Lease Option Business?
I'm looking to start a business doing lease options, and I'd like some feedback. The plan is to buy houses, fill them with tenant/buyers on 1-2 year l/o's, charging them an option fee between $2500-$10,000 depending on the price of the house. I plan to get 100% financing either through banks or through seller financing, where the seller pays closing costs. I am going to do this with out of state homes, so I will not be living in the area. I am mainly concentrating on areas with low vacancy rates. I plan to do 1 per month. Does anyone see a reason why this couldn't be done? My main concern is that they will be out of state, and when I need to hire a property manager. Thanks, Kevin
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go for seller fin. or the seller l/o /sub2 the prop. to you then you l/o the prop. i stay away from banks takes to long and if i can do it myself why do i need them. plus it will be very, very, very difficult to get 100% fin. especially on a repeat basis. i would stay local if at all possible. just my thoughts........its how i do it and it works for me.............km