Use a Lease Option Contract to Control Property
A lease option contract, also called a lease purchase contract or a land contract, allows you to take possession of a property without a credit check
or - in many cases - a down payment. With a lease option contract, you have:
- Full use of the property for income purposes for as long as the lease option lasts.
- Full control of the property and can rent it out, repair it, expand it, or otherwise make it more livable for your tenants.
- Part of your monthly lease payment applied towards making you the eventual owner of the property when you've fulfilled the terms of the lease option.
- The obligation to pay the real estate taxes, insurance, water charges, or any other charges on the property, which are included as part of your monthly rent-like payments you make for the duration of the lease contract.
You can use the lease option to get lots of income property to build a monthly positive cash flow without ever having your credit checked out. Why? Because the seller offering a lease option:
- Wants to get rid of property quickly.
- Can be appealed to and "sold" on your sincerity and dependability.
- Will rarely run a credit check on you if he/she believes in you.
you can use a lease option contract when you have good credit. In fact, any of the methods you get are equally useful to people with good or bad credit, or no credit at all!
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