I am contemplating a homeownership program for my tenants. All of my property is multi family but I would want to offer a carrot of single family home ownership in attempts to attract better tenants that stay longer and, with my help, think more like home owners. I have heard Jeffrey Taylor (Mr. Landlord) talk about this in the past but wanted to know if anyone out there has implemented this type of program with success. I don’t want to re-invent the wheel if possible.
I’m not sure how you’d do this on a multifamily unless you’re willing to sell the individual units.
Some investors in my area basically have the tenants get into a lease option on one of their properties on a 12-18 month contract. They connect the tenant with a credit expert and/or loan officer who can help them clean up any issues and qualify for a loan. After the time is up, the tenant can extend the lease or purchase the home. Sometimes, they purchas a different home, but often feels grateful enough to help you find another tenant to take their place.
In terms of multifamily, maybe you can give some sort of a rent credit that can go towards the purchase of a home, but I can’t see how you’d win on that one.