Commitments to the Tenants and Tenant Buyers
Commitments to the Tenants
If you have tenants in your home, you have certain responsibilities to them. If you’ve got contracts with them, you need to follow through. Take care of the house, make sure it’s livable, keep open lines of communication. You have to view it as if your sellers and your tenants are your customers. I’m tougher on the tenants because they screw up deals more often, and that’s not really an issue with the sellers, but I still always keep my end of the bargain.
Tenants
Make sure that you’re keeping your Realtors, lenders and others informed at all times. Communication is key!
My goal is to get people to buy and I’ll do whatever I can to help them, but I can’t make them a responsible person or tenant. I can’t even make them close the deal. Only about half of my tenants ever get to the closing table, and many will walk away from their option fees after only a few months of tenancy. I have stopped trying to figure it out.
Excerpt from Investing in Real Estate with Lease Options and "Subject-to" Deals.
Tags: tenant-buyer