Philip, CAUTION...WARNING BELLS...BEWARE!!This is a great idea, but I would HIGHLY recommend that you do NOT enter into a "Lease with Option to Purchase" or "Rent To Own" type of arrangement with ANY of the houses you pick up for a "severely discounted" price!
WHY? If you end up in court because a Tenant/Buyer has defaulted and you need get them out, you WILL be viewed by the judge as "TAKING ADVANTAGE" of somebody in their time of difficulty, and NOT helping them!
How do you think I know this? I am aware of a number of (legal) case studies that involved this exact strategy. Everything is fine until things go sideways. In almost EVERY case, the judge has ruled in favour of the "poor" homeowner!
I highly recommend you STAY as far AWAY from this strategy as possible, otherwise there is a very good chance you WILL be going to a seminar of your own! And I am NOT talking about the $949.00 (plus GST) variety here, I am talking about a "real life" seminar that could cost you TENS of THOUSANDS of $$$$!!!
Sorry for being so BLUNT and to the point, but I would hate to see you get yourself into trouble!
QUOTE (GoRentFreeFast @ Nov 20 2009, 03:28 PM) Is anyone else doing a `Sell & Rent Back` program for motivated sellers ? (i.e. we (an investor) buy their property at deeply discounted price from the seller and lease-to-own it back to them). We also pay for credit repair during the term of the lease.
We`re doing about 4 a month and I`ve never seen anyone else doing it here in Ontario...Anyone?
Philip