OK with ELT (by BRAD 20,000 [IN]) Sep 13, 2021 3:10 PM|
OK with ELT (by WMH [NC]) Sep 13, 2021 3:21 PM
OK with ELT (by Barb [MO]) Sep 13, 2021 5:49 PM
OK with ELT (by gevans [SC]) Sep 13, 2021 7:54 PM
OK with ELT (by #22 [MO]) Sep 13, 2021 10:14 PM
OK with ELT (by BRAD 20,000 [IN]) Sep 14, 2021 1:11 AM
OK with ELT (by Ray-N-Pa [PA]) Sep 14, 2021 8:27 AM
OK with ELT (by NE [PA]) Sep 14, 2021 8:40 AM
OK with ELT (by Dee Ann [WI]) Sep 14, 2021 8:48 AM
OK with ELT (by MAP [NY]) Sep 15, 2021 2:08 PM
OK with ELT (by BRAD 20,000 [IN]) Sep 15, 2021 9:02 PM
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OK with ELT (by BRAD 20,000 [IN]) Posted on: Sep 13, 2021 3:10 PM
Signed a lease Saturday. As I reviewed the numbers with the new res and read aloud the ELT amount he replied "Double rent...seems normal. No problem."
Don't be shy!
OK with ELT (by WMH [NC]) Posted on: Sep 13, 2021 3:21 PM
Just curious: how much is the rent, how much is double rent? --50.82.xxx.xxx
OK with ELT (by Barb [MO]) Posted on: Sep 13, 2021 5:49 PM
I have one who called last week, saying it wasn't working for him and that he recalled seeing something about an ELT in the lease, would I tell him how it works.
He was not at ALL opposed to paying the requested amount.... I just need to go by for a check. :) That is on my list of things to do tomorrow. --149.76.xxx.xx
OK with ELT (by gevans [SC]) Posted on: Sep 13, 2021 7:54 PM
I had a young single airman tell me a while back "a hot 19 year old wants me to move in with her! How much will it cost to break the lease?"
He would have paid anything, but I charged him just what the lease said. In my case, 1.5 times rent for ELT.
I may raise that amount. --158.115.xxx.xxx
OK with ELT (by #22 [MO]) Posted on: Sep 13, 2021 10:14 PM
Ours is 2.5-2.75x the rent. My biggest mistake - I gave a discount to some people and then they "got covid" showed proof somewhat, and refused to show the house for the last 25 days they were there. I will never give anyone a break again after that. --23.126.xx.xxx
OK with ELT (by BRAD 20,000 [IN]) Posted on: Sep 14, 2021 1:11 AM
His was $775 rent, ELT $1550.
Same formula for $1500 rent, ELT $3000.
And they pay it.
I might also mention he paid a Non-Refundable Option Fee of $776, no deposit to return.
For those slow with math, that means I have already profited $776 before I handed him the keys. Only 2 out of 1000 have actually bought the house. Most just move on.
OK with ELT (by Ray-N-Pa [PA]) Posted on: Sep 14, 2021 8:27 AM
ELT are easy to sell.
"If for any reason you need to leave early, you have that flexibility and all that you have to do is......."
So if you hit the million dollar lottery you are only out only $$$$ and you keep the rest --24.101.xxx.xxx
OK with ELT (by NE [PA]) Posted on: Sep 14, 2021 8:40 AM
Iíve collected so many ELTís that itís ridiculous! My quickest was 48 hours after signing lease. Nope, I wasnít nice and just let her out. Yep, I charged her!
I am at 1.5x, but may need to raise after reading #22ís amount. --24.152.xxx.xx
OK with ELT (by Dee Ann [WI]) Posted on: Sep 14, 2021 8:48 AM
BUSY(WI) I believe mentioned in a previous thread that in Wisconsin anything beyond rent and security deposit is not allowed.
Brad, I'm just altogether slow, so would you clarify what Non Refundable option covers and how you arrived at the amount you charge for the option? --176.113.xx.xxx
OK with ELT (by MAP [NY]) Posted on: Sep 15, 2021 2:08 PM
Obviously he has never heard of the Hot/Crazy matrix... --97.33.xx.xx
OK with ELT (by BRAD 20,000 [IN]) Posted on: Sep 15, 2021 9:02 PM
Rent To Own Options fees do not work in every state.
In MY state there is a specific law stating a Non-Refundable Option Fee is not a depsoit and does not have to be returned.
It's simple. Instead of taking a deposit which is subject to deposit return laws and handling laws, we "sell" them an OPTION (single page form) to buy the home. At any time in the next 12 months they can buy the home. Only 2 out of 1000 buy it.
Our affordable homes sets the normal deposit amount plus $1 so it is a different figure than a deposit. (atty's advice)
Our highest is $5000 for the $150K homes.
Sometimes we take that over a few months.
Yes, that means I brought in $5000 BEFORE handing them the keys.
ONE house turned over 3 times in a 12 month period - 3 x $5000 + $15,000 cash money on one home plus rent profits.
Bonus info: My lease is clear: we write this lease as a "RENT IS DISCOUNTED BECAUSE RESIDENT AGREES TO DO ALL MAINTENANCE AND MATERIALS" - meaning we don't do maint on that home, THEY do it. ANOTHER huge profit technique.
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