Rent to Own Calgary
- Thread starter VicChung
- Start date
QUOTE (markl @ Feb 14 2010, 06:49 PM) That was actually one of our selling features in Alberta you will have rent locked in for the term of the contract. So no we have no such escalation clause in our contract.
Anyone who might know someone who knows who is interested in a rent-to-own. I am offering $500 referal fee if the client signs up for this property or any tenant-first properties. It is passive income for a few minutes of work.
Here is ad as well:
http://www.homerent.ca/property/L25419
Anyone who might know someone who knows who is interested in a rent-to-own. I am offering $500 referal fee if the client signs up for this property or any tenant-first properties. It is passive income for a few minutes of work.
Here is ad as well:
http://www.homerent.ca/property/L25419
QUOTE (VicChung @ Feb 17 2010, 10:55 AM) Anyone who might know someone who knows who is interested in a rent-to-own. I am offering $500 referal fee if the client signs up for this property or any tenant-first properties. It is passive income for a few minutes of work.
Here is ad as well:
http://www.homerent.ca/property/L25419
Hi Marc and any other experts out there,
I am getting a few requests by potential RTO tenants to try the property for 6 months before deciding to go ahead? I think it is a lot of work if I have to offer this feature.
What are your strategies with regards to requests by RTO tenants to try the property for a few months before signing an RTO contract?
Regards,
Vic
Here is ad as well:
http://www.homerent.ca/property/L25419
Hi Marc and any other experts out there,
I am getting a few requests by potential RTO tenants to try the property for 6 months before deciding to go ahead? I think it is a lot of work if I have to offer this feature.
What are your strategies with regards to requests by RTO tenants to try the property for a few months before signing an RTO contract?
Regards,
Vic
I personally would stay away from that unless you are desperate... One of the beautiful things about RTO is you have an incredible amount of flexibility.. You can negotiate deals with lower rents but higher selling prices, more down with less rent etc... Just keep an eye on your margins to make sure your not giving the home away either..
If someone comes to you and is serious you can make a deal happen... If they want to try it out your giving them leverage over you 6 months from now when it comes time to negotiating the deal and suddenly you either accept their deal or face months of vacancy all over... Or if they change their minds or were never serious to begin with (that`s where my money is) then you just have additional wear and tear on the property...
I`m not sure where Mark sits on this but I only attempt property first strategies when the property in question is SHARP, by that I mean everyone who see`s it will fall in love with it... We`re about to start advertising a new one this week that I actually tried to buy from my partners because I fell in love with it and wanted to move there... The last one we did showed 3 times and each one tried to get it and it was RTO`d in 2 weeks from first ad to papers signed..
It may also be a good idea to get some signs printed and put them up around the neighborhood.. You`d be surprised who drives by and calls you up..
If someone comes to you and is serious you can make a deal happen... If they want to try it out your giving them leverage over you 6 months from now when it comes time to negotiating the deal and suddenly you either accept their deal or face months of vacancy all over... Or if they change their minds or were never serious to begin with (that`s where my money is) then you just have additional wear and tear on the property...
I`m not sure where Mark sits on this but I only attempt property first strategies when the property in question is SHARP, by that I mean everyone who see`s it will fall in love with it... We`re about to start advertising a new one this week that I actually tried to buy from my partners because I fell in love with it and wanted to move there... The last one we did showed 3 times and each one tried to get it and it was RTO`d in 2 weeks from first ad to papers signed..
It may also be a good idea to get some signs printed and put them up around the neighborhood.. You`d be surprised who drives by and calls you up..
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QUOTE (VicChung @ Feb 22 2010, 08:25 PM) Hi Marc and any other experts out there,
I am getting a few requests by potential RTO tenants to try the property for 6 months before deciding to go ahead? I think it is a lot of work if I have to offer this feature.
What are your strategies with regards to requests by RTO tenants to try the property for a few months before signing an RTO contract?
Regards,
Vic
If you own the property all ready, just let them normally rent the place for six months at market rent and/or positive cashflow rent level. What do you lose if they do not sign a RTO? Probably your property apreciated over the 6 months and that money is yours as well.
BUT under no circumstances would I make a RTO commitment with a 6 month build in clause so they can claim the 6 months appreciation if positive and walk away if it does not go their way. You can`t have your cake and eat it too.
I am getting a few requests by potential RTO tenants to try the property for 6 months before deciding to go ahead? I think it is a lot of work if I have to offer this feature.
What are your strategies with regards to requests by RTO tenants to try the property for a few months before signing an RTO contract?
Regards,
Vic
If you own the property all ready, just let them normally rent the place for six months at market rent and/or positive cashflow rent level. What do you lose if they do not sign a RTO? Probably your property apreciated over the 6 months and that money is yours as well.
BUT under no circumstances would I make a RTO commitment with a 6 month build in clause so they can claim the 6 months appreciation if positive and walk away if it does not go their way. You can`t have your cake and eat it too.
I concur with what Godfried said. What`s the harm in renting it out normally for 6 months? You get cash flow you can advertise a property that is lived in which is always easier to rent or rent to own as people can see where things can go. Remember some people are not visual. If the property is in a good area that is going to appreciate and was bought because the fundamentals justify it. If you can find good tenants then put them is as regular renters if they would like to do a rto on the property ask them if they can give you notice in say 4 months if not you can start advertising it again.
Regards,
Regards,