Greetings All,
Looking for some advice. I have just purchased my first investment property. I have learned some lessons, but that is the way I was going to learn. I have created a negative cash flow from the purchase but I am confident I will produce a good return on investment on this house. The house is brand new in Phoenix, AZ. I have had several calls on it already. I think I want to go with the lease option to purchase rather than leasing it because of the possibility of obtaining a better tenant. Can anyone give me some thoughts on lease option tenants over lease rental tenants? What has been your experience? Also any input on how someone got started on their first lease option deal. Did you hire an attorney to write a lease option contract, realtor, etc. My realtor and property management company both write lease options. Realtor want’s 6% and property management gives a discount and charges 5%. Is 6% standard? Does the buyer pay the 6%? Thank You and look forward to any replies.