Q. I have a tenant who is a remodeler that wants to rent a house that I just got. I plan on doing Lou's Work for Equity Program with him. I also want him to pay the first month's rent and deposit in case he is a "dead-beat". Will this still make the deal work? What do you suggest? By the way, how can I interest him in doing an l/o?
A. The work for equity program is designed for the lease option. The tenant buyer does work to earn credit for some or all of their option fee. You will still get as much money from them as you can - first months rent or some money as option fee.
Just tell your potential renter that the owners are going to allow him to do a lease option and they will give him credit towards his purchase for the work that he does.