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Originally Posted by slapass
yeah i have done it. It is all about screening. Also make sure the lease and option are two seperate agreements.
Big trouble spots that i saw. The person develops an equity situation through the option and you are forced to foreclose versus evict. Your lawyer can clean that up but make sure it is a true lease that can be evicted on. You are now a landlord. You need to screen the fuck out of them.
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Thats my biggest concern, I knew someone that had that happen years ago. They had to foreclose rather than evict and it was a huge pain in the ass not to mention the person was able to live there almost a year rent free. So is that the purpose of having two seperate agreements?
As far as numbers go, lets say my property is worth about $540,000. What would be considered fair for the monthly lease and down? I was thinking about $15,000 down and anywhere from $3,000 to $3,500 a month, does that sound close?