QUESTIONS ANSWERED HERE!!!

CURIOUS PEOPLE WANT TO KNOW!

WHAT HAPPENS IF MY LEASE/OPTION (RENT TO OWN) TENANT MOVES OUT IN THE MIDDLE OF THE NIGHT?

ANSWER! LET THEM GO! YOU DON'T OWE THEM ANYTHING. IF THEY LEFT BELONGINGS WAIT UNTIL THE END OF THE MONTH THAT THEY MIGHT HAVE PAID FOR BEFORE GETTING RID OF IT AND THEN DONATE IT TO A CHARITY. YOU KEEP ALL THE MONEY THEY HAVE PAID AS DEPOSITS. IT IS FORFEITED--YOU DO NOT OWE IT BACK TO THEM. YOUR ORIGINAL AGREEMENT SHOULD SPECIFY THIS. YOU START OVER AGAIN WITH A NEW TENANT. BE SURE THERE IS A CLAUSE IN YOUR ORIGINAL AGREEMENT THAT YOU SIGN WHEN THEY MOVE IN STATING THIS. ALL THEIR RIGHTS AND CLAIMS TO THE PROPERTY ARE NOW TERMINATED.

WHAT HAPPENS IF MY LEASE/OPTION TENANT STOPS PAYING ME THE RENT?

ANSWER! IT IS MY SINCERE HOPE THAT YOU HAVE AN AGREEMENT THAT CALLS FOR GUARANTEED RENTS (SEE PREVIOUS NEWSLETTER ON GUARANTEED RENTS) AND CAN AVOID EVICTION BUT IF NOT YOU WILL HAVE TO GO THRU THE EVICTION PROCESS, WHICH DIFFERS FROM STATE TO STATE. WHEN YOU ENTERED INTO THE LEASE/OPTION (RENT TO OWN) AGREEMENT YOU SHOULD HAVE SIGNED TWO SEPARATE AGREEMENTS A RENTAL AGREEMENT AND AN OPTION AGREEMENT WHICH WILL MAKE THE EVICTION PROCESS MUCH SIMPLER. OTHERWISE, THE PROCESS CAN BE COMPLICATED AND WILL REQUIRE AN ATTORNEY AND MONTHS OF YOUR TIME.

WHERE CAN I GET THE PAPERWORK/FORMS TO DO A LEASE/OPTION (RENT TO OWN) AGREEMENT?

ANSWER! YOUR LOCAL OFFICE MAX OR STAPLES PROBABLY HAS IT BUT BE SURE AND GET THE PACK THAT HAS TWO SEPARATE FORMS NOT THE ONE THAT HAS BOTH AGREEMENTS IN ONE FORM. YOU MUST HAVE A SEPARATE LEASE AND AN OPTION SEPARATE FROM THE LEASE. MAKE COPIES AND PRACTICE FILLING IT OUT.

ARE THERE ANY OTHER RESOURCES I CAN STUDY REGARDING LEASE/OPTIONS?

ANSWER! AN OLDIE BUT GOODIE AND THE ORIGINAL THAT HAS BEEN COPIED OVER AND OVER IS WADE COOK'S BOOK; REAL ESTATE MONEY MACHINE WHICH YOU CAN GET FROM AMAZON. YOU CAN ALSO GOOGLE AND FIND UTUBES ON THE SUBJECT BUT KEEP IN MIND TO ALWAYS CONSIDER YOUR SOURCE AND TO PROTECT YOURSELF. FOR INSTANCE, I FOUND ONE AGREEMENT YEARS AGO WHERE THE DEPOSIT WAS SET UP IN SUCH A WAY THAT THE OWNER OF THE PROPERTY OWED THE PURCHASER MONEY BY THE TIME THE OPTION WAS EXERCISED. ANYONE CAN CALL THEMSELVES AN EXPERT--THAT DOESN'T MEAN THAT THEY ARE!!! YOU CAN ALWAYS EMAIL ME AT [email protected] with questions If I don't know the answer I know how to get it!!! Thanks for reading! HAVE A BLESSED DAY!