OfflineOk DG Family, I need some help here. I am new to investing and am working on some things to get my first deal done. I have a question though. i currently live in an apartment that had some flood damage, and we were able to get out of our lease without penalty. i have to be out by the end of march though, and don't really want to get another apartment. I feel like i would be wasting my money that way. I think I would rather look at renting a house, or do a lease to own or something. any advice? i feel like I can apply some of the techniques I learned to speak with the owners themselves but don't really know what i should do or say. Any and all help would be much appreciated. Thank you!
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I think you have a good idea. You can call landlords who are trying to rent their houses and ask them if they would be willing to do a rent to own contract with you. You may have to call many until you find one, two, or a few who would be willing. You would need to go see the house and then find some comparable sales. Go ahead and come up with a value, then decide on a discount so that you can come up with an offer. Of course, discount it more by the amount of repairs.
You will probably need to offer the seller an upfront fee of maybe two times the monthly rent and you will probably need to offer a rent at higher than the normal market rent. You will probably be able to get 2 - 3 years to close. You could ask the seller to give you credit for your deposit and the extra rent you pay.
If you can close, then you will have a good deal. If you can't close by the end of the time period, you can try and assign your contract for a fee.
Good luck.