Checklist For Rent To Own

Do you plan on getting into rental property market? Make your easy by using our comprehensive checklist.

Getting Started

  • Time: To learn the market
  • Money: What you intend to spend
  • Organization: Scout for homeowners associations
  • The will to succeed: have the determination.
  • Create a Plan: Fill out an action plan chart
  • Legal help: Choose the best real estate lawyers
  • Hire Professionals: Get home inspectors
  • Insurance: Get a reputable insurance broker or agent
  • Finance manager: Get reputable accountant or bookkeeper

Build Your Network By Meeting

  • Scout for realtors and see what they have
  • See the terms of mortgage brokers
  • Boost your credit score with the help of credit repair specialists

Find The Tenant

  • Advertise For New Tenants
  • Receive Completed Applications
  • Narrow Down On Applicants
  • Qualify The Best Applicants
  • Run The Numbers (Use Financial Analysis Spreadsheet)
  • Approve The Tenant
  • Advise Tenant of lease Rate
  • Collect Intent To Occupy
  • Get Initial Deposit

Find The Property

  • Set Up The Tenant With a Realtor
  • Arrange for Home Inspection
  • Submit The Offer To Purchase
  • Obtain the Financing
  • Draft a Lease Agreement
  • Draft an Occupancy Agreement
  • Draft the Utilities Agreement
  • Draft any Options To Purchase
  • Draft The Main Home Repair Contract

The Rental Term

  • Follow Up With Tenants (every three months)
  • Make your presence known
  • Ensure Tenants perform necessary Repairs

The Deal Closes

  • Contact Tenants few months before your rental term ends
  • Have tenant set exercise of option fee in Trust with lawyer
  • Draw up offer to purchase

These terms will make you work in the property market really easy. It will give you a fast speed too from all angles.

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