Learning and Burning

I am drawing up the Owner sale agreement and earnest money receipt now with the terms agreed upon. I this what i will have the buyer sign so to secure the deal? And the good faith deposit who does that go to? and like 1k or 5 k for this amount? Buyer is on board and waiting my instructions. I have Pre paid legal service that i am hoping they will review this for me as one of my benefits from them with no cost. Would this be sufficient for what i need done here?

Nice to know about the software sounds like it would do me well on this one. Not sure its in the budget this time. Can i ask the escrow to calculate for me so i am in the know? Also, i am waiting a lawyer to confirm what he will do and cost hoping to get answers today on this part. Who would pay for the lawer service? Now how do i secure the deal with only a verbal agreement from the buyer? When and where does he put the 20 k down? And i get piad out of escrow or do i get mine from buyer as hes buying my agreement? Again this is my maiden voyage on a Pure Option..... Learning and Burning to the finish line

The terms you mentioned are correct. $500 per month is buyers number with out impounds he wanted. Seller agreed and now got to figure out interest rate length and what happens when buyer pays a few thousand between payments? Talked to Title Co does not have an attorney in house or one for a refference. She says these are done normally without an attorney. Says we bring them the earnest sales agreement with all terms agreed uopn and they take it from there. Id feel more comfortable to have an attorney do it. Seller is concerned with extra payments posted and how it changes the amortization time rate etc? as buyer mentioned was his goal. Trying to cross my T,s and dot my I 's to finish this one off. Seller did not want to go to a realtor so this one means a lot for me to get it DONE.

Hello Again Got this Pure option and an accepted offer. Deal is Seller has agreed to an owner carry. Asking 75k offer was for 80k. 20k down of which i get 5 seller gets the 15 and will carry the balance of 60k. Got through this part and now what happens? Buyer wants to keep pyments @ 500 per month not including insurance and taxes. Also, plans to put more towards balance as he gets more money.Hw would this effect the amortization schedule? I am not sure where to take tis now and need to learn as seller is counting on me to get tis to the finish line.... Learning and burning

Its what id like to pursue seeings seller and i have a history and shes's open to me getting it sold for her. Say i wanted to draw this up and get refinanced in 6 months to a year? How would i go about drawing this up? A purchase agreement then file with courts? Uncharterd territory here now so a play by play scenario would help.

Hello, Again i got a question and this is the place for answers. I am considering buying a slo iv had for the last four years and asking the seller to owner carry. T/b passed away in Dec so sudden and out of the blue certainly a first for me, And so brings us to this and seller not wanting to deal with it any more. She is in her 70's and out of the area, I'd Like to take it off her plate with owner carry seeing she doesnt NEED the money i could get in with no $ down and she could get it off her plate. I'd like to refinance it if this possible. So wondering if this could work and if so what are the benefits of doing it this way ? Or another way to make this happen?

My brothers neighbor is moving out of state. He mentions to her what i do. I talk with her briefly and she's not sure she wants to sell at this time. Not sure how if she will like Geogia from California. Hmmmmmm. She asked if i could manage it for her? So would and could you manage a property like such? I'd like to get her to commit to a lease option so to get the property on the books. Or any suggestions? Looking to meet with her tomorrow. Thanks Again

Still work to do on this one to confirm its a keeper.This would be my first keeper if it works out. I do not have a lender but will start looking as this one clears up. Now this would be a plan B for this if tenant does not buy. And so the other part of my question is play this one out if tenant does not buy and plan B falls out? How would i go about giving property back and what happens to tenants? Do i have to get them out for me to close out so to speak?

FMV today and original price there is equity there and cash flow. This has penciled out and from what i can see it will continue to. Seeings all units are in good standing with good tenants. This would be my first in tryig to purchase in my own, as an investment property. A question is if i do proceed with such would i be best served financing through the LLC? Because id like to buld up the llc to do more of these down the road. Or do i try and do it with just my qualifycations as an investor cause this business is my only real income source. Learning and burning

Iv had this property for coming on four years that has penciled out for income and is coming due. Its two attached tax lots with two dwellings on one and one on the other. Been renting two of the units and one being leased with option to buy. Not sure that t/b will be exercising the option due Feburay 2016. Now if t/b does not how does this play out? Seller says she will not extend the agreement so do i assign back to her? If so how do i do that? Trying to keep the horse in front of the cart. Because of the income i would consider a loan for the property in case t/b does not buy. So is this something a guy would consider and would you do it under the LLC or not? Would you do it al all? Learning and burning.....

I got this SLO that i got a tenant/buyer for three months ago. They paid option monies and three months rents, but never moved in for whatever reason. Now they give me the house back and say they can not afford it. I have a two year agreement with them. So do i go after them to complete the lease term or do i market for a new t/b? I'v already started marketing. My real question is based on my agreement with the seller i can back out of the deal with 30 day notice and one months rents per line # 21. I'd consider giving it back because the rents the market will bear have gone down in the 6 months that i'v had the house and now no room for me to make money and value had dropped as well. So to give back to seller ill give it in writing that i plan to give back the house. unless i can fill it before then of course and all are happy. can i rescind the 30 day notice once i'v given it? Yeah the numbers have changed a lot form 6 months ago. My goal is to get seller to participate in the payment as to keep it marketable. Another quandry....

Good i will do just that. Thanx

So i now got an LLC to keep things going, and not sure what next? Do i sign agreements with some reference to the LLC? How do i put agreements i have already into the LLC? Do i get a cpa ? If so am i looking for a specific one or are they all capable? I'm working to have my ducks lined up for my business to grow and grow as my fulltime job/career/business. Thanks again for all the advice. Mike

Hello All, Wondering the best way to extend a lease with option to buy agreement with seller. Original tenants of two years moved out all good. One year left on our original agreement and seller has agreed to extend another three years. So do i draw up a new agreement and some how get credits from monies paid, or draw up something just extending original terms? Only change is three ore years added to the term. Mike

Hmmmm.... So with this i would go on title and be able to refinance and taxes etc would come to me? In essence id be buying the house from him and all would be filed as such.? Then when my t/b exercised there option i would have to sign off? Is this only possible if owned free and clear? How would this be done as far as paperwork? Would i need another party involved? I have been presented with this in the past and now i feel like i'v left money on the table... No Bueno.... I'm soaking this stuff up and again want to say. Thanks for the help.

He does not need or want big up front money. He has agreed to a lease option with first months rents down. He is flexible owns all outright and is a single man who want to travel and not have the house hold him hostage. Because all i am familiar with is the lease option i push for such. But if the owner carry scenario is more beneficial and gives me more flexibility i would consider going this route. I want to learn more about him carrying as to add to my tool bag for closing these deals. Sale price $190,000 Lease option agreement @ $1300.00 with $300.00 rent credit and a balloon in 5 years is the deal. I feel the market will support these numbers for a lease with option. With the owner carry scenario and an agreed upon interest rate could i get better terms and still give him security?

I met with a homeowner the other day and when i asked him how long he'd consider the term for, i asked for 5 years and he said sure. Also, said he would carry the paper for a percentage. So now the question, is one better then the other? If given the option which would you do? and of course why? Flexible seller own's free and clear would also lease/sell fully furnished.

I get the keep them separate thing for sure. Good advise, this one didn't pan out anyway. Owner can't see the light and is going to rent out the house. Next......

Value together would be about the value of the house by itself. Payments i'm working for the house would cover both payments is why i was trying to do together. Not needing the bike but seeings she asked i thought i'd try and see if there was a way to put it in the deal. A loan for the bike i do not want to do but as a package deal i am open to cause the house would pay them both. My goal is to secure the house and if the bike works out then happy happy if not happy happy. So can i do it the way i'm thinking, if so how would i draw it up? Thanks

The value is there for both house and bike. How would i write this up, say the lease with option to buy adding the bike with an addendum or?

I got a seller with a house she needs to get out from under due to circumstances, she can not afford the house. On top of the house she has a motorcycle that she can not afford. Have you ever done a deal where there was other assets included? My thought for the house was a l/o. She mentioned if there was a way to including the motorcycle, but have never done such so i figured you all would let me know. Of course the numbers have to jive but can it be done? Thanks Again

As of this month balance is $98,000 my estimated value is $105 give or take, for todays market. in 36 to 60 months there will not be much movement for a big gain. So time is the Money factor for this one as i see it. So in the Lease with option to purchase agreement line 13 c i will put pay off balance at time of closing seeing that is all the seller is asking for? Also in line 19 b escrow as follows, what do i put in this spot? Not sure what to put there.

My first thoughts are a lease option and thats what i was working. So yes the scenario first. I come across sellers that want only to get the house off there plate payments and balance so to speak. Balances with little room for sale today price, but with time im banking will turn more in my favor. No activity with realtors for sale or rent and out of town owners. Now with the details how would you look at this deal and where would you go with it? I am looking at these with lease option eyes and would like to hear how you all would see such a scenario? Learning and burning.

I have come across a seller that just wants what he owe's for the house and the payments to be covered, I will meet with him tomorrow and so need to know what numbers to put into the agreement. He owe's $132.000 and payments of $1100,00 per month. That is all he wants and looking at a three year agreement. I am not sure how it plays out if i put the balance as the purchase price? But not sure there is another way? Thanks Again,

I was not able to meet as planned but i am ok with it to give me more time. So the main parcel and it being a rental not sure that i can make this work. I would draw up a rental agreement with permission to sublease the available units? So i would then find renters and be a lannnnd looord..Not what i want to do and so again not sure i can make this one work. I am thinking to suggest me helping them find tenants and since they live there they then can land lord. With my advise and suggestions on a per incident basis to help them through the move ins and move outs. Because i do not have a R.E license could i do it this way? I'd like to help here but not at my expense, have to as always cover my arse. Thank again.