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Lease to own (lease/purchase)
Posted on 8/7/10 at 10:32 am
Posted on 8/7/10 at 10:32 am
Anyone here have experience with a lease to own? We have a rental property that we've recently considered selling, until we were approached about a lease to own. From what I've read, it seems like a good deal unless we have our hearts set on selling. If we are not opposed to leasing and would consider selling at a later date, then why not enter into a lease to own? It seems the worst that could happen is the tenant deciding to walk away after the lease is up. Am I missing anything else? Talk me out of it...
Thanks for the info!
Thanks for the info!
1
Posted on 8/7/10 at 10:37 am to beckatlsu
Lease to own probably means the tenant has poor credit right now and needs time to repair it.
If you do that, in addition to the normal security deposit on the rental, you want them to put some nonrefundable $$$ down so they won't just walk away at the end of the lease term and leave you with a house that may need to be fixed up prior to selling it.
If you do that, in addition to the normal security deposit on the rental, you want them to put some nonrefundable $$$ down so they won't just walk away at the end of the lease term and leave you with a house that may need to be fixed up prior to selling it.
Posted on 8/7/10 at 11:17 am to Quidam65
Thanks, Q65
Posted on 8/8/10 at 4:30 pm to beckatlsu
fwiw a very small percentage of lease to owns actually lead to a sale. I've heard it is around 10%.
Posted on 8/8/10 at 4:36 pm to Alabama Slim
I have some family members who do these. They make out very well and very rarely do they actual sell the property. Goodluck.
Posted on 8/8/10 at 5:10 pm to C
Do you think your family might be interested in answering a few of my questions? I would really like to learn more about these....
Posted on 8/8/10 at 5:26 pm to I Love Bama
quote:
I would really like to learn more about these....
Sure I can pass along some questions. They actually live north of Birmingham, in case you actually in live Bama.
Posted on 8/8/10 at 5:43 pm to C
I live north of Birmingham myself. I'll drop you my real e-mail address when you respond.
Posted on 8/8/10 at 6:53 pm to I Love Bama
ready when you are.
Posted on 8/8/10 at 6:59 pm to C
Thanks man. If you could get them to e-mail me I would really appreciate it. I want to do a lease purchase one of my houses and don't know where to start.
This post was edited on 8/8/10 at 7:04 pm
Posted on 8/8/10 at 7:02 pm to I Love Bama
done
Posted on 8/9/10 at 6:05 pm to C
I have heard the same, that very few make it to closing. If the seller is fine with not selling, it seems like a great deal.
C, can I get in contact with your family? I have several questions regarding the option and the rent credits. Thanks a bunch.
BeckatLSU
C, can I get in contact with your family? I have several questions regarding the option and the rent credits. Thanks a bunch.
BeckatLSU
Posted on 8/9/10 at 7:05 pm to beckatlsu
If you have questions I will pass them along, but I don't know any of you well enough to send to my family. Sorry but this is just the internet.
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