Posted by JohnBoy on February 22, 1999 at 01:22:01:

I have a clause that states my rent to the seller starts in 60 days from the date of signing our contract. Some people use a clause that states their rents don’t start until they find a suitable tenant. I personnally like to give the seller a commitment within 60 days to start paying them rent regardless if I find a tenant or not. If your terms are good you shouldn’t have a problem getting a tenant within 60 days.

I usually try to structure my deal so that I can offer large rent credits to my tenants. It seems to draw more people to choose from in a shorter period of time. You should find a GOOD mortgage broker to work with. Whenever you have someone your interested in putting into the property, bring their credit application to your mortgage broker. The broker can pull their credit for you and see what it would take to get your tenant financing within a year or two.



Posted by jason on February 22, 1999 at 24:40:10:

I have been reading in my local online newspapers’ real estate and rental sections and have found many FSBO homes in which the seller is willing to do a L/O.

Some of these deals sound too good to pass up, but that is exactly what i’m doing. My biggest fear is that i won’t be able to get a home rented out to someone after i sign the contract with the seller.

My questions to those of you who have successfully executed a L/O is…How long does it usually take to get the place rented once you have taken control of the property, and how do you find good prospective tenants?