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Everything posted by movinghome

  1. How do you market LO to find qualified tenant buyers? I have my LO property on my website, syndicate to other real estate websites, also doing craigslist. How else do I market the property? Any advice would be greatly appreciated.
  2. Very very good point Michael, never be motivated buyer!
  3. Thanks Michael for the caution. Do you suggest me to wait she has the full payment for the backup taxes before I take over the property? What would you do?
  4. Thanks Steve. She doesn't have enough money to pay the taxes, short 5k. she is waiting for the tax return money and a few more month of savings to pay.
  5. what cause do i put in the contract with the seller to protect myself?
  6. when I place a tenant/buyer and get the option fee upfront. Worst case scenario, the seller doesn't pay the backup taxes, would I put myself into lawsuit jeopardy even if I refund the option fee?
  7. I am working with this motivated seller, a 80 yr old lady. She owns a townhouse and ready to move out by the end of February. It's a good neighborhood and she has kept the house clean for all the years she lived in it. She currently owns $87K and the house worth $120K. She also owns $15K backup taxes. She agrees to let me take over the payment and she will pay $15K of the backup taxes at close. My stagy is to take over the title with subject to for $87K and do a lease to buy with tenant buyer 5% down at $120K. The rental income will cover the mortgage, HOA and insurance. The problem is she can't pay the $15K backup taxes until June, but she would like to have her mortgage covered when she moves out by the end of February. I really don't want to take over the payment unless the backup taxes are paid and title is clear. But if I wait, she said she wants to rent out when she moves out. And it will take very little time to rent out. So I may lose this opportunity. What other options do I have to make the deal work? Sorry for the long post, I tried to explain it as clear as possible. Thank you
  8. Hi everyone, I am doing lease to buy part time as I do work full time. So sometimes, it would be hard for me to show the home to TB during the week, especially if the home is over 30 mins drive. After you pre-qualify the TB (you will have their SSN, employment, etc and pre-screen them), are you comfortable to give out the lockbox code to the TB if the owner is not home? I know I can put an ad in craigslist to hire someone to show home to Tenant-Buyer, but it takes time to trust someone and develop relationship. Just want to hear more ideas.
  9. Yes, Michael, I do agree with you on wholesaling is hard to begin in realty. But what you do with houses needs rehab, owner is late on Payment or taxes? Can you still lease option it?
  10. I spoke with an experienced investor who use to do lease options, but not anymore. They are now in wholesaling. This is what they warn me about lease options: Our experience has been that it takes too long to accumulate wealth and it's difficult for sellers to understand. What do you say about the comments? I do see a lot more ppl are in wholesaling, flipping or land lording when they get into real estate investing rather than lease options. Just want to hear what you guys feel and have to say.
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