Rent to Own – Don’t compromise on tenant selection
When it comes time to place a rent to own buyer in a home, sometimes the home owner or the lease option investor feel pressured to get someone in as quickly as possible. This usually happens because the mortgage payment for your home has become a financial burden.
Even if that is the case, you still need to make sure that when you screen your rent to own buyer that they meet the criteria on your qualifications list (by the way, you should always have your qualifications list in writing). Failing to make sure that rent to own buyer meets these qualifications can cause you problems for two reasons:
1. It could be a violation of Fair Housing Law – trust me, you don’t want to go there.
2. You could end up placing a bad lease option tenant and have to evict them later. Don’t go by gut feel. Approve a person because they meet the criteria on your qualifications list.
Want to learn more about rent to own buyer selection?
If you are a lease option investor read, “Investing in Real Estate with Lease Options and Subject To Deals”
If you are a real estate agent or home seller read, “Rent to Sell“
Tags: Lease Option, Lease Options, Rent-To-Own, rent-to-own home, rent-to-owns, Rent-to-Sell, Wendy Patton
