misenhour

Ok, got it! I appreciate all the advice, and I ordered the manual.

I understand the mtg payoff + the option fee ... Reasonable market rent would be $1000. The lender will allow anything over what is reasonable rent to be applied as a rent credit. I could probably charge the $1000 rent and give the $100 rent credit , but what do you mean by add the rent credit?

MichaelC, He just wants the payment off his back.

-On the market home is worth $149k -mtg. Payoff, $127k -mtg. Monthly payment $904 piti -heated sq ft.1566 /add'l 1566 add'l sq ft with basement -2 fireplaces, one in basement -hardwood floors in the halls and bedrooms -new cabinets in kitchen All appliances in kitchen stainless steel and he is including the washer and dryer and other odds and ends -LR has vaulted ceilings with nice wood beams exposed -subdivision has lake access, and 3 different parks in walking distance. Issues: -needs a heat pump already quoted $1500 -may need radon remediation $1200 -needs about $500 in floor covering in the DR Seller is highly motivated and broke and can't make any of the above repairs. Considering selling home for the payoff. My issue is, I don't have the money to fix the above listed items. Advice please.

I have not purchased the manual yet, however I have gathered a lot of info from the forums here. I have placed ghost ads and i have had10 t/b respond in 2 days, I have tried to set up a line of communication with them to let them know what I do with no luck. I try to get them to give me ideas on what they are looking for so I can search out motivated sellers, no luck there. Am I doing something out of order or wrong?

In anyone's opinion, are your hands more tied while doing lease options if you are a licensed real estate broker?

Yes sir! I hope it it can help you in your endeavors!

Your welcome Steve. I find that when you offer this to your clients, it can give you some crediability and they see that you really have their interests at heart.

Your welcome... I appreciate all the infomration that you make available for us all.

Hello everyone, I wanted to upload a Credit Repair Ebook that I wrote to give to my clients that would start the process of buying a home with my company, L3homes.com. This is just me doing my part to contribute to this site as I see that I best can. Please feel free to use it if you like. MichaelC, if uploading this is againist forum rules, I apoligize and I want be offended by you taking it down. I enjoy this forum, there are alot of knowledgeable people here. Take care and I wish everyone the best success! HelpwithbadcreditEBOOK2.pdf

Steve, I would appreciate that, getting started I can use all the help I can get.

I live in the Hickory area. I have been in real estate for awhile, I just don't see an issue with full disclosure.

I am a licensed broker and I am interested in doing lease options and wholesaleing. I have contacted the legal department of The NC Real Estate Commission and they deferred me to a local attorney. The attorney is not sure either. As long as everything is disclosed, should there even be an issue? Is anyone licensed and doing these in NC? Thanks for any help. Michael

Lynn, You are correct. My Droid phone has a habit of finishing my words when I am typing. Thank you for catching that.

The real estate agent the that you are working with, should be able to do a CMA (certified marketing anaylsis). They should not do a value on if the downstairs was finished, just as it sits.

You know, I thought the same thing before I became a police officer. Here is why, police officers have an inside scoop on when the hot and now light comes on at krispy cream and we only have a short time to get there. No really, sometimes there is a serious call that you have to go to, but the call is not life threatening at that moment, so you can only run lights and siren on life threatening situations. After reading all the posts, it does seem that everyone is willing to help each other. I hope to help where I can as well.

Hello, I have been reading this forum for a few weeks and decided to sign on. A little about myself, I have been in real estate, mortgages, and insurance for about 15-years. I did own a real estate company until recently, sold out my interest and became a police officer (always wanted to this) now I am interested in doing theset lease options that I have been reading about.