Posted by Judah on October 31, 2004 at 09:09:44:
You - "How do you advertise “No bank qualifying.”
That is one of the benefits for your tenant/buyer. Other benefits may be rent credits, bad credit okay, fast move in (if vacant), ect. Remember that “benefits” sell the property.
If you’re looking for a fast sale, then I would lease option the home for one year. However, if you want to take advantage of the future equity, then you may want to lease option the home for about two-three years to a qualified tenant/buyer.
Find a mortgage broker in your area that can also help your tenant/buyer get qualified for a loan.
I hope I was some help. Good Luck!
Lease optioning - Posted by Shane FL
Posted by Shane FL on October 31, 2004 at 08:11:37:
Can someone point me in the right direction. When you own a house and you want to lease option it, How do you advertise “No bank qualifying”. In other words, when the lease option is up, do the tenants need to find a mortgage if they want to excersize the option? Or do you seller finance? How does that work?
I have a house that I have owned for 3 years that has been rented. I have been thinking of selling it because I am tired of being a landlord on one house. Rather have a whole building. I was reading something about a lease option and it sounded kind of good. How can I do that on this house so I can hold on to it for one more year and cash in on the future equity? Thanks!
Advertising Lease Options - Posted by Kimberly (OK)
Posted by Kimberly (OK) on October 31, 2004 at 12:59:06:
Rent 2 Own
50% Rent Credit
Easy to Qualify
Some will advise against rent credits. It’s a personal choice you have to make. Rent credits increase the number of calls you receive. Many are curious about what it is.
Put out lots of directional signs. Leave flyers at nearby grocery stores, laundry mats, anywhere with a community bulletin board. Also, you may want to place an ad in both the “for sale” and “for rent” sections of your local paper. I tend to get more calls off the directional signs than ads in the paper. On some houses I only use directionals.