Rent the property to a tenant at the going rent in the area with an option to your renter to buy the property at a stated price in a given time period. Thus, you might rent a Single-Family Home (SFH) to a tenant for $1,500 per month with a Lease Option to buy the house for $125,000 at any time for the next 5 years, or 60 months.
TO EARN BIG MONEY WITH LEASE OPTIONS it’s usually best to have:
- A string of SFH--say 10 or more--to ensure a steady monthly income and a phased buying schedule over several years so you can look ahead to blocks of cash coming into your bank.
- A concentration of your SFH in an area that is easy for you, or one of your agents, to get around. This makes your whole operation easier to run and much more profitable.
- A focus on the financial aspects of your business. You get the needed down payment on each lease option deal so you have a large enough money reward from every SFH you buy.
- If you’re looking for a fast start with a large market, go SFH.
- If you’re looking for a low-cost start, go to SFH now.
- If you’re looking for easy financing your lease option, go SFH.
- If you’re looking for a no-credit-check start, go SFH.
- If you’re looking for quick cash-in-hand deals, go SFH.