Lease Option Tenants

I find that in this climate there is a an opportunity to lease options to owners. With foreclosures sky high and the banks not eager to lend there is a market for this strategy. I’m pondering on how to locate these potential buyers. I thought about searching housing wanted advertising, what other ways can they be found?

Once you have a home to sell Lease Option, market it. For free craigslist, Postlets, a dozen more. Some like vflyer even give you a professional looking site. You’ll have no problem getting buyers but getting good buyers is another story. Screen them well. Herbster

Marketing is your key. That, and being sure the terms you are offering are attractive enough to pull people off the sidelines and to have a look at the house.

Check your state statues, in 2005 Texas passed some tough regulations for property owners to follow, including deed transfere in 180 days, along with stiff penatiles including a full return of option fee and rents paid for not following these new rules. Other states may have or may not YET followed this path.
Once you have buyers calling, send them the lease application, authorization form to release credit info, ask them to send the 2 last yrs 1040 tax returns and tell them to return it with a $35 non-refundable application fee.
Expect 50% or more to never call or show up again.