All Forum Posts by: Isaac B.

@Bart Lucas a rent to own option is a unilateral relationship (not bilateral). Meaning the at the end of the lease, the tenant has the option to buy (but not the obligation) whereas the seller has the obligation to sell if the the buyer chooses to buy (works just like selling stock options!)

Other things to note: there is an option fee the tenant has to pay (and you may keep if they choose not to exercise the option to buy). Also, you may charge a premium on the rent (higher rent) in this model of leasing.

If you charge them a higher upfront option fee, it will demonstrate that the buyer is committed reduce the likelihood of default.

@Truong Vu one thing to note is that nobody can time the market. Often people making the mistake of choosing the right time to get buy a home. Sooner you do it the better. Prices inevitably go up (if not this year, next year, if not next year the year after that...), and interest rates will normalize again so refinancing will help bring down the interest rate. You have a lot more than what most people have to put down on a house, so I would say go for it! Make sure to pick the right house and the right criteria, that's all

Hi @Ricky M. in reality, a realtor can help you market your property the right way and post on the Multiple Listing Service (MLS) for you and expose to lots of investors who are looking on there. Likely the realtor fee will more than pay for itself.

I am simply looking for a recommendation for a real estate accountant in Oregon. 

I have this investment property that's cash flowing a little and is gonna need a new roof probably in the next few years. I've owned it for a couple of years now, always been rented. Got good tenants in there now that have expressed interest in buying it! This property was a good buy because it has appreciated well in value and it's continuing to. 

My thought process is to set up the tenant on a lease to buy contact so he can continue to rent for another year and can buy it a year from now when the value is even higher. I plan on using the capital next year for another investment. 

Anybody has experience with such contracts or any thoughts on this?

I understand you accept first come first serve as long as they qualify. My question is: applicant A submitted the first application. While I'm processing applicant A's application, applicant B submitted an application. I am waiting for applicant A to provide me with additional supporting documentation I requested. Meanwhile I have everything I need from application B. Can I go ahead and accept applicant B?

As landlords, how do you run credit reports/checks against your applicants? Any particular service/website you use? I do have their information including SSN that was turned in as part of the application form.

Thanks!

As a landlord putting up your property for rent, how is an applicant supposed to know what your qualification requirements are? Are you supposed to have them posted them somewhere? or you only share them when an applicant specifically asks for them?

Let's say an application already applied to my rental (through Zillow and paid the $30 fee). Now I find out they have a bad credit (<600). I plan on rejecting the applicant after they have already applied. I can see how they would be upset that they lost the application fee.

Thanks @Kenneth Garrett. And how do you verify their DTI?

I'm renting out my house and I'd like to know what is a reasonable income requirement to have for my tenants. 2x, 3x, 4x the rent?