By popular demand... My 6 page long rental agreement

Thank you Yuri! I've saved it in my template file -- for future use!! I know we can ALL benefit from your experience and knowledge. I've always been wary of having a rental property because I know tenants can tend to thrash a place (no pride of ownership), but I also know that owning property is the ROAD TO WEALTH! With an agreement like this in hand, at least we can be as protected as possible!

I was wondering, have you done any Lease Options? We just took the PMI class on that and it sounds like a great way to go. We are VERY interested in doing Lease Options with a couple of properties, especially with all of the drama surrounding the and/or assigns strategy right now. It seems like banks are the necessary evil right now and they seem to be doing whatever they can to avoid investors. With a cash-flow property, it seems like we would have a better shot at a deal. It's been nearly 3 months that we've been doing this, with no deals yet. Since patience is NOT one of my virtues...I want good things to start happening for us!!

Thanks again for the document! Talk to you soon.

Dom and Kim

Hi Guys:

I have had few rent with an option to buy agreements. I think that is what you are referring to. My lease is a great thing because you can alter any paragraph to suit any particular renter or future buyer.

Yuri

Thanks for the lease agreement, Yuri.

I was talking with a contractor down south that rehabs rental units for an investor. She would go in every year to 18 months on some of these homes where they were totally trashed by renters. She told the investor that he should do rent-to-own with a five year option. The renters are taking better care of the propeties as they have a feeling of ownership.
Kat

Dom and Kim,
I was curious as to how many houses you average a month as far as viewing vs offers?
Kat

Hi Kat. We are really just getting started. We had a great plan in place, but then we had to fire our realtor. So we are in limbo right now while we line up our new realtor. All of the offers we have put in have been essentially blind, though. We do a cursory drive-by just to see if it looks nice, in a nice area, etc., or if it's trashed with boarded up windows and such. We were thinking that it would take too much time to view every property we put an offer on, since we are trying Matt's (CBRPower) idea of 25:1. We would be literally spending HOURS each day looking a houses and we just don't have the time! We thought we would inspect the properties if we got a counter-offer from the bank. (So far, we haven't even had a counter-offer! )

How about you, what's your strategy?

By the way, in reference to your previous post about the renters trashing a house, but rent-to-owners taking better care, that's exactly what we had hypothesized! We are wanting to go that way, with a rent-to-own or Lease Option, hoping that tenants would have more Pride of Ownership. Thank you for validating our thoughts!!

Thank you for the Word format; it will be easy to correct the syntax, grammar and typing.

If I run it past a Real Estate Attorney for suggestions, I will be glad to share those with you.

Congratulations on a great start, and keep up the good work!

Best Regards;

JRS

Thank you Yuri for sharing you experience, and your lease option definately will use this when I finally get some deals under my belt.

VEE

I have a month to month agreement but this is much better.

Thanks

Al

I am glad I could help all of you guys. Let's hope you won't have to to experience any bad tenants.

Yuri

I am glad I could help all of you guys. Let's hope you won't have to to experience any bad tenants.

Yuri

Thanks guys for that agreement. I'm so excited for this. My husband and I have just started. I can see an excitement and a hope in his eyes that I haven't seen before. He's going to school to be a Millwright but took a mine tour the other day and realized that it was a miserable job. He would do anything to provide but I want him to work with me in real estate investing. I've been wanting to do this for soooooooo long. I've taken appraisal classes, loan processing classes, attempted real estate classes, have my life insurance license, and wanted to be an architect as I grew up. This is for me and I'm so excited to work as a team with my husband. I love everyone's posts. They are so inspiring and helpful!!!

LaNaya

Although I haven't really gotten into the lease portion of making money yet, the one thing I've learned that the info provided in these forums...are of utmost importance...when I'm ready to tackle this portion of RE investing. I already know that this will be a valuable asset to have.

Thanks again
Teddy - United As One Investments

Good luck!!! I am sure you and your husband will make a great team. Read Dean's books and if you have any questions (even if they seem trivial at the time), don't be afraid to ask. People here will help you with pretty much anything and everything. Once again, good luck guys!

Yuri

Yuri nice contract! With all of our INC.s we can still be sued and over that, People have first right over Business

rand

That may be true, but I tried to minimize that as much as possible in that contract.

That is very useful copy of a lease agreement. Thanks for sharing that with us.

Dedicated & Motivated

Hi Dom and Kim,

I just sign up for the PMI class last week and I agree it seems like a good investment. Maybe I could talk more to you two about the program and get some ideals of the best way to get moving quick.

Thanks for you help
www.success4urhealth@****
dlnew

You are welcome

Thanx for sharing!

My pleasure. Hope it helps

Hi Yurri,

Thanks for giving us a copy of what your contract looks like and maybe I can use it in the near future. I am currently working with four families that have been looking for a place to rent for some time now and I have found a place for them which I am looking to buy and rent out to them and most of them are interested in rent to own option to. I have had Deans books for over a year now except for the new one I just bought. I have put in a lot of offers which have all been turned downed in this area so I started looking in Ms and found a few places of interest. Here in NE Tx it is some what hard on the real estate market as people are sitting on the price they want to sell for and if they do not get what they want then they take if off the market. But I am not giving up yet even though it has hit my mind with no luck yet but now at least I have a lease contract I could possibly use and change as need so I have one more good tool in my hand so Thanks again and hope to see more great things come our way from you.

Ba3000

I will be using this in future endeavors. I haven't made a deal yet, but looking into one house in particular. The owner wants to sell it and the renter wants to stay in this house so badly. I wonder how we can have a win-win situation here for all involved. I don't have good credit nor do I have my own money to invest. If I could find some way to make this happen for both parties I would be grateful! Any ideas?

Thanks for all the info guys! This is such a great site!

Angie

Thank you! There is a great website at http://landlord.com/ for great information, forms, and how to's.

Les

I have an idea. Talk to the owner of the property and negotiate a lease to own option. Talk to the renter and see if they would be interested in a lease to own option. Then look for a buyer and offer it as a turn key operation with a lease to own option. You make money by 1-collecting the rent and 2-wholesaling it to a buyer. It's worth a shot!

I have an idea. Talk to the owner of the property and negotiate a lease to own option. Talk to the renter and see if they would be interested in a lease to own option. Then look for a buyer and offer it as a turn key operation with a lease to own option. You make money by 1-collecting the rent and 2-wholesaling it to a buyer. It's worth a shot!

Hello Yuri,

Thank you for sharing this information with us. I'm certain that it'll be used very soon for one of the properties my wife Minnie and I will be purchasing.

Best regards,

Minnie & Ray Rivera
Bronx, NY

I just want you to know that you genuinely made a nice evaluation about this certain topic. Your post genuinely contains an informational message that gave me a lot of information about this precise matter.

http://www.miami-real-estate-for-sale.com
Miami Real Estate Listings

question about rent to own? id. if you lease option/year. I like doing him. I believe it helps a lot of people. My question is do you collect an option fee 5000 or $10,000. I believe this is important , cause it makes it harder for your tenant or resident as I like to call them more difficult to walk away. They have skin in the gamebut it's a great idea lease option, as I have four rental properties. Now, five and six in the next month, a computer, reduction in mind, but my ultimate goal is keeping the properties for 10 years and at that time. Hopefully most of you paid off. live on the income from the properties or sell the property to my residence and hold the mortgage become the bank.
Another great resource for landlords is Mr. landlord.com. I been to a few of his boot camps any really teaches you how to run it as a business. Good luck to all
Reuben

I am just about to dive into real estate investments and I am 24 years old. I had been wondering where I could find a good contract to work with. Hope you all are doing well!

Marty

Now that is what I call a lease agreement with teeth! Wouldn't want to use it if I was the one leasing on a "sandwich-lease-option", but as a landlord this is by far the best lease contract I have ever seen. I have seen alot of people go with month to month leases instead of year leases, but this contract spells everything out prett clearly. Thanks.