Home Selling in 77510>Question Details

Madelaine Re…, Home Seller in Alta Loma, TX

Gal. Co, TX.-- How can we find good, reliable tenants who are interested in long term renting, with a potential future sale?

Asked by Madelaine Read, Alta Loma, TX Thu Jan 20, 2011

Our home for sale has been repaired, so we are not eager to rent it out again. However, we still owe a mortgage, so we want to find tenants that have a similar vision as ours. Renting for a specified time, nego., then possibly buying later. It's a 1200 sf home, located in Galveston County, approx. 20 min. to BayBrook Mall.
There are NO major repairs needed. It's 3/2, with a utility room. Thanks for your thoughts.

Help the community by answering this question:

Answers

9
BEST ANSWER
Advertise the home as a Lease/Purchase. Simply you are offering the home for sale or lease however the objective is to locate a tenant that is either working in their credit score to raise it to the level needed for a loan or they are saving up for closing costs and down payment. Either way you are letting them know you will end the lease the day they are able to convert it into a closed sale. I make notes of this in the lease without formally commiting to a sale price or contract date. This draws in a different class of tenant and they feel much more ownership in the home which typically means they take better care of the home since they see it as soon to become their own.
0 votes Thank Flag Link Fri Jan 21, 2011
Hi Madeline, you call me! Lol
0 votes Thank Flag Link Mon Aug 26, 2013
Is this home still available?
0 votes Thank Flag Link Sat Apr 21, 2012
Renters rarely treat your home like they would treat their own. Sometimes, but rarely.
Perhaps set your rental criteria high. High credit score, high income to debt, no pets, two incomes or whatever you need to do to get a higher quality tenant. Set the deposit high. Also put the home up for sale at the same time at a price that covers your costs. While it may rent first, it may be attractive to someone who thinks they want to buy long term. Make sure you use a Realtor. We often notice many of the lower quality tenants do not want a realtor involved. They want direct to the owner rentals. They know the game and figure they can pull one over or hustle their way through a non-professional landlord.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Thu Jan 20, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Hi Madelaine:

I today's world a lot of people are interested in rent-to-own properties because they cannot get loans due to short sales or other problems. A real estate agent can certainly help. You might also advertise it directly to renters.

Good luck

Ron
0 votes Thank Flag Link Thu Jan 20, 2011
Hi Madelaine:

I today's world a lot of people are interested in rent-to-own properties because they cannot get loans due to short sales or other problems. A real estate agent can certainly help. You might also advertise it directly to renters.

Good luck

Ron
0 votes Thank Flag Link Thu Jan 20, 2011
Madelaine,
I understand your position as I have had other clients with bad experiences with tenants. Whether you use a Realtor or not, it is very important to do your due diligence. Background checks, credit checks, employer checks and so on. Don't be afraid to ask the hard questions in your interview with prospects. Don't be tentative and if you feel uneasy with a prospect or their answers, move on to the next one. Screening is the best way to find a good tenant. Get everything in writing!! Lease applications, leases and other documents can be available by using google.

I wish you good luck and if you would like to talk with me, feel free to contact me.

Deb Jamail, Realtor
Direct # 832-671-0998
Web Reference: http://www.DebJamail.com
0 votes Thank Flag Link Thu Jan 20, 2011
Hi Madelaine,

I understand your concerns. You will be best served by listing your home with a Realtor who has experience leasing and pre-qualifying tenants. This is critical to tip the odds in your favor of finding the right tenant who will take care of your house. Make sure you ask the Realtor how the pre-qualify a possible tenant to ensure as much as possible that they will not only pay their rent but also take care of your home.

Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
512.669.5599
listings@dongroff.com
0 votes Thank Flag Link Thu Jan 20, 2011
Madelaine
I would be happy to talk more with you about your situation. My cell number is 409-739-1299.
my name is Lee DeForke Jr.
my website is http://www.LeeDeForkeJr.com
Web Reference: http://www.LeeDeForkeJr.com
0 votes Thank Flag Link Thu Jan 20, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer