In this segment, we've been talking about managing property and if you're like me, you want to have less headaches and more income and one of the things that I discovered years ago is when I give my residents an opportunity to be in a position to own the property, I'm going to get a better resident, better mindset, better incentive to pay us on time, more likely to take better care of the property. So years ago I started doing something called an option, a lease with the option to purchase the property. Now, way back in the day, they used to do six month leases. Home builders would do that with an option to buy, to get people into the next season, maybe get over a bump in their credit, and then give them the chance to buy the brand new home.
We extended that into our rental property business. We used to give a one year lease, now we are one year option. Now we give a three year option, giving people plenty of time to be able to get themselves coordinated with their credit. Also to earn credits every month towards the purchase of the home. That every month that they pay the rent on time. It's been fantastic. We expanded it from one year to three years so that people would have plenty of time to get their act together, earn their credits and not lose their money. We also credit our residents with the amount of money that they give us as their option three at the end when they do exercise their option, we do give them credit for that. It's an Austin way to get a better resident who's more inclined to pay you and more incentivized. We have a program called the path to home ownership. We help deserving families regardless of credit or financial background to end up with home ownership. To learn more about that and to become certified, you'd go to certified affordable housing, provider.com certified affordable housing provider.com if you'd like to learn more about managing your properties effectively and profitable profitably, go to street smart investor.com and full down the tools and look at property management volume eight. Hope this has been a benefit to you like it. Love it, share it, and do subscribe.
Lou Brown has been buying, selling and holding property for 40 years and you are about to discover what a lot of so called gurus are missing. * How to buy all the property you want without ever visiting a single bank or needing to qualify for a loan… * How to have a buyer or renter before you even buy property… * How to have them already pay you money before you sold them anything…
These are exactly the kinds of deals he does day in and day out. Most ‘investors’ are getting it wrong. It’s not about the property, it’s about the buyer. Buying right and buying cheap is what you’ll do after you have the buyer.
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