Just wanting to rent...

[ogbuff 0]

Hi MC,

Thanks for the info. I was wondering, when you do these straight rentals, I saw you just do the residential lease agreement and assignment paperwork, but what do you offer them. Do you only offer them to market the property better and send them the tenants for further screening, or do you actually screen them yourselves (i.e credit/criminal check)?

 

Thanks,

Paul

[MichaelC 160]

Paul, I only market the property, send them the tenants, and provide the paperwork, (although they are free to use their own). I will give the homeowner a completed Lease Application and they will do the various background checks that they desire. In some cases, if the homeowner needs or wants my assitance, I'm happy to pull a credit report or direct them to where they can get one. But I always leave the decision as to whether or not the tenant is acceptable up to the homeowner.

[Scott Moore 0]

Paul, I only market the property, send them the tenants, and provide the paperwork, (although they are free to use their own). I will give the homeowner a completed Lease Application and they will do the various background checks that they desire. In some cases, if the homeowner needs or wants my assitance, I'm happy to pull a credit report or direct them to where they can get one. But I always leave the decision as to whether or not the tenant is acceptable up to the homeowner.

 

 

Hi Michael,

 

Are you emailing FRBO and FSBO on craigslist saying " I saw your home on craigslist and was wondering if you would be in selling or renting on a rent to own basis" ?

And do some home owners that are FRBO say, I just wanted to rent, so you offer to get them a tenant on a straight rental?

 

And if they say yes, do you use the CA agreements, then put an ad on craigslist ?

 

Thanks , Scott

[MichaelC 160]

Hi, Scott. I don't intentionally go for straight rentals. It's just that the market here is such that it became obvious I was missing out on deals and dollars by not bringing this into the mix. And most homeowners are fine with this. They just want to stop the bleeding and getting a paying tenant in the property is their priority, by any means necessary.

So my first email states, "Hi, I saw your ad and was wondering if you'd be interested in selling your house with a lease purchase?" If it goes so far that the homeowner and I actually talk, I will bring up the straight rental angle as a means of speeding up the process for them. As I said, the market being what it is, most agree.

Finally, when the deal for a rental is done, I simply assign the Residential Lease Agreement and be done with it.

[randian 0]

A lease agreement between the homeowner and I, and an assignment agreement to pass the deal off to the new tenant.

You're assigning to the tenant, not the owner?

[Jason (AL) 1]

Yes, randian...

 

You sign the deal up as you being the tenant,

then assign it to the end tenant.

[vballdarin 1]

When signing up a Lease Assignment, do most of you use the state provided lease agreement (then add in an assignment addendum), or do you use MC's more standard Lease agreement and Assignment paperwork.

[Jason (AL) 1]

I've had no issues, thus far, using MC's.

Even had them looked over by a competent real estate attorney.

[MichaelC 160]

When signing up a Lease Assignment, do most of you use the state provided lease agreement (then add in an assignment addendum), or do you use MC's more standard Lease agreement and Assignment paperwork.

I'm biased, of course, but I like my agreements. With that said, it's always a good idea to run any agreements/contracts by the desk of an experienced attorney, (preferably one who invests in real estate).