Buying down the rent
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Buying down the rent (by Homer [TX]) Feb 13, 2019 2:47 PM
       Buying down the rent (by Sisco [MO]) Feb 13, 2019 3:17 PM
       Buying down the rent (by Homer [TX]) Feb 13, 2019 3:30 PM
       Buying down the rent (by Pmh [TX]) Feb 13, 2019 4:05 PM
       Buying down the rent (by Pmh [TX]) Feb 13, 2019 4:09 PM
       Buying down the rent (by plenty [MO]) Feb 13, 2019 5:01 PM
       Buying down the rent (by plenty [MO]) Feb 13, 2019 5:07 PM
       Buying down the rent (by razorback_tim [AR]) Feb 13, 2019 5:59 PM
       Buying down the rent (by S i d [MO]) Feb 14, 2019 5:01 AM


Buying down the rent (by Homer [TX]) Posted on: Feb 13, 2019 2:47 PM
Message:

I had a call today from a young lady getting back 7,000 firom the government handouts this spring. While she doesnít quite make 3 times rent, ( $1260 ) she does make enough to pay 1000 per month easily. She brings home $3000 per month. The idea came to me to have her pay a buy down fee of $3120 so that the rent could be $1000, the deposit would be $1800. Of next year when the lease is up, we are in trouble, but as always, the government hands out money this time of the year. Anyone ever tried a buy down fee? Pros and cons? --166.137.xxx.xx




Buying down the rent (by Sisco [MO]) Posted on: Feb 13, 2019 3:17 PM
Message:

Under the circumstances that you have described, I like it a lot better than signing her up to a rental amount above 33% of her income. I would work the buy down a bit more and get rent to $800-$900.

Of course, I would prefer someone who truly can afford your house, because she is demonstrating poor decision making. --72.172.xxx.xx




Buying down the rent (by Homer [TX]) Posted on: Feb 13, 2019 3:30 PM
Message:

Sisco, poor dedication making is what keeps us in business. Renting a house is simply a bad decision. Buying is the best option. You are right though? I need to get the rent down to 900, If I donít get all of that 7000, someone else will --166.137.xxx.xx




Buying down the rent (by Pmh [TX]) Posted on: Feb 13, 2019 4:05 PM
Message:

I think the buy down could be construed as pre paid rent if push came to shove. I would keep looking & quit grasping at straws --166.137.xxx.xxx




Buying down the rent (by Pmh [TX]) Posted on: Feb 13, 2019 4:09 PM
Message:

To follow up to Homer: sometime best decision is to rent rather than buy. when I trfrd every few years it made NO sense to buy. Rent is just the payment to use a hse. as is mortgage payment. have to be smart. That is why renters rent.......my mkt for sure. most here for two years max. I suppose different mkt for you & me. But silly to cast generalizations... --166.137.xxx.xxx




Buying down the rent (by plenty [MO]) Posted on: Feb 13, 2019 5:01 PM
Message:

Sign a two year lease. Buy down to $999 a month with $3120 x 2 or $ 6240 to close the deal. Same deposit you would normally collect. In two years she should have increased salary opportunities. Plus 2 years is ok for turn over or pay and stay. It's those ine year turn overs that hit hard. Try Two year lease and get the money! --99.203.xx.xxx




Buying down the rent (by plenty [MO]) Posted on: Feb 13, 2019 5:07 PM
Message:

Sign a two year lease. Buy down to $999 a month with $3120 x 2 or $ 6240 to close the deal. Same deposit you would normally collect. In two years she should have increased salary opportunities. Plus 2 years is ok for turn over or pay and stay. It's those ine year turn overs that hit hard. Try Two year lease and get the money! --99.203.xx.xxx




Buying down the rent (by razorback_tim [AR]) Posted on: Feb 13, 2019 5:59 PM
Message:

I have done this twice and it has worked out both times.

Just spell out in your lease clearly how the payments work. Make it so that $4,120 is due at move-in ($260x12 + $1000) and rent is $1000 per month. Just be sure you donít let it roll to month to month or another year at $1000. --70.178.x.xx




Buying down the rent (by S i d [MO]) Posted on: Feb 14, 2019 5:01 AM
Message:

Bring two leases to lease signing.

The first lease is for 1 month at $3120.

The second lease starts the day the first lease ends and runs for 11 months at $1000/month.

Collect all the money up front. No more pre-paid rent/too much deposit worries. You have two separate leases, neither one of which refers to the other. Plus you get your big payday up front, in case there are any problems. --173.20.xxx.xxx





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