Posted by Mike Daly on March 11, 2002 at 07:10:19:
I’ve found the most effective way to find a T/B is to use signs – lots of them. Put 3 signs on the property itself, a sign at each entrance to the subdivision, and signs at the closest major intersections. Someone should be able to just follow the signs to your house. Advertise it as “Lease Purchase” or “Owner Will Finance”. Of course, you also want to advertise in the newspaper – I’ve just found I get more calls off the signs than the paper.
Your best insurance against T/B trashing the place is to get as large a deposit as possible, and make it clear that maintaining the property in good condition is a requirement of the lease agreement. If the T/B really wants to buy the place down the road they will take of it. Of course, do a background check on them to make sure they don’t have prior evictions.
For forms, try legalwiz.com or uslegalforms.com. And yes, you want the option separate from the lease agreement. If you have to evict them and they take you to court, this makes it harder for them to make the case that they had an interest in the property if they lose their paperwork, which most of them do.