to find the rest with the money to find out where did they live. At the very least, have a look at their car. If you'll find mounds of McDonald's wrappers about the back seat, think hard. Look at their driver's license to find out should they are really who people say they may be. Take only cash until they transfer.
If you truly like them nevertheless they don't have all the money needed, let them have a payment schedule- in writing- but think of it as 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 can evict them for non-payment of rent. It's tough to evict as a result of non-payment of option money.
I succeeded in doing so successfully even from out of state. Many times I never met individuals. What do I care the things they appear to be. If they qualify, they qualify.