I have a tenent that would like to purchase my condo but does not have money for a down payment. They would consider a rent to own plan but I have never used this system before. I am looking for some advice or help. Thanks in advance, Stuart.
Rent To Own?
- Thread starter golferstu
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It is a SENIOR strategy that requires some significant skills. This strategy works well if executed well.
Skills, in any business, can be learned, or acquired for a fee.
You need two contracts: one for the option to buy, and one for the lease. Since this client has no money it is very high risk, but if indeed dependable, you could try a low initial deposit and a high monthly option deposit that you would keep if the tenant defaults on their property purchase.
Buy Marrk Loeffler's book on this very topic !
Skills, in any business, can be learned, or acquired for a fee.
You need two contracts: one for the option to buy, and one for the lease. Since this client has no money it is very high risk, but if indeed dependable, you could try a low initial deposit and a high monthly option deposit that you would keep if the tenant defaults on their property purchase.
Buy Marrk Loeffler's book on this very topic !
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I support the content of Thomas's above post