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House for Rent When You Should be Buying

Whether you're a landlord or a tenant, now is the time you should be asking yourself if a house for rent is the right thing to be doing or if you should be looking at a rent to own arrangement. Transitioning from a house for rent to homeownership allows you to start accumulating equity in your home instead of handing over a rent check each month for which you'll only benefit for that one month.

For the landlord, property prices are up and this could a be a good time for you to sell the house and move up to something with better cash flow. Perhaps a duplex or triplex, or even commercial property. Or maybe it's time to get out of the landlord business to retire. Selling with a house for rent or to buy arrangement will provide you a monthly installment payment as part of your retirement income.

house for rent

House for rent or to buy - you need the right information to make the right decision

House for Rent or to Buy - Consider the City or Neighborhood

Many municipalities continue struggling financially. Many can no longer afford to fully staff police and fire departments or maintain roads. Consider what will happen to the value of your home if the infrastructure declines.

One advantage renters have in a house for rent with an option to buy arrangement is they can test the neighborhood before making the decision to buy. If the house for rent is a good match for you and your family, you're set to transition into ownership. If you find the house for rent isn't a good fit for your family, you still have the flexibility to look elsewhere.

House for Rent or Buy - Consider How Long You Plan to Live There

Something else you want to consider before becoming a homeowner is how long you plan to stay in the house. When accounting for all of the fees and costs involved in purchasing a house, it typically takes about five years before you build enough equity in the house to make a profit on the sale. If you think you'll be moving in less than five years a house for rent is probably a better decision for you.

Be sure you crunch all the numbers before deciding if a house for rent or buying is the right answer for you. A rent payment and a mortgage payment are far from being equal. In addition to the mortgage payment, you'll also be responsible for property taxes, any special assessments that might be in place, homeowner association fees, property insurance, and maintenance. All of those fees are included in a house to rent arrangement but they are in addition to the mortgage payment when you own the home.

Making the decision about a house for rent or to buy comes with some stress. It ranks up there with other life events like switching careers and having a baby. Before making the decision, consider what stage of life you're at. If you're planning to have children in the future, now might be the time to take on the stress of buying a house so you don't pile up several stressful situations into the same year or so. But do take the time to consider the pros and cons of going with a house for rent arrangement.

If you want to work directly with me on this house for rent or to buy investing model or any of the other investing models that have proven highly profitable, please join me at www.wendypatton.com/what-is-wendy-pattons-inner-circle.

Besides reading this article about a house for rent or to buy, you'll want to read this other useful information that I offer free. Please take advantage of it today.

How a Land Contract or Owner Financing Can Work for You

Home for Sale - Flipping to a Flipper

Property for Sale - Flipping for Profits

Lease Deals - FAQ

House for Sale - Flipping Houses

Lease Agreement for Lease Options

Credit Reference Information is Needed by Real Estate Investors of All Types

Several times each week, I make the most current real estate investing information available to readers. This time, it's about a house for rent or to buy but the information I provide changes constantly to stay current with the market. Be sure to check back at: www.wendypatton.com. Also, get started learning how to do NO CASH lease options on real estate by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject-to Deals.

By Wendy Patton

What did you think of this article? Please leave a comment below.

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Lease Agreement for Lease Options

Homeownership is still the American dream. With prices remaining relatively low compared to the highs of 2007, now is a good time to consider a lease agreement that includes the option to purchase if you can't currently qualify for a mortgage. The main reason is that you can lock in today's low price for a purchase in a couple of years or less.

The lease agreement for an option to purchase is considerably different and slightly more complicated than a traditional purchase agreement. In fact, the lease agreement and option to purchase should be drawn up as separate contracts. Otherwise, a court may find the renter has a financial interest in the home when that was never the intention.

Lease Agreement Negotiations

The current owner has a vacant house that he wants to sell but is willing to rent to cover the mortgage payment with a lease agreement that includes an option to buy. The home is a 3 bedroom, 2 1/2 baths in very good condition. The home's current market value is $210,000. The owner has an outstanding mortgage of $180,000 and a

lease agreement

Lease agreements with an option to buy are a good option in today's market

monthly PITI payment of $1280. Similar homes are renting for $1,500 in the neighborhood. He begins marketing the house with this offer:

$220,000 sales price at the end of an 18-month lease agreement.

$12,000 purchase option, nonrefundable deposit that applies towards the down payment at the end of the lease agreement only if the purchase option is exercised.

$1,600 monthly rent with $100 credited towards the down payment only if the purchase option is exercised.

 

A buyer counter offers:

$210,000 sales price at the end of an 18-month lease agreement.

$10,000 purchase option, nonrefundable deposit that applies towards the down payment at the end of the lease agreement only if the purchase option is exercised.

$1,500 monthly rent with $100 credited towards the down payment only if the purchase option is exercised.

The seller verifies the information on the buyer's application that shows she has enough income to qualify for a loan if it wasn't for a slightly low credit score. As the seller, you reason that if you report 18 months of on time rental payments, her credit score will qualify for a mortgage.

Everything looks good except the seller and buyer need to reach a final agreement on the financial terms. As the seller, you need to decide if you're going to accept the offer or counteroffer. Once you come to an agreement, you need to have an experienced real estate attorney draw up a formal contract. Lease agreements with an option to purchase may not be common but they aren't all that complicated either.

Other Options for Lease Agreements With an Option to Purchase

One variation often over looked is the ability to wrap the option payment into the monthly rent when the buyer doesn't have enough saved to pay it up front. Or collect as much as the buyer can afford and wrap the remainder into the monthly rent.

You can also vary the length of the purchase option. It can really be for as long or as short of a time period as the two parties agree to. However, there are a few considerations that should go into setting the time frame. Since the option money is intended to compensate the owner for taking the property off the market, the longer the option period, the higher the option fee. Also, when writing a lease agreement with an option to buy, be aware that shorter option periods tend to result in a final sale more often than longer option periods.

Besides reading this article about a lease agreement with the option to purchase, you'll want to read this other useful information that I offer free. Please take advantage of it today.

House for Sale - Flipping Houses

Rent to Own Homes Have Many Options

For Sale By Owner - Flipping Houses

Realty Investment - What to Look For

Q&A About Options on Real Estate

Earning Wealth in Real Estate

Credit Reference Information is Needed by Real Estate Investors of All Types

Several times each week, I make the most current real estate investing information available to readers. This time, it's a lease agreement with the option to purchase but the information I provide changes constantly to stay current with the market. Be sure to check back at: www.wendypatton.com. Also, get started learning how to do NO CASH lease options on real estate by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject-to Deals.

By Wendy Patton

What did you think of this article? Please leave a comment below.

For more exclusive content, please subscribe to my RSS Feed and YouTube Channel.

The Overlooked Marketing Strategy That Works

You may think that with Twitter, Facebook, Craigslist, and email marketing you should be all set.  The deals should be rolling in!  My question to you is, "Are they?"

Shutting Down Soon!

"Direct Mail Strategies That Work Like Crazy!" Free Webinar
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If you're not using direct mail in your marketing efforts you're likely missing out!  You're missing out on finding the best motivated sellers, the best tenant buyers, and of course all the income that goes with that!

We've found that the absolute best way to "niche" market to motivated sellers is through direct mail.  Not only that,  direct mail marketing, is a more efficient way to control when, where, and how many leads you have coming in!

The Secret To Direct Mail Marketing 

The right letter and the right list!  If you've ever used direct mail to market your lease option or real estate investment business, then you've probably discovered that, over time, a seller's circumstances change, and most times they're becoming even more motivated to sell their property. The world has to know that YOU buy real estate.  So how does this play into direct mail?

With direct mail you can advertise, market, and most importantly, target the most motivated sellers that fit your investment criteria.  This is how you find the absolutely most qualified leads!

The Winning Difference Between Online and Direct Mail

The "shelf life" of an email, or even a Craigslist Ad, is about a nanosecond.  Either they read and respond, or they don't.  Typically, with online mediums, you get ONE shot to make an impression!  You also only have ONE shot to get the prospect to take action.  With the click of a link, or a delete button, your prospect is gone, most times forever.

With direct mail this isn't so!  Direct mail sticks around!  How many times have you received an interesting mailer and left it on the coffee table only to pick it up weeks later.  OR, how many times have you received some mail that interested you and said to yourself "I'm going to hold on to this, I might need it!".  I know I've done that more than a few times.

Direct mail sticks around!

I also find these mailings to be very residual. These potential sellers will hold onto your direct mail pieces until their circumstances dictate that they contact you. When they are ready to sell, they will contact you first, especially since they probably haven’t had any contact from anyone else. Usually their properties aren’t being actively marketed; therefore there is no competition for these deals. In the meantime, you’ve gained credibility with these sellers by doing repetitive mailings.

Direct mail gives you more control! 

1. You can cultivate the exact type of lead you are looking for in the
specific area or price range you are looking for.

2. You can control the number of pieces going out, when they go out,
and specifically to whom they are targeted.

3. You can create a response mechanism within the body of your
letter so that you get the specific response you want from the seller or customer.
4. It is very easy to “crank up” your mailing machine or pull it back
depending on what your personal situation or goal is.

5. You can create more solid leads using fewer of your marketing
dollars thus leaving you more dollars for other marketing you might want to do.

6. You can create a solid successful direct mail campaign even if you have a very limited budget to work with.

7. It is very easy to track the success and response rate of the direct mail campaigns you have created.

8. These mailings are very residual, potential sellers or customers
will hold on to them until they need your service.

9. You will reach prospective sellers or customers who might not
ever learn about you otherwise.

Creating A Solid Direct Mail Piece

One of the most important aspects to a marketing campaign that is going to work is to create a solid mail piece for your business. These are key points for creating a solid direct mail piece that folks will respond to no matter what business you are in.

1. The first thing you’ll want to do is to “touch” your prospective customer or seller with “the dream”, or “the solution” to their problem. You’ll want to touch the basic emotions and the needs of your client or seller within the body of your letter, whether that is fear, relief, greed, pride or vanity.

2. Keep it simple. The grammar doesn’t necessarily have to be perfect. You want to reach this person at their comfort level. Keep your letter relaxed, personal and conversational.

3. Use simple language; don’t fill your letter with big words or technical words or “industry jargon” that your seller or your customer might not understand.

4. I also use paragraphs so that there is a specific break between thoughts and so that the letter just flows better and is more pleasing to the eye.

5. Even though this is a personal letter, I still begin with a powerful headline or first sentence to make sure I have their attention so that they read the rest of my piece.

6. I also list the benefits to the seller of choosing to work with me the investor, as opposed to perhaps listing their home or trying to sell it themselves. You always need to list the benefits of whatever it is you are selling and why they should buy yours.

7. In any piece you send out you need to have your USP (Unique Selling Proposition). For the Real Estate Investor this is going to be the ease with which you can help the seller solve their problem and/or debt relief. For every business the USP will be uniquely different.

8. Always include a strong P.S. In my case the P.S. is “contact me immediately since we budget to purchase a certain number of homes each month.” This motivates them even more to contact me right away.

9. Create residual mailings so that your seller/customer sees your message over and over again. By doing this you create credibility with your prospect and when they need your services they will contact you first.

When you are creating direct mail pieces or letters no matter what business you are in remember to think about writing your letter as though you are writing to just one person.

For example, you wouldn’t begin your letter “Dear Neighbors” you would begin it “Dear Neighbor” or “Dear Friend”. Within the body of the letter you should write as though you are writing to just one person, so you wouldn’t say something like “all of you” within the body of your letter. These few points will help you to create direct mail campaigns that will net you excellent results just as ours have over the years. For specific information on how to create direct mail campaigns register for the free webinar here:

How Do We Create The List?

This is the big question that I get a lot! The true secret to success for a Real Estate Investor is finding sellers who really need to sell. I use different direct mail campaigns to locate different types of motivated sellers: out of state owners, properties quit-claimed from one person to another, expired listings, burned out landlords, vacant properties and pre-foreclosures, just to name a few.

The best part is that you can customize your direct mail piece and your list to reach exactly the kinds of motivated sellers you want to deal with in order to create the kinds of deals you want. This is best done by locating mailing lists and refining them to meet your individual criteria, then mailing to these potential sellers again and again.

Investors often neglect to market to sellers in this way because they think the list is too difficult to get, or they only send the mailings once and quit.

These are some of the easiest lists for you to get and it will be very profitable for you to do so. You can contact a list broker or your local property assessor’s office and ask them for the list, or you can create the lists yourself. It’s fairly easy to do. You can go to the courthouse and research divorce cases, death notices, liens and judgments, tax liens, marriage licenses, bankruptcies or Lis Pendens, which is the first step toward foreclosure.

Let me share a few pointers here.

1. Do your homework when picking a list broker. How current is the list? Does it have all the information you need to create your direct mail campaign? Does it reach the audience you are targeting?

2. Do a test mailing of 100 pieces to test any new list. How many responses did you get? How many letters came back with a bad address?

3. Don’t waste your marketing dollars marketing to a bad list that won’t get you the result you want.

4. Create continuity with your direct mail campaigns. You can mail a lot of letters or a few letters but you need to have a flow of mail going out at all times in order to create a funnel of incoming leads.

5. Never mail more pieces than you are comfortable getting responses to. If you do a huge mailing and you get tons of responses you can’t get to, you are wasting marketing dollars. Put systems in place to help you respond to the mailings and grow your business gradually.

Another way to find motivated sellers is to cultivate relationships with individuals who can help you find deals. One way we do this is to create a direct mail campaign targeting attorneys who handle family law, estate planning and probate law, divorce and marital law, and corporation and business law and we let them know we are in the business of buying houses.

Once you develop relationships with some of these attorneys, they will call you when they have a client who needs to sell a property quickly no matter what condition it’s in. This is just another way to build ongoing lead sources using direct mail. You only have to create this direct mail campaign once to create an ongoing source of leads for your Real Estate Investing business.

If you own any kind of business and you need certain types of leads, think about unique resources that can provide you with the leads you need and create a direct mail campaign targeting these resources. This can be really profitable. For example; if you own an alarm company or a lawn maintenance service it would behoove you to create a direct mail campaign targeting owners of properties in your area who live out of state. These are potential customers who need your services.

The main reason that direct mail works so well is that you are reaching highly targeted leads.

You become the potential seller’s first option when they need to sell. Even if you are on a limited budget, direct mail is an excellent source of leads for you since you can buy more houses from fewer leads, thus maximizing your marketing dollars. As your business grows, you can increase the number of mailings you do. You can also target specific neighborhoods or dominate certain parts of town. In doing so, you become a “property value expert” in those areas, which makes the offer-making process that much easier for you.

You end up creating an ongoing relationship with your target market, which makes it easy for you to follow up with formerly inflexible or unmotivated sellers.

Since these mailings are so targeted and so residual, there is virtually no competition for these properties. It puts your lead generating system on “auto-pilot,” leaving you more time to make offers, do more deals, and make more money.

Most importantly, be consistent in all your efforts. The successful Real Estate Investor has a network of people and strategies at their fingertips at all times. If you don’t develop continuity to your marketing campaigns, you’ll see your results begin to drop off immediately. This is true no matter what business you are using direct mail to target to.

When you implement multiple techniques and several different direct mail campaigns, you will have more opportunities than you’ll be able to handle and the possibilities become almost endless. Using direct mail to develop a “cookie cutter” system to accomplish this is one of the most affordable, reliable, and effective ways I know to build your lead base quickly and have all the business you will ever need.

Want to learn from the expert that put this all together?

Interested In How You Can Use This To Skyrocket Your Leads and Income?

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The Difference Between a Purchase Option and Lease Purchase Option

There are several phrases with different meanings when it comes to a lease purchase options. Two of the most meaningful differences are, what is meant by a "purchase option", and a "lease purchase option".

While either a lease purchase option or a purchase option can be used to gain control of a property, a lease purchase option is often more suitable to a person wanting to buy a primary home and a purchase option is more suitable to an investor.

lease purchase

The lease purchase option can be used by intended homeowners or investors but is more suited for intended homeowners.

Lease Purchase Option

The basic difference between a purchase option and lease purchase option is whether a lease is included or not. Including a lease obligates the possible purchaser to make a monthly lease payment. A simple purchase option entitles the possible purchaser to buy the house without a monthly lease payment but does not obligate them to purchase.

The lease purchase option is often a better fit with a person wanting to purchase a primary residence. The lease option purchase allows him or her to move into the house. They can then become familiar with the neighborhood, schools, and learn if the house itself is a good fit before committing to buy it.

The Purchase Option is NOT a Lease Purchase Option

The purchase option gives an investor more flexibility than the lease purchase option. This is a common method used to wholesale houses to other investors. The first investor is able to sell the purchase option to another investor wanting to complete the purchase. A purchase option can also be used by an investor to sell the house to a retail buyer for a larger profit. Of course, the original investor has the option of purchasing the house themselves if they have a way to make an ongoing profit by renting it.

Lease purchase options, and purchase options, can be written in anyway the two parties agree. However, there are often significant differences in the way investor purchase options are written compared to how a lease purchase option is written for an intended buyer that will be living in the house. One of the key differences is the length of the option period.

An investor would typically want a much shorter lease period. Maybe 90 days to find a way to make a profit. By not having a lease purchase option, the investor is able to keep the cost of the option much lower. Because the owner cannot sell the house during the option period, the shorter the option period, the lower the cost of the option.

An intended homeowner on the other hand wants a longer lease purchase option period. Often these people need time to improve their credit score. They may also need time to save up additional down payment money to qualify for a loan. Asking for a three-year lease option period and negotiating something between one and three years is common.

Besides reading this article about lease purchase options, you'll want to read this other useful information that I offer free. Please take advantage of it today.  The Lease Option Allows You to Control More Property

By Wendy Patton

 


Popular  Resources and Articles 


Several times each week, I make the most current real estate investing information available to readers. This time, it's about lease purchase options but the information I provide changes constantly to stay current with the market. Be sure to check back at: http://www.wendypatton.com. Also, get started learning how to do no cash option contracts by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject-to Deals.


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Lease Option Contract - Tips to Get It Right

Today, the real estate market remains well poised for using a lease option contract to both buy and sell houses. Investors bring in more prospective buyers using the lease option contract and sellers lock in today's low selling prices.

Investors want to use a lease option contract to derive the highest possible income from their invests today, while bringing in a buyer for a future sale. The rental market has been hot for a couple of years with rents continuing to rise for the foreseeable future. Compound this with the fact that buyers can't qualify for a loan and you have the right mix to maximize your rent and help buyers qualify to buy in the future based on having equity in the house and a proven payment history. Opening the sale to a lease option contract brings in more potential buyers that drives the selling price to it's maximum.

Lease option contracts work for buyers for mostly the same reasons. They can't qualify for a loan today but they want to be homeowners nonetheless. A Lease option contract is about the only way buyers can lock in a low price today and begin the process of positioning themselves to qualify for a lease in the not too distant future.

lease option contract

Tip #1 - A lease option contract MUST be two separate contracts

Lease Option Contract - Tips for Avoiding Future Problems

Investors using a lease option contract several years ago probably remember that the lease contract and the option contract were written as a single contract. Live and learn. Today, more sophisticated investors are writing the lease and option contract as two separate documents. They are also being more careful with the terminology and phrasing of the documents.

The reason being is that based on a single document and the wrong phrasing, courts have interpreted some lease option contracts to give the buyer equity in the house. The legal process to remove a problem tenant becomes more of a time consuming and costly foreclosure process than an eviction or refusal to renew a lease. And you may have to return some money. For that reason, you must use two separate documents that combine to form the full lease option contract.

Words that you want to avoid are "credit", "seller" and "buyer". Especially in the lease document. Instead, use the standard terms "security deposit", "landlord", and "tenant". If the security deposit will be applied towards the down payment, you can make explain in detail, in the purchase option document, how it will apply only when the purchase option is executed. This should not be mentioned in the lease agreement.

Be clear in the purchase option document that the "potential buyer" receives no equity in the property until the purchase is fully completed. Getting this part wrong is were you run the risk of a court interpreting your lease option contract as converting the nonrefundable option fee into equity for the potential buyer.

The other goal of writing separate documents is capturing all agreements in writing by creating a detailed lease option contract. A clearly spelled out purchase option agreement also helps the potential buyer obtain a mortgage when the time comes. This happens when it's clear exactly how much equity in the property transfers to the buyer. A typical lease option contract transfers equity in several ways. The purchase option fee is credited as equity, part of the above market rent transfers as equity, and any appreciation in value of the property becomes equity. All combined this can be enough to qualify as the down payment to obtain the mortgage that both the seller and potential buyer want to happen.

Document the fair market rent at the time the lease option contract is signed. It can be difficult to document fair market rent after a few years have gone by. In addition to the fair market rent, be very specific how much of the above market rent becomes part of the down payment and any conditions that cause it not to apply.

Let's assume it's agreed that fair market rent is $800 per month and the above market rent being paid is $1,100. State that the difference of $300 will apply to the down payment only if the purchase option is executed. If the purchase option is not completed, the excess rent compensates the landlord for not being able to sell the property during the option period. The same thing applies to the nonrefundable option fee.

Make the agreement is all inclusive. If the above market rent does not apply in months that tenant is more than four days late with the payment, clearly spell that out in the lease option contract.

Other Lease Option Contract Tips

As the seller, use the lease option contract to motivate the potential buyer to move towards obtaining a mortgage. Set the option to expire in one year with the ability to renew it two times for a total of three years. The motivation is having a fee required each time it is renewed. Additionally, the longer the term, the more likely a court will view it more as a short-term mortgage than an option to buy.

Be clear that you are still the owner. You should have the taxes and insurance wrapped into the rent. But make sure you are the person paying them. Don't shift this responsibility to the tenant in the lease option contract. You can allow the tenant to pay the utilities if that is customary in your rental market. If it's customary for the landlord to pay, then make sure you do.

Be reasonable about the rent credit that applies towards the down payment. The more rent that is applied towards the down payment, the more courts see this as a build up of equity for the tenant.

Give the tenant a fair chance. Use a lease option contract that is fair and gives a reasonable tenant a chance to execute the purchase. It's easy for an investor to slip in lease option contract language that makes it almost impossible for the tenant to compete the purchase. If you don't want to sell the house, don't use a lease option contract. Be ethical.

Fully disclose all terms and conditions in the contract. Go over it in detail with the tenant before they sign. Encourage them to have their own attorney review it. Most attorneys will discourage a tenant for signing a lease option contract but a person determined to buy a house will sign with confidence as long as they clearly understand the terms and conditions they are agreeing to.

Besides reading this article about selling with a lease option contract, you'll want to read this other useful information that I offer free. Please take advantage of it today.


10 Free Real Estate Investing Ebooks


Several times each week, I make the most current real estate investing information available to readers. This time, it's about the lease option contract but the information I provide changes constantly to stay current with the market. Be sure to check back at: www.wendypatton.com. Also, get started learning how to do no cash option contracts by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject to Deals.

 

By Wendy Patton

What did you think of this article? Please leave a comment below.

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Lease Purchase Training

I hope you've been studying the lease purchase training that I provide. The lease purchase training comes in two formats. This free blog that I update several times each week and the in-depth lease purchase training from the multiple books I've published on the subject over the many years I've personally been in the business.

If you are new to my lease purchase training blog, welcome. I will provide you with wealth building information. There are several ways to structure a lease purchase to provide multiple income streams.

lease purchase training

Lease purchase training puts you in the driver's seat for effective real estate investing

Lease Purchase Training for Multiple Income Streams

My lease purchase training shows you how to collect a purchase option fee before your potential buyer even moves in. This can be a hefty fee, some times up to 10% of the total purchase price. Next, the lease purchase training shows you why and how you collect an above market rent until the buyer executes the purchase of the house. Finally, the total purchase price is for at least full market value and often at a premium to market value. My lease purchase training goes into the details of all three income streams.

The lease purchase training shows you how to do this very part time. With very little overhead and no employees. You can easily work from your home. The lease purchase training shows you how little work is involved. There's a little work up front finding the right property and potential buyer. After the deal is put together, based on your lease purchase training, the only thing to do is collect the monthly rent check until it's time to close the deal.

Lease Purchase Training in a Nutshell

The lease purchase training goes into detail about how to find motivated sellers. How to take out a no risk option on the house and have the right to sublease to another tenant. The lease purchase training shows you how to qualify that tenant as being able to make the purchase in a short period of time.

The lease purchase training shows you the one important but easy task that you want to stay on top of once each month. It's checking your tenant's credit score to be sure they are making progress towards being able to qualify for a mortgage.

Lease purchase training shows you how to help the tenant quickly improve their credit rating, greatly improving your chances of closing the deal. This lease purchase training is a very powerful tool for both the beginning and experienced investor wanting to control more properties with little or none of their own finances in the deal. Are you ready to make the leap to start the lease purchase training today?

Besides reading this article about lease purchase training, you'll want to read this other useful information that I offer free. Please take advantage of it today.

·         The Lease Purchase - What Sellers Need to Know

Several times each week, I make the most current real estate investing information available to readers. This time, it's about lease purchase training but the information I provide changes constantly to stay current with the market. Be sure to check back at: www.wendypatton.com. Also, get started learning how to do no cash option contracts by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject-to Deals.

 By Wendy Patton

What did you think of this article? Please leave a comment below.

For more exclusive content please subscribe to my RSS Feed and YouTube Channel.

Lease Option vs. Lease Purchase

The lease option vs. lease purchase has very different implications to both the seller and the buyer. It's critically important that both the buyer and seller understand their obligations under the lease option vs. lease purchase.

Typically, the seller will prefer the lease purchase arrangement while the buyer might go with either once they understand how the lease option vs. lease purchase works. One costs the buyer more but provides them flexibility while the other is less expensive but locks them into the purchase. Here's how they work....

lease option vs. lease purchase

Always understand the difference between lease option vs. lease purchase before signing a contract.

Understanding the Difference Between Lease Option vs. Lease Purchase

The lease purchase side of the lease option vs. lease purchase requires the buyer to complete the purchase. There is no "option fee" involved. Still the seller needs to make sure the buyer is motivated to complete the deal or the buyer could just walk away.

The seller is going to want to include portions of the lease option agreement in the lease purchase agreement. A key difference in understanding lease options vs. lease purchase is how the up front fee applies. The lease option involves the option fee. Money the seller collects in exchange for not selling the house to another buyer during the lease period. The option fee may or may not apply towards the purchase price. The seller has the option but is not required to make the purchase.

Many people, including experienced investors use these terms interchangeably. They are not interchangeable. The lease option vs. lease purchase are clearly different. Before entering a contract know which one it is and all of the conditions involved.

Lease Option vs. Lease Purchase - Only one Offers Flexibility

Only the lease option let's the buyer walk away from the deal and let's the buyer keep the option fee. In lease option vs. lease purchase, the lease purchase requires the buyer to complete the purchase. If the buyer does not compete the purchase by a specified date, the seller can sue the buyer to honor the contract.

Dealing with the lease option vs. lease purchase question can be difficult. Before making a decision, sit down with a good real estate attorney to understand lease option vs. lease purchase. One will favor you more than the other. The good news is that either lease option vs. lease purchase give buyers and sellers a better chance of closing a deal in today's' tough real estate market. Don't let the confusion between lease option vs. lease purchase stop you from considering both.

Pick up my training materials to learn more about lease option vs. lease purchase.

Besides learning the differences between a lease option vs. lease purchase, you'll want to read this other useful information that I offer free. Please take advantage of it today.

·         The Lease Purchase - What Sellers Need to Know

Several times each week, I make the most current investing information available to readers. This time, it's lease option vs. lease purchase but the information I provide changes constantly to stay current with the market. Be sure to check back at: www.wendypatton.com. Also, get started learning how to do no cash option contracts by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject-to Deals.

 By Wendy Patton

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Subject to Deal - Overcoming Seller's Objections

The first thing you want to do in a subject to deal is make sure the seller has a clear grasp of how a subject deal works. Mainly, that the existing financing will remain in place. Most likely, the seller will raise objections to your subject to deal. That's a good thing. It means the seller is taking your subject to deal seriously.

Make sure they understand they are working with a professional investor. The need to know they are welcome to ask questions and you will do your best to provide answers.

subject to deal

Subject to Deal - Sellers Questions

 

Seller's question: Can I have an attorney look over the subject to deal?

Investor's answer: Absolutely. I encourage it when you've never done a subject to deal before.

 

Seller's question: What happens if you become incapacitated or die?

Investor's answer: The subject to deal has contractual provisions for our heirs to continue the contract in the event that either of us becomes unable to.

 

Seller's question: How long will it take you to refinance the mortgage?

Investor's answer: I can't give you an exact date. What I can tell you is that I will immediately go to work looking for a buyer/tenant as soon as we close the subject to deal. I may find a qualified buyer right away or I might put a buyer/tenant in the house on a lease option contract. It could be a couple of years but I will keep the mortgage paid as required in the subject to deal.

 

Seller's question: I've heard of the "due on sale" clause. Why doesn't it apply to your subject to deal?

Investor's answer: Technically, it does apply. I reality, the banks won't enforce it as long as the mortgage is paid on time. The bank would much rather keep a mortgage in place that is being paid than risk another foreclosure.

 

Seller's question: Why aren't you offering my full asking price?

Investor's answer: In a subject to deal, you are saving several expenses and I am an investor trying to make a profit. The subject to deal that I offered is a fair price when you consider you won't be paying a realtor's commission and I'm not asking you to make any repairs. Also, you know you have a sale right now. If your list it with a realtor, you have no idea when it might sell or if it will sell for your asking price.

 

Seller's question: If I wanted tenants in the house, I'd rent it myself.

Investor's answer: I understand. A lot of tenants don't take care of the places they live in. That's one of the main reasons I go with lease options. These are people that want to buy the home. They take much better care of the house than your average renter does.

 

I can't anticipate every concern or question that will come up in your subject to deal. These are a section of the ones I've seen in my subject to deals. If you have a specific question about a subject to deal, please post it in the comments section below.

 

Before going with the subject to deal, you'll want to read this other information that I offer to you for free. Please take advantage of it today.

 

 

Several times each week, I make the most current investing information available to readers. This time, it's the subject to deal but the information I provide changes constantly to stay current with the market. Be sure to check back at: www.wendypatton.com. Also, get started learning how to do no cash option contracts by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject to Deals.

 

By Wendy Patton

 

What did you think of this article? Please leave a comment below.

 

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How to Do a Rent to Own - It's Like a Car Lease

From comments, I know readers struggle to understand how to do a rent to own. Because of that, I am constantly looking for new ways to explain how to do a rent to own. Today, I think I have found a better explanation of how to do a rent to own.

Most people are familiar with car leases. How to do a rent to own is very similar to a car lease. A car lease is a formal contract where you pay to use the car. At the end of the lease, you have the option to either return the car to the legal owner or purchase the car at a predetermined price. Leasing a car is not the same as renting a car.

How to Do a Rent to Own

When you lease a car, you are responsible for insurance, licenses, taxes, repairs, and maintenance. How to do a rent to own is similar but not exactly the same. You do pay for the insurance, taxes, repairs, and maintenance indirectly. These costs continue to go through the legal owner of the house until you arrange to purchase the house. But hey, you pay those costs as a renter without the possibility of gaining ownership.

The one major difference in how to do a rent to own is that you can become more liable for maintenance and repair costs. When renting, all maintenance and repair costs fall to the legal owner. How to do a rent to own involves the lessee taking predefined maintenance and repair costs.

The Time is Ripe for How to Do a rent to Own

The real estate market is constantly changing. Back in 2006 - 2007, how to do a rent to own was not the right strategy for most homebuyers or sellers. Today, how to do a rent to own is a great strategy for both buyers and sellers. How to do a rent to own is a win-win for both parties to the transaction.

When sellers execute a how to buy a rent to own, they gain an above market sales price and above market rent, while avoiding most maintenance costs. Sellers also have a motivated lessee taking better care of the home.

What buyers gain from a how to do a rent to own is they get into home ownership without qualifying for a bank loan today. Buyers have the monthly lease payment reported to the credit bureaus by the seller. Steady, on time payments, improve the buyer's credit rating. Using the how to do a rent to own strategy helps buyers qualify for a mortgage in a shorter period of time.

I encourage both sellers and buyers to take a close look at how to do a rent to own. Please pick up a copy of my books providing all of the details about How To Do A Rent To Own.

how to do a rent to own

Besides learning about how to do a rent to own, you'll want to read this other useful information that I offer to you free. Please take advantage of it today.

Several times each week, I make the most current investing information available to readers. This time, it's how to do a rent to own but the information I provide changes constantly to stay current with the market. Be sure to check back at: www.wendypatton.com. Also, get started learning how to do no cash option contracts by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject-to Deals.

By Wendy Patton

What did you think of this article? Please leave a comment below.

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Rent vs Rent to Own

Deciding if it makes sense to rent vs rent to own should be based on both financial and life style decisions. As a seller, you need to decide if you want to be in the landlord business long term.

When you answer the rent vs rent to own question by deciding to be a landlord, all of the responsibility for maintenance, taxes, and everything else falls on your shoulders. When you answer the rent vs rent to own question by shifting to a rent to own philosophy, you shift most, if not all, of these responsibilities to the renter/buyer.

rent vs rent to own

As a real estate investor, you have the option to rent vs rent to own

Rent vs Rent to Own - The Rent Side

Being a landlord means pesky calls at 2 in the morning to unplug a toilet or fix a broken hot water heater. On the other hand, renting to own brings in a steady income while shifting many of these responsibilities to the soon to be buyer. One option you have in the rent vs rent to own equation is providing owner financing. That can be the best of both worlds when it comes to rent vs rent to own.

When you provide owner financing, you continue receiving the equivalent of a monthly rent check for as long as 30 years. Yet, when you decide to answer the rent vs rent to own question by selling to your renter, they take on all responsibility for the maintenance, taxes, and improvement costs.

However, taking the rent to own side of the rent vs rent to own decision means that you will lose out on the appreciated value of the property. Even if you finance the sale, after 30 years or less, the buyer owns the property. You will have collected a monthly check all that time and avoided the repair costs, but in the end, the rent vs rent to own property goes to the owner.

Rent vs Rent to Own - The Rent to Own Side

When deciding to rent vs rent to own, this is the one that I think every investor needs to carefully consider. In the rent vs rent to own decision, there is a lot of up side on the rent to own side. Besides the maintenance costs savings, there is the purchase option fee. It's like a down payment but it's not. It only applies as a down payment if you agree to that in a contract and if the renter exercises the purchase option.

Another upside in the rent vs rent to own decision is that when you go with the rent to own, you can charge an above market rent until the buyer exercises the purchase option. Then you carry the financing to collect a monthly check when you go with the rent to own side of the rent vs rent to own equation. In the end, you give up the appreciated value but you sure do collect a lot of money in the rent vs rent to own decision.

Besides considering the rent vs rent to own question, you'll want to read this other useful information that I offer to you free. Please take advantage of it today.

Several times each week, I make the most current investing information available to readers. This time, it's rent vs rent to own but the information I provide changes constantly to stay current with the market. Be sure to check back at: www.wendypatton.com. Also, get started learning how to do no cash option contracts by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject-to Deals.

What did you think of this article? Please leave a comment below.

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How to Do a Rent to Own

There are many ways you go about how to do a rent to own. Here, I provide answers to questions that frequently come up on the subject: how to do a rent to own. When it comes to how to do a rent to own, the buyers and the sellers have different concerns. I answer questions for both.

How to Do a Rent to Own - Sellers

Q: Why would I choose to do a rent to own instead of outright selling the house for cash.

A: That depends on your circumstances. However, there are advantages when you decide to learn how to do a rent to own. First, it can be difficult to find a qualified buyer in today's market. It can be even more difficult to find a buyer willing to pay your asking price. How to do a rent to own allows you to sell at an above market price and brings in many more potential buyers.

Q: How to do a rent to own seems like a complicated process. Where do I start?

A: Start by deciding the terms you want to offer the buyer. Decide how long you want the purchase option to be available. Most common is a 1 or 2 year purchase offer. Then decide how much to charge for a nonrefundable purchase option fee. Typically, it's between 1% and 5% of the purchase price. Check your local market to see if a standard exists.

Q: What's the next step in how to do a rent to own?

A: There are a few more steps deciding how to do a rent to own. One is deciding if your are going to apply part or all of the option fee towards the down payment. Again, check for local standards. However, it's generally a good idea to apply at least a portion towards the down payment. Doing so attracts more prospects and gives the buyer equity in the property when they apply for a loan. Finally, you can charge an above market rent and apply a portion of the rent towards the purchase to further entice buyers.

how to do a rent to own

How to Do a Rent to Own - Buyers

Q: How to do a rent to own seems difficult, where do I start?

A: How to do a rent to own starts with a search for available houses. Begin your search for how to do a rent to own by asking a real estate agent to search the MLS. Also look at your local craigslist. You can also find any house for sale and make an offer to rent to own.

Q: When deciding how to do a rent to own, how do I know if I'm getting a fair deal?

A: You should always have a real estate attorney review any contract before signing. Just as importantly, you can counter offer any rent to own agreement to include terms that you prefer. How to do a rent to own is a very flexible contract that can be written to suit both the buyer and the seller.

Q: When I learn how to do a rent to own, what is my biggest risk?

A: Qualifying for a loan to complete the purchase is the biggest difficulty most people have with how to do a rent to own. When examining how to do a rent to own offer, carefully consider if it's reasonable for you to fix your credit rating with in the option time period. If not, ask for more time. Also, how to do a rent to own can include a provision to automatically extend the option period.

The how to do a rent to own strategy offers many possibilities to the investor and seller willing to think outside the box. These have only been a few of the many possible question about how to do a rent to own.

Besides learning about how to do a rent to own, you'll want to read this other useful information that I offer to you free. Please take advantage of it today.

Several times each week, I make the most current investing information available to readers. This time, it's how to do a rent to own but the information I provide changes constantly to stay current with the market. Be sure to check back at: www.wendypatton.com. Also, get started learning how to do no cash option contracts by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject-to Deals.

What did you think of this article? Please leave a comment below.

For more exclusive content please subscribe to my RSS Feed and YouTube Channel.

How to Do a Rent to Own Contract

The trickiest part when it comes to how to do a rent to own home is not finding a buyer or a motivated seller. It's making sure everything is covered when you write the how to do a rent to own contract.

One sure fire way of getting your how to do a rent to own contract correct is by picking up a copy of my best selling book Investing in Real Estate with Lease Options and Subject-to Deals.

how to do a rent to own

Two Major Parts to the How to Do a Rent to Own Contract

 

You want to keep the lease portion of the agreement separate from the purchase agreement when you write your how to do a rent to own contract. This protects you if there is ever a legal challenge to the contract.

 

When the lease agreement and purchase offer are written in the same how to do a rent to own contract, some courts tend to view the contract as giving the buyer an equity position in the house even if the purchase option has not been executed. When the documents are kept separate this tendency goes away.

 

Major Elements for Your How to Do a Rent to Own Contract

 

How to do a rent to own contracts can have many variables. It's a good thing because the contract can be written to suit the needs of both the buyer and seller. The major elements needing to be clearly spelled out in a how to do a rent to own contract are:

 

  • The amount of the purchase price and option fee and if any of the option fee will apply towards the down payment.
  • Your how to do a rent to own contract must define how long the purchase option is open.
  • Your how to do a rent to own contract should define if seller financing is available and if there is a balloon payment.
  • Your how to do a rent to own contract must define if any and how much of the monthly rent is applied towards the purchase.
  • Whether the current owner or tenant is responsible for repairs is an important element some times left out of how to do a rent town contract.
  • Another item sometimes missed in a how to do a rent to own contract is whether or not the tenant/buyer has the write to assign the purchase offer to a third party if they do not buy the house.

 

Always seek the advice of a competent real estate attorney knowledgeable about how to do a rent to own contract.

 

The how to do a rent to own strategy offers many versions to the investor willing to think outside the box. These have only been a few of the many possibilities of how to do a rent to own.

 

Besides learning about how to do a rent to own, you'll want to read this other useful information that I offer to you free. Please take advantage of it today.

 

 

Several times each week, I make the most current investing information available to readers. This time, it's how to do a rent to own but the information I provide changes constantly to stay current with the market. Be sure to check back at: www.wendypatton.com. Also, get started learning how to do no cash option contracts by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject-to Deals.

 

What did you think of this article? Please leave a comment below.

 

For more exclusive content please subscribe to my RSS Feed and YouTube Channel.

 

 

How to Do a Rent to Own

How to Do a Rent to Own

Today's investors need to understand how to do a rent to own. There are two basic structures when it comes to how to do a rent to own.  The first structure of the how to do a rent to own contract leaves the option of buying the home up to the renter. The other how to do a rent to own contract structure requires the renter to buy the home.

In both scenarios of how to do a rent to own, the investor benefits. One of the biggest benefits is a tenant covering the mortgage and maintenance costs. The second benefit is that when the renter plans to purchase the house, they take better care of it because they have a stake in keeping the house in good repair. Both the investor and renter benefit when they decide how to do a rent to own.

How to Do a Rent to Own - Renters Option

In this arrangement of how to do a rent to own, the buyer has the option but is not required to buy. A purchase price is agreed to and the seller is obligated to sell at that price within a set amount of time. The time period is typically 2 or 3 years. Where the seller does benefit is by receiving an option fee from the renter. To lock in the purchase price the renter pays a fee of about 5% of the purchase price.

When houses aren't selling well and prices remain low, having a renter cover the mortgage and maintenance and pay a fee to lock in the purchase price are benefits that far exceed just renting the house. That's why investors need to know how to do a rent to own contract.

rent to own

How to Do a Rent to Own - Buyer Locked In

This version of how to do a rent to own locks the buyer into purchasing the house within a certain period of time. The down payment is usually the biggest hurdles stopping a renter from purchasing. With how to do a rent to own, a higher rent is collected each month by the seller. A portion of the rent goes direct to the seller and another portion goes into an escrow account.

The escrow account is used to build a down payment. How much goes into the escrow account is determined by the size of the down payment and how many months a portion of rent will be going into escrow. If a $10,000 down payment is required and collected over 36 months, the additional amount needing to go into the escrow account is about $278 per month. This makes it affordable for the renter to save the down payment within three years. That's why a renter needs to understand how to do a rent to own contract.

Besides learning about how to do a rent to own, you'll want to read this other useful information that I offer to you free. Please take advantage of it today.

Several times each week, I make the most current investing information available to readers. This time, it's how to do a rent to own but the information I provide changes constantly to stay current with the market. Be sure to check back at: www.wendypatton.com. Also, get started learning how to do no cash option contracts by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject-to Deals.

What did you think of this article? Please leave a comment below.

For more exclusive content please subscribe to my RSS Feed and YouTube Channel.

 

Lease Option Marketing - Free Online Event

Wendy here with an invitation to join me this week for a free training session I am hosting with my good friend and marketing expert. Her topic will be Turbo Charging Your Buying Machine, Your Income Streams, and Running Your Real Estate Investing Business on Auto-Pilot.

Carve a Unique Niche Market For Yourself

This is going to be an incredible session where my special guest is going to share all of her insider secrets about the ins and outs of buying and selling houses quickly, no matter what your real estate market is doing.

Marketing Lease Options

You are going to learn how she generates a seven figure income using her unique direct mail strategies to locate qualified motivated sellers and buyers, then how she automates the follow up and the buying process.

And....she's going to teach you how to do the same thing in your pajamas without licking a single stamp.

Develop Strategic Marketing Plans That Work

She is also going to teach you how you can automate the offer making and follow up process with these motivated sellers without ever leaving your desk.

Here's an example of what others think about this marketing system.

"Direct mail works great and my phone is ringing off the hook from your zip code mailing. I just completed my first deal since the conference. The house had many great offers and sold in only two days for more than the asking price. This was a very lucrative transaction since my check at closing was $39,018.30. I wholeheartedly recommend this direct mail system to anyone wanting to grow their real estate investment business. --Bert Cox - Manchester, NH"

Harness The Power of Direct Mail and Online Marketing

On this seminar, you are going to learn:

  • How to carve a unique niche market for yourself that other investors simply don't know about.
  • How to create a flexible marketing plan so you can make boatloads of money in your real estate business no matter what your market is doing.
  • How to implement a dummy proof, affordable and efficient 'cookie cutter' system that will have motivated sellers practically begging you to take their properties off their hands.
  • How to automate your systems including the offer making process and selling your properties quickly. This one nugget can save you hundreds of hours and earn you thousands of dollars each year.
  • How to turn small marketing dollars into BIG profits with minimal effort and HUGE results!
  • How to develop a long term marketing plan for your business no matter what your real estate market is doing.
  • You can't afford to miss this incredible training. Join us for this exclusive seminar that I have put together for my students to give you the competitive edge your financial future depends on.

    She is the best there is at creating a marketing machine for your real estate business - in fact, some may say she is a Marketing Genius!

    Join us to learn the MAGIC....Space is limited so grab your seat now!


    Click Here To Register for January 31st, 2013 at 9:00pm (est)


    Marketing is key to the success of any business - and my guest on this webinar is the best! You really can't afford to miss this life changing call!

    To your Success,

    Wendy

    P.S. Remember, space is limited - grab your seat now!

    Click Here To Register for January 31st, 2013 at 9:00pm (est)

Sandwich Lease - Profits Without Ownership

The sandwich lease option is an incredible financial instrument for creating profits without ownership. The name sandwich lease option comes from the fact that you sandwich yourself between the seller and buyer/tenant. Put yourself in the meat of the sandwich lease.

First, you find a seller willing to sell based on a lease option. Houses that have set empty for some time and are costing the seller money make the best candidates. You then negotiate a sandwich lease contract with the seller. There are several ways you can structure the contract, too many to deal with in a single blog. If you want to know all of the ways you can structure a sandwich lease option, I suggest you pick up a copy of my book Investing in Real Estate with Lease Options and Subject-to Deals.

how to do a rent to own

The sandwich lease is great for beginning investors

Sandwich Lease - Sellers Contract

With the sandwich lease, you want the option but not the obligation to buy between now and say 5 years from now. You also want to be able to assign the contract to a buyer/tenant and allow them to live in the house. You may or may not have to pay a fee for the sandwich lease. Try to negotiate an agreement where you only pay the fee after you find a buyer/tenant. You can then collect the buyer/tenants fee to use to pay your sandwich lease fee. That gets you into the sandwich lease for nothing out of your own pocket.

With the seller half of the sandwich lease contract in hand, you begin looking for a tenant/ buyer. This is often someone that has a solid financial history but had a financial set back or two during the Great Recession. They need another year or so to put their finances in shape to qualify for a loan.

All the Ways You Profit From a Sandwich Lease

Once you place a buyer/tenant in the house, you want to have a spread in several places between the seller and buyer/tenant. The first place is the sandwich lease option fee. Maybe you pay the seller a $500 fee and collect $2,000 from the buyer tenant. That becomes you first profit in the sandwich lease. Then you rent to the buyer/tenant for more than you pay rent to the seller. It's typical to collect an above market rent in a sandwich lease.

The above market rent becomes an ongoing monthly profit for you until the buyer/tenant exercises their half of the sandwich lease option. Your next profit point becomes collecting a higher down payment from the buyer than you pay to the seller to exercise your option to buy.

Finally, you sell the house to the buyer for more than you purchase it from the seller. This is typically your largest profit point. The sandwich lease option offers the beginning investor the opportunity to make big profits without investing your own money and for a minimal risk.

Before going with the sandwich lease option strategy, you'll want to read this other information that I offer to you for free. Please take advantage of it today.

  • Legal Shield - When You Don't Know Who to Call

Several times each week, I make the most current investing information available to readers. This time, it's the sandwich lease option but the information I provide changes constantly to stay current with the market. Be sure to check back at: www.wendypatton.com. Also, get started learning how to do no cash option contracts by picking up a copy of my bestseller book: Investing in Real Estate with Lease Options and Subject-to Deals.

What did you think of this article? Please leave a comment below.

For more exclusive content please subscribe to my RSS Feed and YouTube Channel.