Posted by Bryan-SactoCA on January 16, 2003 at 13:50:54:
My experience with disabled people and the fact that I’m on SSI myself lets me state that disabled people usually are great tenants who pay promptly, unlike Section 8 people who are often welfare mothers. If somebody is mentally or emotionally disabled you may want to make sure they’re being treated and medicated so they don’t make the neighbors uneasy. Other than that, if they can pay the rent and have sufficient option money you should consider them.
I just ran an new ad in local newspaper: No Bank Qualifying
Rent to Own. The response has been more than I anticipated.
I did this to get buyers lined up. I also have an ongoing ad: I Buy Houses.
The respondents have mostly been people who are disabled and on some kind of disability pay. They indicate they would have $1500-2000 option money up front and can pay $350-500 per month.
My question is: Am I going into a problem area? Or has anyone experience with this type of T/B using lease option?
Any words of guidance would be appreciated.
Posted by Nate(DC) on January 16, 2003 at 15:01:42:
Can’t think of any reason they wouldn’t be a good renter, but if their long term prospects are such that they will be getting disability for the rest of their life, will they ever be able to get a mortgage and cash you out? I don’t know, if the rent is only $350-$500, the house price is not that high, so maybe they would be able to get a mortgage for a sufficient amount. That would be my only item to inquire about. Otherwise, if they have the income and downpayment, and meet other qualifications (credit, rental history, whatever else you care about), then go for it!