Use a Third Party to Collect Payments from Your Tenants

Once you get a lease option tenant in your property, it’s best to have a third party collect the payments from your tenants.  This can help with proving that you are doing things by the book and aren’t trying to defraud the lenders.

Since lenders are always looking for anything fishy, eliminate the possibility by having a licensed (if your state requires it) and registered management company. The management company should have a real telephone (hard line, not just a cell phone) and office with a white or yellow page listing.

If you for some reason don’t want to spend the money to have a management company collect your payment for you, just send us an e-mail and we’ll walk you through how to get around this yourself. (questions@thewayneturnergroup.com). We also suggest not using any management company that doesn’t have at least fifty properties that they currently manage! In this case, the more experience the better.

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