Podcast#62 – Fundamentals – 3 Things to do this summer for your rentals

Ask assistance from your property manager for your tenants about lease option. An option for the tenant to purchase the home.
$100 or $5000 lease option fee. A win-win for yourself as a home owner and for the tenant.

Hi property manager,

With the summer coming up and rent up season approaching I was wondering if you would be able to ask every one of my tenants if they were interested in purchasing the home via lease option.. Here is an idea on how to have a conversation about the proposition..

1) Praise the tenant for a good track record.. And let them know we are looking to create a win-win situation.

2) Ask if they would like to own their own home one day.. This also provides us information on if we need to plan for vacancy.

3) Present the lease option deal idea, if the rent is 1000, ask to raise the price to 1100 (+100) and 50 dollars goes to a deposit account and 50 goes as a fee as a deposit.

We can work on the exact contract with a lawyer. This is offer is not for everyone but is ideal for someone who has to recover from bankruptcy and/or has a credit score improving… Once they are signed on with the lease option this should greatly eliminate service calls making your job easier… Also when we sell you will be the agent on record on can have the commission$… Please report back on the following within the next month after you have had a brief conversation with the tenant: 123 Main Street:

1) Interested in buying this home? if not why/when? any issues with current living conditions? 2) What are their barriers to a lease option? (credit score, job/location stability) —

2) What are their barriers to a lease option? (credit score, job/location stability) —

3) Present the lease option deal idea, if the rent is 1000, ask to raise the price to 1100 (+100) and 50 dollars goes to a deposit

 

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