Hello everyone- This is a follow up to a post on February 24th titled "Are lease/options realy that powerful?" In that post, I had a house for rent which has built up some equity and I didn't mind selling. I like the opportunities lease/options provide selling, not to mention buying, and wanted to learn more, so I thought I would jump right in and give it a try. There is also a story with a past Setion 8 tenant, I need to mention. A couple of years ago I rented a condo to a Section 8 tenant. It was new to me I had never had this type of tenant before. The government agency or Housing Authority pays the rent or part of the rent for folks in need. She (the tenant) had two small childeren and one was handicaped. We sign a lease and she lived there for 4 years. Each year the housing authority paid less and less of the rent, until finaly the tenant moved. She was a great tenant, kept the place up, and I hated to see her go. A couple of months ago I receive a check in the mail from this past section 8 tent (very unusual), who I figured was long gone, for a past water bill she didn't pay. I wrote her back and returned the portion of the rent deposit she never received because of this water bill. She ask in the e-mail, if I had any properties available, and that she was interested in doing a ...you guessed it...a lease/option. Come to find out she has pulled herself out of welfare, fixed her creidt and is ready to purchase her first house with her two daughters. We met this weekend and she wants the house. We have writen down some numbers and terms for a lease option, which are listed below, and we should be signing an agreement the beginnig of this week. It's amazing to have a return customer. She told me those four years as a Section 8 tenant were a struggle but it allowed her to move forward. And now, years later, I have the privaledge to help her buy her first home. This is a win-win for both of use. You know, we are problem solvers for people in this real estate business. Many times we are always trying to help ourselves, and not always realizing that once in a while we need to step back, look at what our realestate education and experiences can do for others. That's what I learned this week. <Steve> Stats: Puchase Price: 95k high end of fare market value. I need around 90k Rent Credit: 50% of $790 month for one year, totaling $4,740. Option Money: 2% of purchase price $1,900 I currently have a mortgage balance of 73k-ish If the tenant follows through, on the back end $15k+
