So, I finally did it. I’ve signed up my first deal, a lease option. Nice cute little house, needs a touch of cosmetic work, but its in a good neighborhood. Comes with all the major appliances. The lady wants $79,500 for it, she had previously been renting it out for $650 a month. I agreed to give her $2000 upfront, and pay her $750 a month for two years.
So, the ink isn’t even dry yet, and I’m wanting to make sure I didn’t miss something. What do I do next? Her $2000 is due April 1st, and I’m already marketing this property as a rent to own deal. I’ve put it on craigslist, and gotten a few emails, but I want to make damn sure that I make this deal work. So, what am I missing, if anything? Insurance, inspections of any kind, etc???
-Matthew