levmills

I am meeting Sellers open to a Lease Option. Is it best to have the Seller sign the option agreement first before finding the TBs? On the form it mentions the option consideration and I don't know what it is until I secure the Tenant Buyer. How do I fill out the form to secure my position and bring in the Tenant Buyer? Thanks, Lev

Ok. Thats what I thought. The most expensive lease purchase in our system is $4.7 Million. Imagine the option money on that.

I will play with it and see what I find. There may be some listing agents that may have completed one that can give me the 411.

Has anyone here done any deals.... say over $500,000? I imagine the rules still apply. What was the time frame for getting the deal done?

Thanks guys. I just closed on a lease purchase and I was the Selling agent. The Owner made out with the bulk of the option consideration, which is understandable. I do get a cut on the back end. But my front end money was just a few hundred bucks. I was wondering if I came in as an LLC and not an agent, if I could have gotten more on the front end. (co-op maybe). The listing agent was pretty negotiable and everyone acted like they were new at this. just a thought hhmmmmmm

Hey MC.. Banks may be changing their minds... just a tad. I have actually seen homes listed as a short sale and a lease purchase in the MLS. When I spoke to the listing agent, they said that the lease purchase terms were pending bank approval. Now, I've never done one, but I think there are some possibilities. The best thing is to search for properties listed under both categories (as they are here in GA). Bank REOs as lease purchase are out of the question, no way. Asset mgrs will not do a lease purchase on an REO. hope this helps.

Hi Eric, As an Investor, you are free to market to MLS listings. I wouldn't worry about an Agent swiping your marketing. They are looking for ideas to improve their business. They are not trying to take away from your business. We have a system called listingbook in our area where we can allow potential clients to look up any active properties in our mls and its free. But get this, you can also look up expireds and withdrawn properties in the system. There's another market to send postcards to. Just an idea. Find out who are the highest producing agents in your area and get some of their marketing. Swipe some ideas from them.

Hi Chris, If you have a T/B, do you use Realtors for co-op or sandwich lease purchase? Do you find it difficult working with them rather than working directly with the owner?

Lev It's a head scratcher for me too. I was an investor before I got my license. (Investing the old fashion way ) There are a ton of agents that have been in business way longer than I have that come to me for advice. They don't know how to work with their investor clients and it confuses me. How can you be in business for 20 years and not know how to work with investors?.... or.... never invest in real estate? It's a major case of not seeing the trees for the forest. List and sell is so hard wired into their brains, they would rather jump out of the business than switch gears and become an investor. It's mind boggling.

As a Realtor, they tell us to focus more on listings than buyers (80/20). I find it interesting that the same rules apply here. It makes sense. I'm looking forward to my first deal here.

Hi Erik, If the Agent is bringing you deals then they will probably be flexible on the commission which is good. In this market, Agents are willing to take commissions any way they can. I work with a lot of investors and I'm willing to make it work for everyone. I'm going to throw this out there. You might want to consider getting a real estate license. Most Agents don't know how to be real estate investors. But an investor with a license can be a great thing! Just an idea. Lev

Hi everyone, My name is Lev and I'm new here. I'm a broker in GA looking to do some lease purchase deals on the investor side. I'm looking forward to meeting and sharing ideas with all of you. As a realtor, I market other lease purchase listings and have a lot of tenant buyers, now I'm shopping for the houses. From your experience, has it been better getting the seller first or the buyer first? Some of these t/b's want a lot for a little and its a bit difficult finding exactly what they are looking for. But I'm also thinking that having the t/b in hand will give me leverage when approaching a seller. what are your thoughts? Lev

I am a real estate broker / agent. You are probably getting more request from agents than you think. I'm surprised she presented herself as herself and not behind a fake name and email. We fish for ads and have swipe files of marketing ideas from others. If she does a lot of marketing now, she probably fishing. Also keep in mind, a Realtor with a lot of ads isn't always a big fish. The bulk of our business should come from referrals. If shes spending a ton on advertising, the she has a lot of money going out than coming in. Lev