Tuesday, August 26, 2008

Rent to Own Troubles

After my tenants deserted my property in Cheektowaga, I spent about a week cleaning it up and put our a "Rent to Own" sign on the front lawn- no other advertising. I received about 50 calls in the past 2 weeks and 3 serious contenders for the house.

The first was an older couple without children who I thought would be ideal tenants. They called my excitedly last Friday indicated that they had received a large legal settlement and wanted to sign the paper work. I drove 40 minutes up to the house and met them. They proceeded to tell me that they could not get out of their lease (wife in tears). I suggested they negotiate a pay off with their landlord.

A second couple contacted me through a Realtor several times and kept making verbal offers but all lowball offers. Sunday another couple came to the house and gave me a check for $1750. I told them I would decide Monday night and called the other two couples.

Monday I contacted the other two parties. The buyers came up slightly and the first couple could not be reached, so I deposited the check from the third party and told them they could have the house.

Today the second couple called and offered my asking price - too bad that their Realtor didn't give them good advice (She had sold a lesser property for $196k last fall)

The first couple called and said that they had paid their way out of their lease. When I told them I had leased the house, the wife broke in tears again because now their land lord would not let them continue in their apartment.
So now I've added to the ranks of the homeless - must be Bush's fault!
Now I've created a

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