zerggross

thanks michael. but back to beginner question again, I understand how Sandwich lease and assignment works. It's all pretty obvious. but i fail to see how a CA contract protect my interest. I mean the option to purchase agreement has option fee in there, and I was not to pay that option fee upfront. so the L/O contract is not valid until somebody pay it. Does that mean the buyer can still sell the house while i was out looking for a T/B?

he wants 10k for initial payment, that's drawing close to 3%. If it's at that i can probably expect 5k for me, but i really don't have a good idea. never mind what he wants, what should be the bottom line for me? any suggestion? I've heard that some people get 3% for option money as a rule, some people try to get 5% depends on the market.

I got this seller who has a house in Toronto downtown area, very good area and a very attractive house (from pictures) the rent price is very reasonable. problem (always there) is he wants a bit down payment. the house is selling at 360k. Can i still do a CA or assignment with this?

hey i need to bump up this topic again. i've ran out of FSBO leads, so i've been calling FRBO. Some people here, surprisingly (or not) do not know what is a Lease with purchase, so i usually say me: "would you consider selling the house to me at the end of the terms?" seller: "sure that's an option." Me: "alrighty...call you back when i figure out what to say next." u get the idea. I am not sure what to do to bring out the sales price issue, when most of them have not seriously considered selling.

sending over a short offer seems like a good idea. and i understand that we are actually looking at sellers, not properties. The reason i want them to sign the paper work on the first meeting is not because i want the procedure to go fast. but because if they get nervous and have a lawyer look at the contracts, most likely they are going to have big objections afterwards, regarding the contract, and regarding the way the deal should be set up. that's what happened to my 2nd seller ------------ again!! It was a pretty good deal until the lawyer stepped in and totally killed it!!!!! his lawyer send me an email with a list of changes that we should make to make the deal work!! OMG SO UPSET!!! :angry: i even feel like sending over an email and tell him how dumb he is for listening to his lawyer but i realized it's my fault lol

this seems to be my journal this weekend i went to see 2 different sellers. the first meeting went horribly. We could not agree on the final purchase price because the seller was sure the home will gain appreciation. And i finally realized that instead of sitting there trying to decide a final price, i should just write an offer sheet and leave them pondering on it. the 2nd meeting was ok, except when i get to the option consideration the seller seems to be confused. Damn my mouth, even though i knew i should not bring it out voluntarily, i forgot about that throughout the conversation. so anyways here is a question it seems that i can not get sellers to sign the paper work during the first meeting. They all want a lawyer to look over the contract before they sign anything. I must be saying something wrong. maybe i should not use the word "contract", and use "agreement". i want to know what is your experience？How do you get to sellers to sign paper work during the first meeting? or is it common to have them look over the paper work first?

haha i actually saw him speaking in public when he came to Toronto. He sounded horrible, that day at least.

Hello singh. that Realtor is wasting your time, break up with her, find another one. one thing we have plenty in Canada, Realtors. unfortunately for Canadian investors, there are no free data available online to compare sales. (i did some good search, but I am hoping someone can prove me wrong on this) This is the one thing that makes conducting business in the United States superior to Canada----INFORMATION. IMO at least. for Ontario though, there is an inefficient way... if you are a property owner or know someone who does, log on to http://www.assessmentontario.com/ there is a ABOUTMYPROPERTY service. log in account and password is mailed to you in your property assessment letter. In there you can check a specific house for past sales price, comparable etc.. It gets expensive depends on what you want to know, so Realtors are a better way to approach things. lol haha i just realized Alberta is not a city in Ontario. oops. oh well see if you have anything similar in your province. or if you really wanna dig it deep, CMHC has a software let you access their property database. I have not called them to inquire about it, do not know how much it cost.

The average home price in Toronto is about 380-390k. so i've always called the ads that has around 400k or less. there are a bunch of 900k or million dollar houses here that i never call. i've heard that some people do L/O with those. How is that possible? it must have different TBers. do you run the same ad "Rent to own?" or maybe run it on a different type of newspaper

actually i've tried that too. (got it from REIclub?) However it didn't as well for me. with FRBO usually how do you guys come to agreement with the sales price? how do you determine that so that the seller is satisfied.

interesting. you have some good experience here. do you mind sharing a bit about your approach? how do you introduce the concept to them? what i've done with FRBO is i ask them if they are ok with leasing for a minimum of 2 years, and if yes then would they consider if i buy it at the end of the leasing period. I have not tried to sell them the idea that i'll be manage the tenants. the response is pretty pretty pretty low also do you pick and choose the ad that you call? you only call "entire house for rent"? or do you just call them all?

Anyone here have good experience with cold calling "for rent" ads? Wendy Patton and Peter Conti both recommended cold calling "For Rent" ads for leads. So there has to be a good system to make that work. Personally, I have found it very inefficient. I have significantly better response in FSBO. Not to mention most of the time the landlord is only renting out a part of the house. However there are a lot of "For Rent" ads. I can always call and not worry about run out of leads. if anyone here do consistently call those ads i would like to hear a bit about that experience. 1. how to introduce the RTO concept 2. what type of rent ads to call meanwhile i will keep on experimenting with it.

thanks for the input. I think a large part of this was my own mistake. I appeared nervous during the meeting, i should had made it clear what my position was, and not let them move the terms around. confidence put people's faith in you and i needed them to look at me as an expert. lesson learned, move on.

oh and i forgot, hi to Rehul in Mississauga who messaged me. (did i get ur name right?) you can send me private msg or email me at zerggross@hotmail.com

I thought i should just briefly repost the message that got deleted. I went to meet with the sellers, who wanted to sell at "179k, 1150$ monthly rent plus 83$ utility". but at the meeting they said that the lawyer want them to charge me interest for that 179k for 2 years because it's a lease to own, so i let them bump up the price to 184k and forget about the interest. they also wanted 3 months deposit plus first month rent(according to their lawyer again) but i told them the max i can give is 2 month plus 1st month rent. and that's how we left it. they were very eager to do the deal, but i think their lawyer is killing this. are most lawyers like that? later they called me again said that the lawyer wanted to re-do the L/O contract that i gave them (MC's contract). in this i agree with doug, it is not acceptable. if they call back later, (after they get the details about the L/O contract from their lawyer) should i go ahead with this deal? another comp is selling at 185k, the rent seems workable, i just don't like the deposit and of course their lawyer.