Hi, it’s Lou Brown. I’m back with another of my 101 cash flow accelerators. In this segment, we’ve been talking about Managing Property. And if you’re like me, you want to have fewer headaches and more income, and one of the things that I discovered years ago is when I give my residents an opportunity to be in a position to own the property, I’m going to get a better resident, a better mindset, better incentive to pay us on time, more likely to take better care of the property. So years ago I started doing something called an option, a lease with the option to purchase the property. Now, way back in the day, they used to do six-month leases. Homebuilders would do that with an option to buy, to get people into the next season, maybe get over a bump in their credit, and then give them the chance to buy the brand new home.
We extended that into our rental property business. We used to give a one-year lease, now we are one year option. Now we give a three-year option, giving people plenty of time to be able to get themselves coordinated with their credit. Also to earn credits every month towards the purchase of the home. That every month that they pay the rent on time. It’s been fantastic. We expanded it from one year to three years so that people would have plenty of time to get their act together, earn their credits and not lose their money. We also credit our residents with the amount of money that they give us as their option fee at the end when they do exercise their option, we do give them credit for that. It’s an awesome way to get a better resident who’s more inclined to pay you and more incentivized. We have a program called the path to homeownership. We help deserving families regardless of credit or financial background to end up with homeownership. To learn more about that and to become certified, you’d go to CertifiedAffordableHousingProvider.com CertifiedAffordableHousingProvider.com if you’d like to learn more about managing your properties effectively and profitable profitably, go to StreetSmartInvestor.com and put on the tools and look at Property Management volume eight. Hope this has been a benefit to you. Like it. Love it. Share it. And do subscribe. Thanks so much for joining me. I look forward to seeing you soon. Yeah, baby!
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