All Forum Posts by: Chad Clemons

I'll try to be as brief as possible while still sharing the relevant information.  I've got a rental property in Missouri that is ready for a new tenant.  I was on the fence about whether to rent it out again or put it on the market to sell it.  I've found a potential tenant that would love to do a lease option, or rent it with the option to buy at the end.  I've never done this before, and I'm not finding a lot of info on the subject here on BP, especially as it pertains to Missouri specifically.  Has anyone here had any extensive dealings with lease options in Missouri?  I'd love to hear from you.  I've got a pretty good idea of how I'd like it structured (terms) but I'm not finding any forms, or even examples of forms, to use.  Any help would be appreciated.

Thank you all for your help and feedback. I ended up going with a local credit union that was more than happy to go up to 90% LTV on a HELOC

@Dan Krupa. Thanks for your help!

@Alex Olson Thanks for your help!

@Alex Olson Odessa is the closest town. It also has a finished basement, finished sub-basement, above ground pool with a deck built around it, and a 50x30 outbuilding that has heating, A/C, and a half bath.

@Cory Eddy Good call. Thanks!

@Mike D'Arrigo Thanks for the tip!

I'm thinking of turning my primary residence into a rental and then purchasing a new residence for myself. In order to decide if it makes good sense, I'm trying to determine what the market rent rate would be for my home. It's in a small suburb, bordering on rural area, about 30 minutes outside Kansas City, Missouri. It's a 4 bedroom, 3 bathroom house on about 5 acres. What are some good resources for determining what a reasonable rent would be for this property? I'm new, so any help or suggestions would be appreciated.

I'm wanting to set up a HELOC against my primary residence. Looking for a lender (national or located in the midwest) that will loan to at least 85% LTV and preferable to 90% LTV. I've been noticing that a lot of lenders have scaled back their lending guidelines to 80% LTV citing COVID19 as the reason. Any help or suggestions would be appreciated.

@Cathie Lazarus I'm also from the Kansas City area and looking to make my first investment purchase this year! I'd be interested to hear about your journey!