So this morning I am spending time preparing a lease/option for a tenant who has been in our property for six years. He is now ready to purchase the property but he doesn’t have quite enough of a down payment and we need to clean up a couple of credit issues so we are converting him to a lease option.
So I get a chunk of cash now, increased rent and a big chunk of cash when he closes on the home. Happy Tuesday to me.
One of the things we do in our business is to send our tenants a letter periodically asking them if they have any interest in purchasing the home they are in. We have converted several to lease/options over the years and they end up closing on the home.
This is a great way to convert long term tenants to home owners. For all the information you need on finding motivated sellers and deals check out my website at www.marketingmagiclady.com