Fixer Uppers- Lease with an option to Buy

1 Reply

Hello Everyone,

I'm new to Bigger Pockets. I was a free member for about a year, and didn't do much with the site, but after watching a webinar I decided to go "Pro". I am a real estate agent, and very much interested in Real Estate Investing. I am very motivated, and when I decide to do something I do it. My goal is to purchase fixer uppers, and lease-to-own.

I want to be able to give future homeowners who can not afford a downpayment an opportunity  to own their own home. I would appreciate some tips and suggestions: 

Has anyone done any  lease-to-buy? If so what tips can you share with me? 

Thank you in advance,

Joanne

Originally posted by @Joanne Santos :

Hello Everyone,

I'm new to Bigger Pockets. I was a free member for about a year, and didn't do much with the site, but after watching a webinar I decided to go "Pro". I am a real estate agent, and very much interested in Real Estate Investing. I am very motivated, and when I decide to do something I do it. My goal is to purchase fixer uppers, and lease-to-own.

I want to be able to give future homeowners who can not afford a downpayment an opportunity  to own their own home. I would appreciate some tips and suggestions: 

Has anyone done any  lease-to-buy? If so what tips can you share with me? 

Thank you in advance,

Joanne

Your Comment: I want to be able to give future homeowners who can not afford a downpayment an opportunity to own their own home.

 Well, first you have to decide if you are a business or a charity. If you want to stay in business you have to have the buyers put down a down payment. If you want to be a charity, bless you, you are selecting the most demanding, least appreciated group of people to work with. The first time you have to evict someone because you put them into a house they couldn't afford, they won't remember that you gave them a great opportunity. They will hate you because you are taking their "home" even though they were the ones who stopped making payments. 

So first, decide if you are serious about making a go of real estate, and then when you have achieved stability, set up meetings in the neighborhood and teach people how to save money and deal with their finances so they can buy a home and hang onto it.