Set Your Rent with Adam Zach Episode 997
Failure can be your biggest and best teacher. Looking back, I\u2019ve learned the most from my mistakes. It took Adam Zach a couple of tries before he got the model for Set Your Rent just right. I love it because he takes an idea I had a couple of years ago and builds on it, creating an amazingly successful business that helps entrepreneurs, self-employed people, and anyone who struggles to get into a traditional mortgage still find a way to buy a home.
Adam decided to guarantee real estate success from the beginning by buying a property with equity. But the ARV was enormous. Then he decided that the key to success was purchasing a property with tenants. But then the tenants moved out. That\u2019s when he got closer to success by coming up with what he calls Set Your Rent version 1.0.
His original theory was a solid one. He decided to find the tenant buyers first before buying a property. Since he had experience renting to fellow students when he was in college, he decided to rent to a group of college students. Unfortunately, college students eventually graduate and leave town, which puts him back at square one to find a tenant buyer.
Set Your Rent version 2.0 still focuses on tenant buyers, but lets Adam leverage the fact that he has a credit score of 800, and that he\u2019s staying in the middle between the bank and a landlord. Since he made the pivot into this better, more lucrative lease option model, he\u2019s increased his gross revenue to $40,000, for an average cash of $300-500, depending on the price of the home. And he doesn\u2019t need a property manager and he doesn\u2019t need to worry about maintenance repairs.
He\u2019s doing some amazing creative financing, and he\u2019s expanding nationally. Connect with Adam by emailing him: homes@setyourrent.com.
What's Inside:
\u2014What can you put down as responsibilities for a lease option? It depends.
\u2014Why it\u2019s better to sell a lease option, and how a contract for deed plays into this.
\u2014Going with character over credit makes it a little easier for an entrepreneur to get a home loan, and that\u2019s a niche that Adam leans into.
\u2014How Adam\u2019s finding private money to fund his lease option deals.