#8 Bill Powers went from 0 to over 225 rent to own properties in the last 10 years, here is how he did it

0:03We've set up these single family homes that we lease on rent to own U contracts basically they're agreements with the folks that are in them that they can lease them for three years and they get $150 credit towards the purchase price which is pre-established when they move in and it gives them an opportunity to buy the house and you know funny that we have this call now we actually have three of those in process right now where three residents are have presented us with contracts to execute at the prices that we offered three years ago which are they're attractive prices you know appreciation has been very strong in this area Northern Lake County especially in some of the workforce housing areas for the past three four five years so

0:51These folks are reaping the benefits of some you know some some great appreciation and you know to be honest you know we've been on a it's been a good a good opportunity for us to we've collected strong rents from good people that took care of our homes and you know now they can build some ownership in these communities which was it was one of our missions when we started this is we just don't want to be you know a landlord in a a Workforce blue collar area that just you know doesn't give back in some way to to the community and so you know our opportunity here is to sell some of these homes at good prices I mean we're we're making profit on them but we're leaving some of the money on the table because the price established three years ago is not not really what it's worth it's worth a lot more but that's okay

1:40You know it's it it all what comes around goes around so it's all good wow so you went from so so how many do you have now so we own and manage 220 units wow and we do it with a small team because our leases are all three years we don't take down down money a lot of rent to Owned companies have a bad reputation because what they'll do is they'll force a a resident to put a lot of money down and then tell them they got 12 months to buy and if they don't buy then the rent's going to go up 5 percent or the cost of the property is going to go up 5 percent and eventually it just becomes a a lost investment where you know we don't do that we just we give people an opportunity to repair their credit take their time to get the the the resources together to buy the home

2:28We partner up here in Lake County with a local nonprofit called sea Community Partners for affordable housing and what they do is they provide education down payment assistance all kinds of things that help grow ownership in our our County here up in Lake County awesome man that's incredible so you went from 2011 not wanting to buy one property to now 2020 nine years later you've got 220 of these and this is just one portion of of the things that you're doing and you're managing it all with the small team that's that's incredible inspiring hey thanks for joining us for this segment of the interview with Bill Powers you know I wasn't super familiar about rent to own before I did this interview and I got a lot out of it I took a lot of notes and if you want to hear the full interview

3:17With Bill you can go to any podcast player and just search for living off rentals you can also come over to the Facebook group just search for living off rentals on Facebook and the group will pop up you can join it bills in that group other really successful rental property owners are in that group you can ask your questions and engage there and also if you enjoyed this video give it the old thumbs up and you can also hit subscribe you'll be notified when other videos are released I will see you in the next video