coolstuff41005

Michael, When you did this before, after you fixed the house, did you turn around and sell it, or did you lease option to a tenant? If you did sell it, how did you do the seller's disclosure? Did you sell it under your name, or was it under the person you bought it from. I didn't mind paying the closing cost for this house, I know I can still make a profit, but the seasoning is the problem, it will cut off my profit, that's why I was considering lease purchasing it first.

For right now, I'm leaning towards doing a lease option with the owner, while I fix the house, the sell it right away. I'm also a realtor, when it is time to sell it, I'm not sure how will I do the listing if it is under lease option. I haven't talked to seller yet since Wednesday, so I am really not sure if he is OK with the lease option. Tried to call him yesterday, but didn't get in touch with him.

Here is what's going on: Owner (ex-wife of selling the house) died Ex-husband still on the court record when house was bought, he is selling the property Heirs will be the children ARV = 119K accepted offer 95k House needs to be fixed up a little bit. About 2k to make it look OK, about 5k to make it wonderful (then I can command better price, maybe 130-135k). House was already painted, carpeted, new kitchen countertops and new appliances. Just need tiles and fence (for the 2k project). Contract is already with the title company, I just haven't signed my side yet. I'm holding up, because I talked to my mortgage broker yesterday, he said that if I buy the house, I may not be able to sell until it is seasoned (six months). I didn't like that idea. I wanted to sell right away after I fix it. I won't be able to do a rehab loan on this either. Too thin of a margin. My big question, can I still Lease Purchase this property and rehab the property. Remember, the owner had died. They wanted to get rid of the property as soon as possible. Thank you ahead of time for any comments.

I just put a tenant on for a sandwich lease a couple of months ago. The water started to back up about a week ago, and it turned out that there is a broken pipe outside of the house where the root of tree broke it. The damage is about $3000, and several people already looked at it. All their price range is aroung this ballpark. Who pays for this? I used Michael's contracts. The client don't want to pay for it. Home warranty doesn't cover this either. Thank you for any comments in advance.

Golflover: Invest your money on a Panasonic Fax/Phone. This is what I use. It has answering machine and fax. If you answer the phone and you know that it is a fax, you can always hit the button. The best part, if you are not there (or don't want to answer the phone), when the phone rings, it will either do the answering or receive the fax. It is automatic. If it detects that it is a Fax, the phone will switch into a fax machine right away.

I'm trying to help my parents. I have been trying to do a rent-to-own on their house for the last two months, but most of the people that are interested are asking me if I would do an owner finance. Has anybody done this? Please help. What do I need to do? What kind of contracts do I need? I'll appreciate for any help.

Tony, I have no clue on how to put a property into a trust at all. Can you give a little bit more detail about it?

OK, for the people in Texas, I had my attorney check Michael's Lease with Option agreement. He said that it is solid. So, just use it, and start making some deals. I signed my first Sandwich Lease over the weekend using Michael's contracts from his book. Sorry, I'll give you guys the details about my first deal on another post once I sign a tenant/buyer.

Here is an update. I have talking with the seller, so I have some kind of rapport with him now. He confirmed it that we will be meeting this coming Saturday. I will be purchasing his house subject to and I'm going to use a Sales Contract, Warranty Deed, and Power Of Attorney. Those are the main forms that I will need for the people who wants to know. I haven't talked numbers with him yet. I hope this will be a deal.

Gary and Jonathan, When you said get the deed, did you mean the Warranty Deed? Also, is it possible to negotiate the payments that were behind to the back of loan like Tony said?

Has anybody done anything like this before? I will try to contact my attorney this afternoon and will update the post after I talk to him.

Gary, The house from outside doesn't look that bad. Just need painting. They bought the house last year. I won't be able to see the inside until this weekend. My question is, do I have to wait until the divorce proceedings are finish? Also, he doesn't live there anymore, so by Friday, the house will be empty.

Thanks Kimberly. I'm now thinking about purchasing this via Subject To. I have the fund to give him some cash, and make the mortgage current. Of course I will not give him all his equity, or I wouldn't be doing this business. We are suppose to meet this coming Saturday at the house (wife still at the house until Friday). The divorce proceedings is not finish yet, but he said his wife is abandoning her rights to the house. What kind of proof do I need for this?

thank you for the reply Mr. B, but his main problem right now is that three months that he is behind, and he just recently lost his job. How can I do a lease option, if he is already three months behind?

I just got a call from my ad tonight. Need some advice on a strategy. The couple are divorcing, wife is staying at the house, but about to move out. Husband said there is an equity of about $20000. They are also behind in payments for about three months. What is the best thing to do? Thank you in advance for any advice.