Russell

I have a motivated seller here in Denver that I can't do a lease option with becase he is upside down. He just wants to walk away and get rid of the property. The only way this is going to happen is with a short sale. I don't know the process, but want to learn. Anyone who wants to walk me through the process will make some money for helping me out. Send me an e-mail if you are a short sale expert and are interested. Russell Russellfugitt@hotmail.com

I have all of Michael's leases. Can I modify one of these to make a master lease? If so can you show me how or point me to one on the web to use.

OK, that makes sense. What is the master lease the Jonathan is talking about? Is that some way to collect a monthly fee without being called a property manager for legal purposes?

This guy in my neighborhood heard that I buy houses. He wants me to buy his. Unfortunately for him, he owes 217500 on a house that I have determined is worth 165000. I told him that I would give him 1200 per month on a lease with a purchase price of 180000. I can lease it for 1400 without a problem. If the neighborhood appreciates at 3% per year for the next 5 years, it will be worth around 190000. I plan to cash flow it for 200 per month, and sell it with a lease-option at the end of the 5 years. I told the guy that he would probably have to come up with some cash when it sells. He doesn't have any cash right now. Does anyone have a better idea about how to help this guy out and make me a profit as well. He doesn't want to do a short sale.

Are there any disadvantages to being licensed when working as an investor? My neighborhood has many houses for sale, all with various realtor signs in the yards. I see them when I go am jogging around my 'hood. Can I just knock on these doors and offer to lease purchase these houses or do I owe the realtor something for the sign being in the yard. I want to be ethical about this, but also don't want to be handing money out of my pocket when starting out. Are these houses off limits?

I was hoping you would say that. That is way easy to do.

I have been using a form of the phone script in the manual when making my phone calls to fsbos. What do you say when e-mailing properies in craigslist? Sorry to be asking all the dumb questions, just trying to make fewer mistakes from the start.

Today I got a call back from a realtor after I called an ad in the paper. The ad did not mention that he was a realtor. He told me about the property and I asked him if the owner was interested in a lease purchase. He said he did not know but that he would ask the owner and call me back. My question is if he calls back and says the owner is interested how could this deal play out? I think the only way would be if the owner wanted to pay the realtor for his services out of his pocket and still be willing to let me lease purchase with no option payment.

Should I be calling on these properties or just the SFRs? Any trouble rent to owning these properties?

Doug, Is anything owed to the realtor that listed these properties in this case?

I just read through my manual yesterday and am ready to start calling fsbo's. Before I start here is my first question. The whole deal doesn't happen in the first phone call, right? I call the ads, get the seller on the phone, learn about the house, and hopefully about them because they want to talk. Then what? Do I immediately ask them about a lease purchase and explain it if they are interested. Do I thank them for the info and promise to call them back (after trying to assess the value of the house and if the asking price is close). Do I ask about the lease purchase and if they are interested start trying to negotiate the final asking price and monthly rent. I did call the first fsbo in my neighborhood -- it said fsbo but also lease option. I got the lady on the phone and she said she did not know much about the house but would get back to me with info, said she was just the "property managment company". Must be an investor right. I marked 25 fsbos in my paper almost all of them also mentioned possible lease option. I am going to call them but I wonder if they are mostly investors as well, or just homeowners who have done some reasearch into selling their property. I hope there weren't too many questions in this post, thanks for your help.