All Forum Posts by: Melissa Sautter

Hi BP community. I inherited a tenant and after a few months I have agreed to release them from their lease if they pay the following on a payment plan. They would need to complete payments by an agreed upon date The terms include:

• Paying off utilities bills that were outstanding
• Paying off rent through Feb 15 (this is when I have a new tenant coming in)
• Cleaning the unit so it is rent ready by the week before the new tenant arrives
• I want to include that all payments must be made by May 1 (the date we agreed to) or they will be responsible for rent for the full length of the lease agreement.
  

Questions for BP community. 

1. Do you know of any standard templates available for lease releases?
2. Is this something I can draft up or do I have to have a lawyer do this for me? Or should I draft it up and have a lawyer review it? I'd like to spend as little as possible on this but it would be good to have a future template available if necessary.
3. Is there anything I'm missing that I should be thinking about including? They are already moved out and I have a new tenant lined up.
   

Thanks for any help/advice on this!

Hi BP Community!
This is my first post. I am a new investor with 2 SFH rental properties under my belt. I've caught the bug! I am primarily focused in TN and both of my rentals are in Clarksville, TN. I am interested in perhaps going the Rent-to-Own route. My partner and I are excited about potentially giving folks the opportunity to own the houses they live in and think it could help elevate the neighborhoods where we are investing. Maybe I'm green and a bit starry-eyed but I love this concept. Has anyone else out there done this successfully? I'd love to hear about your experience - especially:
* Conversion rates on those that actually opt into purchasing the property after the 2-3 year period of renting is up. 
* I'd also like to hear about what models have worked for your (whether you put a portion of their monthly and their security deposits towards their down payment). 
* I'd also like to know about credit scores you accept/reject for this model since this is likely to appeal to those who have good jobs but are climbing back from bad credit scores. 

Thank you in advance for your replies BP community!