3323 Olney Rd Rent To Own

[Adam Carter]

Investment Info:

Single-family residence other investment.

This is a 3 bedroom 2 bath single family residence. We purchased this investment as a Rent To Own property.

What made you interested in investing in this type of deal?

We are constantly on the lookout for single family properties below market value (who isn't?). These create the perfect opportunity to be ran as rent to own.

How did you find this deal and how did you negotiate it?

This deal was on the MLS and we identified the listing amount as below market value. We put an offer in site unseen with contingencies the day it was listed.

How did you finance this deal?

This deal was financed by my LLC and investor loans.

How did you add value to the deal?

We added value to the deal with fresh paint and flooring. We also established this as a rent to own property. This is great because we receive a down payment, above market rents, and establish a purchase price above our paid price.

What was the outcome?

We had several candidates reach out and ultimately decided upon a tenant. This family was unable to qualify for a traditional mortgage. However, they had good job history, were able to put 10% down, and we are collected $300/mo above market rents that will be a credit to their end purchase.

Lessons learned? Challenges?

It is important to have a great system in place for procuring leads. We received over 100 applications on this rent to own property and it is important to have a system in place to record their information, schedule their appointments, and keep them in a data base to share future opportunities.