Top 5 Things to Verify with Lease Option
Want to start a lease option? Check out these five steps to help the process go smoother!
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Background checks are great for determining how good of a renter a potential tenant will be. Previous landlords can verify deposits were returned, the house was in good condition when vacated, etc.
Most lease-options take place due to bad credit. By determining how low the credit of your potential tenant is, you can easily determine how long they will need to lease your property for before their credit is strong enough to purchase it.
Tenants need to be able to qualify for the rent! Employment helps to verify this.
4) Proof of Funds
With a lease option tenant, you are going to want to collect a lease-option deposit, IN ADDITION to the first and last rent. Proof of funds verifies that they can afford these expenses.
5) Length of Time
You want a realistic expectation on how long it will take for your tenant to raise their credit enough to purchase the property. This way, you can determine the appropriate time to rent.
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I buy houses in Central Florida. In Central Florida I buy houses in the Counties of Brevard County, Citrus County, Hardee County, Hernando County, Indian River County, Lake County, Marion County, Orange County, Osceola County, Polk County, Seminole County, Sumter County, and Volusia County.
In Brevard County, I buy houses in Cape Canavera, Cocoa, Cocoa Beach, Indialantic, Indian Harbour Beach, Malabar, Melbourne, Melbourne Beach, Palm Bay, Palm Shores, Rockledge, Satellite Beach, Titusville, West Melbourne. In Citrus County I buy houses in Beverly Hills, Black Diamond, Citrus Hills, Citrus Springs, Crystal River, Floral City, Hernando, Homosassa Springs, Homosassa, Inverness, Lecanto, Pine Ridge, and Sugarmill Woods. In Hardee County I buy houses in Bowling Green, Ona, Wauchul,, Sweetwater, and Zolfo Springs.
In Hardee County I buy houses in Brookridge, Brooksville, Hernando Beach, Hill ‘N Dale, Lake Lindsey, Masaryktown, Ridge Manor, Spring Hill, North Weeki Wachee, Pine Island, Ridge Manor, South Brooksville, Timber Pines, and Weeki Wachee Gardens. In Indian River County I buy houses in Fellsmere, Florida Ridge, Gifford, Indian River Shores, North Beach, Orchid, Roseland, Sebastian, Vero Beach, Vero Lake Estates, Wabasso Beach, West Vero Corridor, and Winter Beach. In Lake County I buy houses in Altoona, Astatula, Astor, Bassville Park, Clermont, Eustis, Forest Hills, Fruitland Park, Grand Island, Groveland, Howey-In-The-Hills, Lady Lake, Leesburg, Mascotte, Minneola, Montverde, Mount Dora, Mount Plymouth, Okahumpka, Paisley, Sorrento, Tavares, Umatilla, and Yalaha.
In Marion County I buy houses in Anthony, Belleview, Citra, Dunnellon, Eastlake Weir, Fort McCoy, Hog Valley, Kerr City, Marion Oaks, Ocala, Ocklawaha, Orange Springs, Pedro, Reddick, Romeo, Salt Springs, Silver Springs Shores, Summerfield, and Weirsdale. In Orange County I buy houses in Alafaya, Apopka, Bay Lake, Belle Isle, Bithlo, Christmas, Doctor Phillips, Eatonville, Edgewood, Fairway Shores, Goldenrod, Gotha, Hunter’s Creek, Lake Buena Vista, Lockhart, Maitland, Meadow Woods, Oakland, Ocoee, Orlando, Orlovista, Pine Castle, Pine Hills, Southchase, South Apopka, Taft, Tangerine, Union Park, Wedgefield,Williamsburg, Windermere, Winter Garden, Winter Park, and Zellwood.
In Osceola County I buy houses in Campbell, Celebration, Champions Gate, Deer Park, Four Corners, Harmony, Holopaw, Intercession City, Kenansville, Kissimmee, Narc oossee, Poinciana, Reunion, St. Cloud, and Yeehaw Junction. In Polk County I buy houses in Auburndale, Babson Park, Bartow, Bowling Green, Bradely Junction, Brewster, Combee Settlement, Crooked Lake Park, Crystal Lake, Cypress Gardens, Davenport, Dundee, Eagle Lake, Fort Meade, Frostproof, Fussels Corner, Gibsonia, Green Pond, Haines City, Highland Park, Highlands City, Hillcrest Heights, Indian Lake Estates, Jan Phyl Village, Inwood, Kathleen, Lake Alfred, Lake Hamilton, Lake Wales, Lakeland, Lakeland Highlands, Mulberry, Polk City, Willow Oak, Winter Haven, Wahneta, and Waverley.
In Seminole County I by houses in Altamonte Springs, Casselberry, Forest City, Geneva, Goldenrod, Heathrow, Lake Mary, Lake Monroe, Longwood, Oviedo, Sanford, Wekiva Springs, and Winter Springs. In Sumter County I buy houses Bushnell (County Seat), Center Hill, Coleman, Lake Panasoffkee, Sumterville, Oxford, The Villages, Webster, Wildwood. In Volusia County I buy houses in Daytona Beach, Daytona Beach Shores, DeLand, DeBary, De Leon Springs, Deltona, Edgewater, Lake Helen, Orange City, Ormond Beach, Ormond-By-The-Sea, Holly Hill, New Smyrna Beach, Orange City, Osteen, Pierson, Port Orange, and Seville.