Hey guys, I didn’t get the time to produce the first wave of the “Make Money in Multi-Family” series, but I promise it is coming Monday. I just wanted to give you a state of the union on my current real estate activities. I have a mid-sized house in a good area of town that I have been marketing for a cousin of mine, and today we struck a deal for a lease option/purchase with a nice couple here. The deal is subject to the screening process, but I already have their credit report and application in hand, and what I have verified so far has checked out. Their credit is good, and the job history checks out. Monday I will follow up on their rental history and make sure they are good tenants.
The deal is a good one for the owner. It is a three year lease option, with good down money, and we also negotiated to allow $50 per month of the payment to be credited toward the purchase of the house. So really, this contract is going to be a hybrid between a residential lease option and a residential lease purchase, in that we are taking a substantial amount up front for an option payment, but then also allowing part of the rental payments to be credited toward the close.
So keep your heads up, ask questions of me as you need assistance, and go make some money!