How to rent this home

Question

Ok I have a house I was wholesaling for 18k but bought it for 10k but thinking on it I think I want to keep and rent out. How could I buy it with no money right now?

Dennis M. · Answer

@Kenta Burks Jr.

Go to your local bank take out a 10k personal loan or line of credit . Pay the owner off free and clear . Put out Atleast two dozen bandit signs all over town ( rent to own no banks or credit check ) also Facebook ad rent to own . send to a google voice number . Clean the place up have an open house ,Screen buyers . Set up a lease option and take several thousand down and monthly payments with enough margin  to cover the line of credit payment along with taxes - insurance . Plus some in your pocket .

Nathan Gesner · Answer

Contact the Seller and see if they are willing to owner finance. They will probably want a down-payment but maybe you can negotiate higher payments for the first year?

Consider a Master Lease. You pay the owner $500 a month and rent it out for $700 a month, netting you $200 a month which you could save up to use as a down-payment.

Lease option. You lease the house from the owner for $500 a month for two years. At any time during that two-year period, you have the option of buying the house for an agreed price. The owner can't sell it out from under you at that time.

Consult an attorney to help you with these options.