moneynfast 0 Report post Posted January 27, 2003 Michael I received 6 phone calls. I did it, I pick up the phone and actually talk to them, and it did not hurt one bit. I have to follow up on all of them because they were not there. But this one guy that call on my ad was just looking to rent. I told him that this probaly would not work for him. Did I make a mistake by saying this? Here is the good one as I was typing this letter I got another call and put her on my tennant list that was easy. I am liking this phone stuff. I just could not imagine how many people out there are looking for property. And she told me that she can put up atleast a 2000 down. They are paying 1000 a month now but won't there rent to be under 1000. I know I can find that real easy.One more thing there will be 4 adults and one child is that a normal thing under lease options? MichaelR Share this post Link to post Share on other sites
moneynfast 0 Report post Posted January 28, 2003 MichaelC should I try to get more than $2000.00 option consideration money? This weekend I need to try to find a house I know I can do this. MichaelR Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 28, 2003 Michael, I assume you are referring to potential tenant/buyers calling you. Six is an excellent early indicator that there is a need for Rent to Own homes in your area.No matter what they say, you might want to get them to complete the Tenant/Buyer Profile, and begin to file and organize all these calls for when you have a property or properties to offer.As for how much option money is enough, review my manual on this matter. Let them talk first and tell you how much they have. How much option money you receive depends, in large part, upon the property in question. For example, if you are dealing with a $90,000 starter house with a $750 monthly payment, $2,000 might be adequate. On the other hand, a $350,000 property with a $2,800 monthly would certainly generate a much higher amount of option consideration. Remember, my general rule of thumb is the equivalent of three to six months rent for option consideration.Lastly, you'll find the tenant/buyers are the easier part of this equation. You will need to concentrate your efforts on the sellers/homeowners. You are absolutely right: you can do this. I know it, too! Share this post Link to post Share on other sites
scott(pa) 0 Report post Posted January 31, 2003 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) Share this post Link to post Share on other sites
