Answers to commonly asked questions about the "Get Rid of That Payment"
Master Lease or Performance Lease Programs

How does it work?

Once you fill out the form HERE or call our office at 888-768-7653, we will explain each lease program in more detail then work with you to determine which program is best for your needs.  Then we quickly evaluate your property to determine if your house qualifies for one of our leasing programs.  We only take homes which are in good condition and in good neighborhoods.  Our lease agreement will give us the right to sub-lease to another tenant.  Quality houses attract quality tenants so we want to make sure your house is a good fit for the quality tenants we have.    We have the most stringent tenant screening programs anywhere.  Most of our associates already have a portfolio of rental properties of their own and have the best systems in place to attract the best tenants, collect rents, and get repairs completed by quality contractors at a fraction of the typical costs - all without hassles for you.

You can select from two leasing programs:

Performance Lease Program -  If you want to get the maximum amount of rent each month, then our Performance Lease Program is right for you.   We agree to rent your house for a fixed amount.  Then every month when we collect rents, that amount is sent to you.  You get paid when we get paid.  Typically, we are responsible for the first $50 in repairs so you won't get phone calls for any of the minor repairs.  

Master Lease Program - If you never want to have a single month that you don't get a lease check and you never want to get any phone calls for minor repairs, then this is the best leasing program for you.   We agree to lease your house for a pre-agreed to price.   You are sent that amount every month even if the house is vacant.  With this lease program, we are responsible for the first $150 in repairs. We take on a lot more of the risks.

How does everyone get paid?

Since we have the right to sub-lease the property to another tenant, we get paid the difference between what the tenant pays us and what we pay you.  You are never charged a management fee.

Your rental payment can be mailed to you - usually through our automatic online bill payment systems - or we can have the funds sent directly to your bank account. 

Why don't I just hire a property management company?

No property management company will be willing to guarantee rent each month nor will they be willing to pay part of the repair costs.  With a property management company you'll pay a management fee (7 - 10%)even if your property is vacant... for months.  They have no incentive to keep your house occupied because they even charge a renting fee which is equal to 50% of the first months rent. Repairs are often a profit center for property management companies.  Not so with us!   Property management companies have hundreds of houses to manage.  We give your house our undivided individual attention and treat it just like it is our own house.

Why don't I just lease my house myself?

There are many laws about leasing properties.  We know the rules and we follow them strictly! By putting our company between you and the tenant, you never have to worry about hassles with a tenant.  We take care of everything so you don't have to.  And we have many years of experience in dealing with rentals and tenants. 

We know one home owner who tried to lease their house themselves and got hit with a discrimination suit that will cost him hundreds of thousands of dollars and jail time. 
It's just not worth the hassles!

What if the tenant tears up my house?

Our tenant selection process is so thorough that we rarely have a problem of any kind with our tenants.  Each tenant puts up a hefty security deposit.  If they damage the property in any way, they lose the security deposit and that money is used to repair the property.  We have the best contractors who work at the most affordable prices.  If repairs are needed, we will make all the arrangements.  Depending on the leasing program you selected, we will pay the first $50 or $150 of repairs after the security deposit is used.

I don't want to get phone calls from a tenant every week!

The only tenant you'll ever have to deal with is the associate you work with and they are a professional.  it is their job to take care of any needs the tenant has so you don't have to.  The tenant living in the property will never know who you are or or have any of your contact information.  As far as they are concerned we are the landlord and they will direct any phone calls to us, not you.

What if the tenant does not pay rent?

Our screening systems are so good that this is rarely a problem.  In the twelve years that the founder of this organization has been leasing houses, she has only had to do two evictions.   Quality houses attract quality tenants.  If you are in a master lease, you will get paid every month - on time - even if the tenant does not pay. 

What is the standard lease agreement term?

How long do you want someone to guarantee that payments will come in from your property each month?   Since you have no idea how long the downturn in the real estate market will last, we are certain you want to make sure you are protected while it lasts.  Our typical lease term is 2 -3 years with the right to renew for an additional years at the end of the lease. 

What if I want out of the lease?

Because we have a sub-tenant in the property it will be difficult and costly for us to break a lease with them.  Our lease agreements allow for a "buy out" clause in between sub-tenants.

Will the tenant buy my house someday?

In many cases, the tenant will fall in love with your house and want to buy it.  So, being in one of our leasing programs could be the fastest way for you to find a buyer for your property too.  Be sure to talk to your leasing consultant about the "Option to Buy"

If you prefer, we can even "show" the house to prospective buyers while the tenant is in the property.  A house with nice furniture in it always sells faster then a vacant property.

What if I decided I want to move back in to my house?

We work with many homeowners who need to move out of the area for a few years and eventually plan to move back to their home.  Meanwhile, they can sleep at night knowing that we are taking care of their property.  At the end of the lease term, you can move back in with no problems.

What are the tax ramifications of leasing my house?

Of course, you would need to talk to your CPA or accountant about your specific situations.  But, in general, because you are a landlord, you will be able to take additional tax deductions by depreciating the property, deducting the interest on the mortgage payments, and expensing any repair costs.  Because the money coming to you each month is "passive income" you are not subject to many taxes associated with other types of income.  

What if my mortgage payment is higher than the house will rent for?

We occasionally run in to that problem.  And the solution is that we will lose you less!  Let me ask you, would it be better to continue making that high mortgage payment every month  for another year or two? Or would it  be better to at least get most of your mortgage payment paid by a tenant who will take care of the property, pay the utility bills and take care of the yard.  That is what we will do!  You can stop most of the financial hemorrhage with our Master Lease or Performance Lease program. 

What do I need to do to "Get Rid Of That Payment"?

 

The Home Owner's First Choice to a Fast, Easy, and Effective Way to...
Lease Your House Fast

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4430 Lavon Drive #374-129
Garland, TX 75040
972-496-6032
info@leaseyourhousefast.com