Posted by Gmann on November 13, 2002 at 12:49:33:
You can do a lease purchase option AND not have management costs. Write in the contract that they are responsible for all maintainence for the property. That is the only thing that the maintainence company would be good for in your case because YOU WILL HAVE TO COLLECT THE PAYMENTS IF YOU OWNER FINANCE ANYWAY. You can find an amortization table on the internet and print it out so the principal reduction part of the lease payment will follow. Be sure and qualify the borrowers so it won’t be a problem when they need to refinance. Also, MAKE THEM PAY WITH A CHECK OR MONEY ORDER NO CASH. TELL THEM TO KEEP A COPY OF THE PAYMENTS IN A SAFE PLACE. Lenders do not take the word of the owner or renter/borrower for timely payments. They need proof. PERIOD.