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9: MORE TECHNIQUES TO PROFIT WITH PROPERTY
9
MORE TECHNIQUES TO PROFIT WITH PROPERTY
Either independently or along with creative renovation, you can employ these popular techniques to profit with property:
- Lease options
- Lease purchase
- Conversions
- Master leases
- Assignments of contracts
LEASE OPTIONS
Many tenants would like to own their own homes. Yet for reasons of blemished credit, self-employment (especially those with off-the-books income or tax-minimized income), unstable income (commissions, tips), or lack of cash, they believe that they can't qualify for a mortgage from a lending institution. For these renters, the lease option (a lease with an option to purchase) solves their dilemma. Properly structured, the lease option permits renters to acquire ownership rights. Simultaneously, it gives them time to improve their financial profile and eventually meet the underwriting standards of a bank.