One of the best groups of sellers to ask if they would consider renting the property to you while you are waiting to buy it, aren’t actually sellers at all… they’re landlords.
Typically, when people think about finding a property that they can rent to own (also known as a lease option or lease purchase), they go straight to the homes for sale section. Often they look for properties that say lease option, lease purchase or rent to own in the homes for sale (either for sale by owner or for sale with an agent). Some get so bold as to contact sellers that have not indicated they’d do something creative and ask if they would (which I do recommend as a means to find a much larger pool of potential properties).
However, most would be tenant-buyers (a buyer that is going to be renting a property as a tenant and then ultimately buying it) miss what I consider to be one of the best places to search for these types of creative transactions: the for rent section.
Why the for rent section and landlords? Well, when you contact properties that are for sale, you are asking someone who is looking to sell their property if they’d consider renting for a period before the sale. When you contact landlords that are already thinking about renting, you are asking them if they’d consider selling if you’re a model tenant. What many people do not realize is that a good number of landlords are what I refer to as accidental landlords… landlords because they could not sell their home and afford to keep paying the mortgage while it remained vacant and for sale. They are only renting because they could not sell it fast enough. So, finding a tenant that wants to buy is actually a perfect solution for them.
How Do You Ask A Landlord To Rent To Own
It is pretty easy to ask a landlord if they’d consider a rent to own: “if I am a model tenant and pay my rent on time, would you consider selling the property to me?” That’s it. Of course, there are variations and rapport building, but that’s the basic idea. Ask a few questions about the property to make sure it would be a good fit for you and then let the landlord know that really you’d prefer to be able to buy a property ask if they would consider selling it to you if you’re a great tenant.