Don't Rent Your House - Lease Option It!

Don't rent your house- lease option it
The easiest method to possess houses is to lease option, not rent. That way you have a better made of tenant, more people to pick from, additional money up-front, more money each month with out repair headaches. Sounds good, doesn't it? I usually get $100 a month extra over a house until $150,000; up-front option financial resources are about 3% from the sales price. If the house needs work, I provide a work credit if they get it done themselves. If the residence is a disaster, then I offer my special, "No money down, you fix" deals (On those deals I get approximately 150 calls per day). If you'll be able to get involved light, you do not have big money occupied in fix up costs. Long ago, I learned to never connect my profit keepers.
Since you get a lot of calls on these ads, you will need to minimize the effort expended by you. The ad is placed in the houses for rent and houses for sale sections.
A typical ad reads a good house reads:
Rent to have Cute 3/1 fenced yard. Nice area. Low down $850 mo+ $100 mo towards purchase
If the house is a disaster, 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 how the price and rent has not yet changed? Slick huh?
You must have a separate number with another voice mail. On the voice mail you can provide the address and hype the property. Tell them to operate a vehicle by first and require a flier and look within the windows. At the exact property is another phone number, which is my cell. That way you merely speak with those who have seen a nearby, and seen your house, and recognize how the deal works. At the exact property you do have a flier that outlines what is required. I have about 100 fliers and look every few days to ascertain if it can be empty. Tape you to definitely the window in the event someone takes the past one.
Make sure the home is neat and clean regardless of whether it needs work. Leave the window coverings open. Check your voice mail regularly given it will refill fast. Mostly you will see hang-ups. The calls you get back are the ones you will want to talk to. Be sure to take some 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 required option money? Verify they earn a minimum of thrice the rent amount each month. How is their credit? If things are ok, setup a showing time.
Make sure you schedule several appointments as well. Tell them to create $100 in cash plus $25 application fee in the event that that they like your house. When you have the showing, arrive ten mins late. Let them see other people there also. Take applications from your qualified ones along with their money. No money-no application. Don't ask about marital status- it's illegal.
Every adult gets his/her own application. Date and number the applications. You have to take the first qualified tenant, not essentially the most qualified.
Check out everyone thoroughly. When you have made a decision arrange to have the rest from the first month's money quickly. You would be surprised the number of people walk from $100. Don't make ad out from the paper until you have ALL the money. Things may go wrong getting the club the past minute. Return all unacceptable deposits without the $25 credit check needed fee. If possible, visit the prospective tenant's house to get the rest of the money to see how they live. At the very least, look at their car. If there are mounds of McDonald's wrappers about the back seat, think. Look at their driving license to view when they are really who they are saying they may be. Take only cash until they move in.
If you really like them but they lack all the money needed, let them have a very 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 when they move in and welch, you are able to evict them for non-payment of rent. It's tough to evict as a consequence of non-payment of option money.
property management carlton  succeeded in doing so successfully even from out of state. Many times I never met individuals. What do I care whatever they seem like. If they qualify, they qualify.