sconnelly

Hi everyone, Hopefully you can straigten me out. I keep holding myself back from making more offers than I should. My question is, after you have the property information and do some research as to the market value, rent command etc do you just lay out the terms that YOU need to do business with the seller OR do you ask them FIRST to tell you what there asking price is, what there monthly payment would need to be etc? Sometimes I get caught up in trying to approach deals as "I am here to TRY and get you what you want and help you" opposed to here is what I am offering to you Mr. Seller take it or leave it. Voice in my head is reminding me also "first who mentions price losses" but I know in this business if they are motivated enough and their property is a problem for them then it shouldnt be an issue. Make offers and move on. Thanks for any thoughts you have.

Hello Everyone, Been a while since I have posted but did come across a question I have while working with a Homeowner. So I emailed her regarding the property seeing if she would sell the property via a lease purchase. She emailed me back saying "Yes - I would be very interested. I do have a rental agent - but no real estate agent. She can show you the property....We could then work on the purchase part....this is actually just what I want". So my guess is that the rental agent is useless for me and pretty much in the way? I would need to explain what my position/interest is with the property to the homeowner and see if the homeowner will cancel her contract with the rental agent? What is the best way to move forward here? Thanks all!

Below is an email from a seller that I contacted regarding selling on a lease option. This guy seems to understand (maybe) all the benefits of a lease options since he has done "many over the years"But his email suggests that it definatley wouldnt work with his nice house in a nice area. He seems to think it is good for just his rental units. Any suggestions on replying to this guy or is he just NOT motivated. Thought I would share to see your thoughts. Scott, My wife wanted me to answer your e-mail concerning a lease option. With us being full time landlords, we only lease option our rental properties. Our main hse which is for sale, I will not lease option. I have done many over the years, 90% of time people don't exercise. People who lease have bad credit or no $. So forget our hse. Our hse is a nice 10 room in Cranston near the Gladstone School. Were asking $300,000, will hold second of 20%, so new buyers will have to get mortgage of $240,000. Will give the buyers $10,000 after closing as added incentive. So thats the deal

MC- I understand what you are saying. I have been searching for ways to get the deal under contract but when I take a step back I look like a motivated buyer which is NEVER good. I suppose I am just anxious to get a deal under my belt. I will leave an offer with him that makes scense for me and will walk away. I would love to help this owner but cannot do it with the amount of risk involved for me. Thank you for your reply. TSC

The house is appraised at 295k. The Owner is very motivated but needs the cash upfront to move forward. I was hoping to get this from the TB but need to move quickly and cant wait to market the property, screen the TB's then collect option money. I really dont like the idea of fronting him this money upward to 5k not only b/c of risk using my own money but I might have to clean up the property a bit. Nothing major maybe new carpets etc... but my ROI could justify this move. If I give him the 5k get him to agree to a price and term for the house then get moving on the SLO it could work. Rentals in the area are slightly below 2k for house rentals, but I am offering better terms which demand higher rent. I will credit if need be too. Hmmm I will try to ask him to agree to start this deal in 60 days before I start making the payments. This hopefully will work if I give him the 5k to get him current. My concerns: -Not finding a TB -Losing my 5k (+) any renovations I put into it. -Stuck with the monthly payments.

Hi, Any advice here would be extremely helpful. I ran an ad that said I was interested in buying houses in nice areas. Well, a motivated owner replied and is ready to move as quickly as possible. He said he can pack things up in a matter of days if and when the papers are signed. Situation: Build this house in 98'. His fixed rate runs out in Sept. 07'. He is selling b/c he is behind on payments. Mortgage- Owes $275,000 asking for $295,000 (very neg.) $1800 behind one month (Feb) Taxes- Owes $2000 His house is surounded by 80 acres of conservation land. Last appraised at $290,000 but said the house could use some minor fixer ups to enhance the curb appeal. b/c he is behind $3800 already does this not make scense to pursue? Maybe offer my services to help him just sell the house in a CA?