Problems W/ Lease Options!
I have had my signs out for about 3 weeks. I have had to look at 35 propeties. But the sellers as always ask the same question. What happens if someone vandises my property before I am cashedout. I do not know how to answer that. Please help.
You tell them that the lease you write up between your seller and yourself says that you agree to all maintenence and repair costs to the property and if your new tenant/buyer destroys the property it will come out of your pocket and that you have a reserve account for this purpose.
Just curious "Younger" what did you put on your signs that attracted 35 houses. Thanks in advance..
I simply put We Buy Houses And my cell phone number.
I tell peole that we will pay any repairs up to $200. Anything more would be the owners responsibility.
Also....Getting the homes does not seem to be a problem. Geting the tenants with a nice down payment is a big problem. I always get calls and replies from potential tenants that only have between $1000-$3000 down and want something between $600-$900 a month. I wish I could find an answer to the tenant issue! :-(
DKirby,
I am curious to know what type of home and what price range you are buying in?
I am in So. Calif. and, as you know, it can be pricey here. I tend to obtain properties in outlying areas of a metro area that are within an easy 25-45 minute commute and are lesser in price. I also look for what I consider to be starter homes. I feel the majority of tenant buyers have some credit problems that need several years to repair or they have a qualifying problem at present. This majority usually will have the $1K to $3K down and want payments under $1K per month.
One property I have would fit nicely into your $3K option consideration and $900.00 monthly lease payment.
Dave
[addsig]
What about insurance to cover vandalism?
dealfinder, are you advertising a property?
miraclehomes,
Just trying to give DKirby a different take on his difficulty on finding tenant buyers.
I do have a property listed on this site but that was not the intention of my post (to advertise). Hope this clears it up for you.
Dave
[addsig]
Good