My rent to own tenant broke their lease

I sold this house "Rent to Own" using a Lease Option strategy to a Tenant Buyer & now they're breaking their lease and moving out. Let's go see what condition they left the property in as they moved out over the weekend. It's been a little over a year since this Tenant Buyer moved into the property and few weeks ago they sent me a text saying they were moving because of an emergency. It's always sad for me taking a house back because I really want my Tenant Buyers to become home owners. Helping people that can't qualify for a mortgage is a wonderful business. But, these are the problems we run into when dealing with people that have challenged credit. Let me know what you'd do with the property next?


Follow Kris Haskins:
Twitter:

Watch More Kris Haskins:

About Kris Haskins:

Welcome to the official Kris Haskins YouTube channel! On this channel, you’ll find a variety of financial content including vlogs, investments, real estate, and more. Make sure to subscribe and enable ALL notifications! For instant updates, check out the social media accounts below.

#vlogs #VIDEOSPECIFIC #VIDEOSPECIFIC #krishaskins

00:00- Intro
1:30 - My tenant sent me a text message saying they were breaking their lease
3:43 - This is how they left the exterior of the property
6:20 - This is the condition of the living room and kitchen and back yard
8:30 - This is the bathroom, don't use the Clorox blue tablets inside your toilet
11:01 - What is a Lease Option
13:00 - The Lease gives your tenant possession to come and go as they please
13:50 - The Option gives the tenant the right to dispose the property
14:30 - Here's the numbers from this Tenant Buyer
16:20 - These are the Lease Option documents
18:00 - This is how we collect the Option Consideration down payment
20:20 - What would you do in situation for your next occupant?

Follow Kris on Social media:

[nicolea]

I’m just commenting about the handsome beautiful lil boy in the back. Oh, how I miss this stage of my kids growth. He is a whole vibe.❤❤❤

[shea]

What a sweet lil baby. He's so cute!

[HeyMsVal]

My current tenant is the opposite. He's actually trying to take over my house. He actually came up with a proposal to convince me to put him and his husband on the title of my house 😂😂😂😂 and has made fraudulent claims to his renter's insurance company company. His latest shenanigans was stopping payment on October rent. Claiming that he feared for his safety from the hurricane and needed to evacuate even though the house is in a no flood, no evacuation zone. Of course he has every right to leave the city. I have no problems with that at all. But you still have to pay the rent. With his recent behaviors, too much to describe here, I have already retained a lawyer. He just doesn't know it yet.

[mzbeegrier]

It dont look too bad...I've seen worse 😳 They wrote you a nice letter too..pray for them cause they might be having serious problems🥺

[richardduran]

Cool vid, wife said"help your son get a house(he is throwing $ at a landlord)" so during covid i purchased a house across street 4 218k it's now worth 370k. He pays the mortgage, i think rent to own looks good perhaps 10 yr, then on contract he can buy for 250k. It's not about making $ it's about helping you DNA go forward.

[anitta]

This video was very informative thank you. Your little helper in the background is too cute.❤❤❤

[whalenenterprisesllc]

Seeing that they left the property in good condition I would consider giving some, not all, of the option consideration back. But if you don't that doesn't mean you are doing the wrong thing. That's what contracts are for. You taught me that.

[ekxotixofdoraville]

The young man is ok 👌 IM WAVING BACK THROUGH THE PHONE 😂😂😂🎉 👋

[KBWFreedomthrurealestate]

The truth of real estate investing. Excellent post/video!

[nellielee]

Your baby is just too cute, hi lil man with that handsome smile 😃

[jmjpowerjoule]

Wow dawg...Your son is a cute little guy and stole the show. LOLOL

[propertypaul]

Tell TT I was waving back. I always wear latex gloves when looking at move-out houses.

[jmccmd]

Kris,
I would not refund the option fee payment. I would clean it up, resale on a 2 yr LO, get a $10K option fee (and a potentially better tenant buyer), then sale on a 30 yr contract for deed.

[bryantonojeta]

man... i have to relisten.. Your son had me...

[pamelabatts]

One very important detail you left out when going over the lease to purchase option process and lease is maintenence responsibility. In most cases, this is the sole responsibility of the tenant and, depending on what type of shape the plumbing, ac/heating, electricity and roof are in as far as repairs and/or replacements go, it can also be the major reason tenants tend to back out of the lease.

[BriPri-]

Thank you for sharing ❤️👏🏽
Beneficial info
Your son is too cute !

[Loveallthingscrafty]

You seem like a nice man. However, that house is so small. I think it needs to be expanded or fixed up differently. Too small, after a while people start to feel closed in. Put in the contract no dogs until you completely pay for the house.

[mrsc]

That house is very small & only partially updated with a terrible kitchen. I would do rental only. Anyone who does rent to own will have buyers remorse after living there for a while. The rental client would likely at least stay a few years & then move on to something better.

[brandonbarber]

Thanks, my brother am going to begin this type of selling and buying soon. I would like to learn from you when ready about six months.

[Tobiasdaniel]

I live in Hampton and this is the exact reason why I will not lease or rent out a home to a tenant- no headaches for me so I invest in REITS instead!