Greetings class, Chris Haskins here with the Real Estate Roundup dot-com. Bringing you another flip tip. Thank you for giving me the opportunity to pour into your life one more time. My mission statement is to uplift the financial literacy of my fellow mankind through real estate investing and entrepreneurship. Today, our training is going to be about how to set up lease options. Lease options are one of my favorite ways to sell real estate. Today, let's get right into this training because I don't want you out there doing regular rentals like I did back in 2004, 2005, 2006. It's probably why I lost all of my hair. Why do I want you to do lease options? Because, like me, you get sick and tired of waiting for tenants to pay rent and doing repairs. I am out of the home repair business for my rental properties. I own rental properties, but I'm not a landlord in the traditional sense. I don't want properties that require repairs. I got tired of spending thousands of dollars on repairs over the years. How much money have I put into doing repairs for tenants that tore my stuff up? I don't even want to guess, but it's definitely a lot. With lease options, you might have to do some repairs, but your tenant buyers rarely call you. I don't know how many sessions this is going to be, but bear with me. I'm talking to someone out there who's sick and tired of doing repairs. When my tenants moved out, I had my mortgage payment and only collected a small security deposit that got used up with the repairs. I don't recommend doing regular rentals. I have a coaching client in Indiana who did regular rentals, and I didn't advise it....
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Lease purchase vs lease option Form: What You Should Know
Purchase Rent-to-Own at any time during their lease (they may not purchase more than five residential units within their lease) The seller will offer the property at a fair market rate (that is, not below what a comparable property in the same area would normally cost) The buyer is guaranteed the market rate lease Each of the tenants is obligated to maintain the property to the exact standard (and to provide certain services, such as electricity, heat, water, pest control, etc). This could be more or less expensive depending on the unit. Both the parties agree to the terms of the lease (i.e. rental agreement) before the purchase, unless they elect to purchase separately and not sign a lease-purchase agreement The renter retains title to the unit in the event of the lease-purchase agreement being dissolved (i.e. if the seller transfers the lease-purchase agreement to another renter, the renter would retain ownership of the unit) If the seller breaks the lease agreement during the term, the renter is not entitled to any damages and the seller can choose to renegotiate or terminate the lease The renter is eligible to receive a refund for any rent paid in the first year of occupancy If the buyer violates the terms of his/her lease (which could be as little as a landlord being late on rent) the seller has the right to terminate the lease and obtain possession of the apartment. This option can be a good deal for buyers as they can easily terminate the lease in this circumstance and avoid the costs of a lengthy court battle If the buyer violates or fails to provide reasonable notice to the landlord or property manager, the landlord can enter into a written agreement to acquire possession for the seller. In this scenario, the buyer would be liable for any damages (including attorney's fees) incurred by the landlord and would be entitled to get out within 120 days of the seller acquiring the apartment The seller has the right to make reasonable demands of his tenants, and can remove any tenant who fails to meet his standards.
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