After fixing up a few houses over and over again after the tenants trashed them, I decided to try a new tactic.
The next fixer I got I did not fix.
I just cleaned it and removed the graffiti.
By the way, easy off oven cleaner takes it off sidewalks.
The ad read: RENT TO OWN- $0 DWN- U FIX I got hundreds of calls.
The mistake I made was using an 800 number.
I got a whopper of a phone bill.
There was a pre-recorded message with the address.
At the property was a flier with all the details and my cell number.
That way I knew anyone who called me on that number had been to the area, looked in the windows, read the flier and wanted to proceed.
By the way, make sure you leave the curtains open.
This way the buyers pre-screen themselves.
We had an "open house" on Sunday and of course I came late.
By the time I got there, several people were waiting.
The way it works is that we go through the house and mark down what needs to be fixed and then we assign an amount to it.
Everything is documented.
Then, if and only if, they buy the house, they get a reduction in the price.
Keep in mind that there is no mention of the word credit.
I don't want any judge telling a disgruntled tenant that they have any equitable interest in the property.
There are so many people today who have no money, lousy credit but have fixer skills.
(or think they do).
This gives them the chance for sweat equity and time to fix their credit.
Sometimes I even help them with that.
Usually they don't learn their lessons and repeat their past bad behavior and I have to evict.
So I get the house back a little better than what I gave them and I didn't have to spend any money.
I feel no guilt.
I gave them a chance to become a homeowner trainee.
If they blow it, it's not my fault.