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I know a guy that has 23 properties he does the Lease with option route for legal reasons.
Lease is a lease. DON"T do land contract. That's harder to get them out if they stop paying.
A lease you give them an eviction notice and they're out.
He sets it up to take 10% or close to it as down payment.
Then charges around 8% interest and he carries the insurance on the property but the buyer needs renters insurance for their stuff.
So he pockets 10% up front and makes a few bucks per month on the payment.
If they stop paying evict them and sell it again.
There's big big money to be made doing this and people are right.
Do your background work. Don't lease your house to ANYONE you haven't done your background work on. People can really fuck up a house if you two get into a argument over them not paying and you telling them they're going to be evicted.
Generally though with 10% or so down people have some skin in the game so they're not likely to trash the place.
Good luck to you.
I plan to do this with my house in January.
It's listed with a realtor for 6 months. If he can't sell it I will go the lease route.
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