How do you get a tenant to give you a $10,000 down payment?
Great website, thanks for all the information.
I keep reading here and there about a $10,000 or so downpayment that you get from your single-family home tenant up front which, plus first and last month's rent, pretty much recovers your own 5% downpayment.
I have a couple of questions:
1) If your tenant can provide that much money up front why doesn't HE just buy the property? Why is this tenant renting?
2) How do you get a tenant who will provide this kind of cash up front, I'm wondering if most tenants will think it's crazy and just move on to the next place?
3) How important is this downpayment to the overall investing strategy?
Thanks very much!