We just purchased a house where we intend to use a lease option. The area is fairly low income, with lots of FHA. Figure out what you need to pay off your lien, unless you already own the property, then figure out what you need to make enough of a profit, then use that as a starting point in a discussion with the buyer. For the time they are leasing, they need to make payments on time and keep the property up, and you need to write that in the contract. Lease options are seller financing, which means you ahve the power to negotiate a plan that will give you a profit and give them a house, and possibly even fix up their credit. Be sure you look into your state's laws regarding loans and financing. You may need to spend 10 hours figuring a good starting point. The key is research!
joolkano <[EMAIL PROTECTED]> wrote:
joolkano <[EMAIL PROTECTED]> wrote:
It is whatever you agree upon. You can either decide on a percentage
or an exact dollar amount. But whatever you decide, let the buyer know
that if lease payment is late, any credit due that month is forfeited.
3 lateness within the lease period forfeits all rental credits that
would apply to his downpayment. Failure to take care of the property
forfeits rental credits as well.
You want to train the buyer and let him know that you're treating him
as if he already owns the home. Therefore he needs to take care of the
property and make his payments on time just like he would once he
obtains a mortgage in the future.
--- In [email protected], "painisgone" <[EMAIL PROTECTED]> wrote:
>
> I am planning to rent out my new second home.
> The renter wants a lease for a year or two with an option to purchase.
> He wants the lease payments to apply to his downpayment in the future.
> Is this usually done this way or is a smaller percentage usually
> applied?
> Thanks
> Richard
>
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