mobile2k

I know its probably bieng done but how do you guys feel about doing lease purchases on condos and townhomes?

Awesome, thanks MC!

Hello! Guess what? The homeowner that I first posted about on this thread finally called me back with some more down to earth figures. I guess she hasnt been able to sell it so now I'm in the process of doing a CA with her. The problem im running into now is trying to figure out what contracts to fill out and with who. Correct me if im wrong: With the homeowner i fill out the CA Residential Lease Agreement AND the Option To Purchase Agreement? and if so, do I add my option fee to the purchase price on the Option To Purchase Agreement for the homeowner to see? Should I leave the names of tenants blank because I dont have a t/b yet? and should I put a big phat ZERO on the option consideration part because I'll be the one recieving that? *GASP...* THEN When I find the tenant buyer, all I fill out with them is the CA Assignment of Agreements and thats it? (besides a lease app and stuff) Im kind of confused about this

Listen to this... I just talked to someone who is trying to rent out a house. I asked him if he was interested in a 2 year lease with an option to buy. He said he would lease it out but he didn't know about the option to buy... THEN, he said he wants to either RENT it, or SELL it... I explained to him that that is exactly what I've been talking about... then he kept asking me how I'm planning to make money on this and I told him it was from selling the option to the potential tenant/buyer. So he would get more then the rent he was asking, AND he would profit higher then just selling it outright... HE WAS SOOOOO SKEPTICAL!! I told him its all written on the contracts and the future tenant/buyer would be responsible for all maintanence. He contradicted himself bigtime and his skepticism dictated his behavior... We ended the convo with his "dont call us, well call you" arrogant attitude. oh well, NEXT!

What up yall! Been a few days but heres the scoop now... The seller never called me this weekend to look at the property so I called her again yesterday night to see if she's still interested. She told me she has a potential buyer coming to see the house this week but if that falls through then she will contact me. I also asked if her agent friend has showed her a list of comparable sales for the area and she mentioned the house a couple doors down (which I knew about) sold a couple months ago sold for $210,000. She then started giving me a long list of all the work she had done on the house (i must of sat quietly listening for like 10 minutes...) to justify her price of $235,900... Ill put this on the backburner until she calls me. In the meantime I've been looking for other properties and awaiting the Manual. Hopefully I can get something under contract before I go on my much needed vacation to Miami, FL in 3 weeks! Keep in mind I work way too many hours at my current j.o.b. (about 60 a week now, was more in the spring) so i've been trying to juggle everything. Ill keep you posted!

I just talked to the seller. I explained all the benefits of a lease option and recommended she not include utilities in the monthly rent. I also told her that I'm concerned that she has it under contract with an agent and that I would not be able to do anything until thats settled. She told me that the agent is one of her husbands cop buddies and does it only part time and that he isnt even looking for a commission, nor does he care if it gets sold any other way. Hmmmmm I told her I have numerous buyer/tenants asking about the property and that I could have a deal for her done very quickly. She told me she would talk to her husband (the cop) and call me so I can take a look this weekend (and get an option contract hopefully). That is when I plan on talking about market value and all that good stuff to come to a good selling price, or should I do that on the phone before I drive over there and meybe waste my time?

G'Mornin! There's a spot on realtor.com to put a propeties address and it will pull up comparable sales, the date it was sold, the the distance from, and the sq. footage. Im using that part to get the estimated value NOT the listing prices, MC Not sure how accurate that is though... I just ordered the manual! Look forward to reading it and getting the contracts that are included.

Thanks for the info, Ji. I will talk to the seller and see what I can do about getting the agent out of the loop. I got this seller off of one of my WE BUY HOUSES ads I ran a couple weeks ago when I was planning on wholesaling but its turning out to be a possible lease option instead. She actually contacted me telling me she was willing to go that route.

the ad they are responding to reads: RENT-TO-OWN Stop throwing money away! Rent to own a beautiful house in a great neighborhood in Sicklerville, NJ. Low money down, will work with any credit. 3BR/1.5BATH Email serious inquiries with contact info.

Her asking price seems too high but I'm going to call her tomarrow and work on that. I'm not sure if its the best way to go but i've been getting my info and running comps from realtor.com. Its on the MLS so i'm assuming that means its under contract with an agent and I'll have to tell her to take it off the market once I get a contract with her? I've had 2 email inquiries so far on my 2 Rent-To-Own ads i put out earlier today. Might as well start lining them up!

Im not sure if i want to do a sandwich lease because I don't know if i still want to be involved with this property a year or 2 from now. Meybe I should to maximize my profit but I still have that "fear of the unknown" mentality at this point and would be happy with just straight option money. As far as asking price, I've yet to negotiate price but her MLS listing shows $234,900. Local rent market to me is currently unknown and I'm unsure of how to get that information other then looking at similar for rent houses in that area... I'm guessing around $1500/month without utilities based on the houses value.

From one newb to another... Good job in diving in! A line I've used to put a skeptical seller "at-ease" is something to the effect of "Mr. Seller, I don't put together deals unless everyone's happy" I used it the other day and it got him interested!

Hello my fellow Naked Investors! Tighten up your loin-cloths 'cause I might have something to share with you. I recieved an email yesterday night which read: hello, My name is Melissa and my husabnd and i are selling a home but are willing to rent it or lease it out. It is a three bedroom, 1.5 baths, fenced in yard, quite safe area with the police depart a block away. Yard is large 100 x 150. here is the sale add.. The yard is well landscaped it may not look like it in the picture below but the grass is in and all the plants are out. we are right off the AC Expressway and it is a straight ride to 295, 76 and all the PA Highways. we are about 12 miles inland from Philly. 3 Bed, 1.5 Bath 1,404 Sq. Ft. 0.34 Acres Location: Winslow Twp, NJ Listing #: 4733651 PRICE: $1900.00 A MONTH AND THAT IS WITH ALL UTIL AND WASHER DRYER AND FRIG ALL BRAND NEW Property Type: Single Detached Style: Colonial Beds: 3 Full Baths: 1 Half Baths: 1 SubDivision: Walden Chase Exterior Features Exterior Features: Fencing Sidewalks Roof: ShingleRoof Exterior: VinylExt Single Family Property, Area: Winslow Twp, Subdivision: Walden Chase, County: Camden County, Approximately 0.34 acre(s), Age: 24 year(s) old, Two story, Central air conditioning, Laundry room. ----end of transmission----- I asked for its complete address and ran comps in the area which showed the house was worth $185k to $210k. There was pictures included and the house looks very nice with a huge yard and everything. As stated above, she is asking $1900 with utilities incuded. I think I'm going to steer her away from including util and have the tenant/buyer be responsible for that in order to bring the monthly price down. Good idea? I know I should move quick to get this under contract ASAP. Shes moving in 90 days into a new house their having built. I need to know what contract to shoot for and any input would be VERY MUCH appreciated!

I was on the Soprano's? Great show! Sucks we have to wait another year for the next "final" season though... Those are some good suggestions for the business cards, Jason. I'm going to have to put something together like that very soon. Thanks again for the warm welcome

I've been looking into getting the manual or even possibly doing the mentoring thing. Im just anxious to get my feet wet and I know I could go and close a deal with a seller if I only knew how the paperwork end of it worked! Thanks for the replies btw, good to know there's people reading and responding unlike alot of other forums I've seen