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Lease option (aka "rent to own")
by J (FL)
on March 25, 2015 @22:26
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Has anyone else been getting applicants asking about this? I've had people asking about it in the past but now it seems like a flood of people...and they always wait until the showing to ask, not on the phone...I suppose they think I can can be talked into it in person?
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Re: Lease option (aka "rent to own")
by CCRider (CA)
on March 25, 2015 @22:56
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I've actually just been learning about this. There are investors who "flip" lease to own options. It seems legit, but you wouldn't be in control of who is living in the unit. If you consider doing this, I would be sure the contract did not allow any assigning of the option, and maybe put in it that the person with the option must be residing in it - something like that.
Google lease option investing, or flipping rent to own options, something like that to learn about these investors. It seems to be a growing trend.
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Re: Lease option (aka "rent to own")
by Bryan (Ia)
on March 26, 2015 @02:12
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When I get these inquiries I always make sure that they understand that I don't do "rent to own" or contract sale, but I would consider a lease with a purchase option. They will have 3 years to exercise that option as long as they remain Ts in good standing, but they must secure their own financing - I will not finance them.
I then tell them a number that is over the moon. They howl and ask, "Why so high?" I ask them if they saw any for sale signs and explain that I'm not looking to sell. If they want to buy my property they will have to meet my price. I never hear from them again.
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Re: Lease option (aka "rent to own")
by June (IL)
on March 26, 2015 @08:19
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In addition to what the other respondents had to say, ask them to put up $20K Option Funds. If they fail to exercise their "Option", they will loose their option funds deposit.
That should do it nicely.
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Re: Lease option (aka "rent to own")
by Anonymous
on March 26, 2015 @12:32
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Out of the blue some guy asked me if I wanted to sell my house. Do you any for sale signs? No. I told him it would be a million dollars. When he balked I told him he didn't have the money or the credit. He said he didn't want to pay that much. At that point I just walked away.
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