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scott(pa)

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Everything posted by scott(pa)

  1. Jack like Michael said. I dont think you will get to many people putting much option consideration down on a one month lease. I would do a year. You do need to check references to make sure you are getting a stable tenant/buyer. If for any reason you think someone is only worthy of a one month lease because you dont think they will pay you, then you do not want that person in your home. Consider the fact that you would have to evict this person. Its not worth it. A year gives you the piece of mind of knowing that home is handled for a year. You will be very busy if you have 20 homes under contract on one month leases. Good Luck Scot(pa)
  2. What situation is going on there that there are 4 adults? I would certainly investigate that a little further. Are all fout going to be on the lease? Do all four have jobs? For your own protection you want to be sure there is some stability. I had that same situation there were four adult females. All early 20's. They wanted to rent to own a home together. This did not strike me as a good situation. You have to ask if one drops out can the others still make the payment. Thats just a situation that you need to analyze yourself and make a decision based on what you know and what you think about these people. Every situation is different. Get more info on them. I would do it ASAP so that it is all cleared up when you have a home under contract. Good Luck Scott(pa)
  3. Well Michael, I put that post up there because it seems just as newbies get started they find out about the due on sale clause. Lets get this matter out of the way. I know several investors, and now including Michaels experience. All together between everyone that I talk to there is probably a total of 1000 deals. Out of those deals everyone will tell you the same thing. Dont worry about it! Its not going to happen. Why would a bank want to foreclose on a loan in good standing? They dont! The due on sale clause was created to protect the rising interest rates. This was years ago and the sitution has been taken care of. The clause still exists but is unheard of being used when a loan is in good standing. Think about it, it does not make since to call a loan in good standing. Now that we have that barrier out of the way, Lets go do some deals. Scott(pa)
  4. Has anyone encountered any problems with the due on sale clause when doing a L/P?
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