Tenant-Buyers: How To Line Them Up?
I have a lead on a property that is in foreclosure. However, the proprty is located in an area that is not really renter-friendly. I would instead like to sell it as a rent-to-own. I have never done a rent-to-own before and was wondering how best to line up Tenant-buyers BEFORE I closed on the property.
Is there any reason why I should not do this (Illegal, unethical etc)?
Any help or advice would be much appreciated.
Thanks,
JS
This sounds more like a L/O deal. You might get more advice in the L/O forum.
Tenant buyers are: renters with a financial interest in a home they do not own. Finding a tenant buyer is not difficult:
"Rent-2-own down payment required, family neighborhood, EZ qualify, No banks needed. Call: 312-XXX-XXXX"
Your issue will arise on obtaining the property. If it cost's too much to acquire via - purchase, subject to, sandwich lease option, contract for deed, etc. Including any forseen repairs, our recommendation is to remove the emotion and look for the next house.
Don't forget to develop an exit strategy for any deal.
Eric & Rosa
[addsig]
put an add in the paper for a l/o. tell the callers it is not ready for l/o as yet. take their name and no. tell them you will call them back so they can fill out and appt. when it is ready for l/o in "x" amount of time. you then will have a "feel" for the market demand and also a list of possible l/o. it is not illegal in my area...kenmax
When the property is ready use lots of signs in the area the house is located. If you placed one in the front yard and another 20 in the area you will generate calls. RENT TO OWN.