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.