JCannon

Doug, very good point. How would you suggest that I secure a non-refundable deposit (that goes towards the opt. cons. as well as the purchase price of course) from the T/B? Is goal #1 putting it under contract with the seller then collecting 'some' of the the option consideration from the T/B? Thanks for your help.

I have a seller ready to do a CA who needs to give 30 days notice to his current tenants. Will signed agreements be sufficient for him to pull the trigger on that notice or is it typical for them to need to see some money first? If so, I'm guessing I should have the T/B that is lined up drop down some kind of holding deposit. Is that the way it's typically done? Oh, and happy Memorial Day to you all.

MC, thanks, I will get that done today that way the seller can give his 30 day notice to the current tenants.

I have an owner on a CA that lives out of town but wants to do a CA on a property near me. I also have a T/B ready to go. The property currently has tenants but the owner will give them 30 days notice as soon as the agreements are signed. What is the best way to get the contracts signed? Do I sign them first, mail them to him, have him sign and return to me, or can I do it via fax? If I can do it via fax, how would everyone get an original copy? He's actually going to be in town on the 9th but that means my T/Bs cant' move in until the 9th of July which won't work, as it is my T/Bs "need to move in as soon as possible" Oh the things I deal with for money......

I met with the agent just to see if the deal is workable. I told her I typically work directly with the homeowner and I'm not familiar with how the deal is structured between an agent and an owner. She said once all is said and done, she might make a few hundred bucks from renting this property out. I told her I can pay her a referral fee twice that amount. She's happy to take that and let me take over the deal. The problem is the sellers are out of town owners. Do I fax the agreements or mail them?

Ooops, too much fun last night.

The contracts alone are worth more than the price of the manual.

When a Rental Agent is involved and they have a homeowner that is ready to do a one year L/O, and the agent will let me use my contracts, is the agreement between the agent and the homeowner a completely seperate transaction that I don't need to worry about or do I need to tweak my contracts a little? The agent insists on last months rent and a $500 cleaning deposit. I tried to explain that the T/B is responsible for maintenance etc.. My question is what is the best way to disguise the $500 so the T/B doesn't get scared off by all of the up front money? Do I simply take less option money and cover that fee myself?

I like to call FRBOs, first off talk to them like you are interested in the 'fluff' about the house, i.e. upgrades, windows, carpet etc.... and then say, the house sounds great, would you consider selling the house by the end of the lease? If yes... "We'll the reason I'm asking is I specialize in placing Tenant/Buyers into Rent To Own properties and your property is very typical of what my clients like, from what you are describing about the house, I would love to place one of my clients into your property." There are many "scripts" so to speak, this is an example of what seems to work for me, it may not work for anyone else but for people starting out (like me) your best bet is to make lots of phone calls and see what flows from your personality. Don't be afraid to loose a few deals for the sake of a good education. The way I look at it is once I get good, the deals will begin to flow. For now, I'm just trying to make as many phone calls as possible and deals happen.

AMEN!

I must revive this topic due to what is going on in my market. I am in a new community that is getting to the point where the re-sales are more numerous than the new-builds and the vacant rentals on the market are in the hundreds! Unfortunately most of these are listed . You can't even flick a booger around here without hitting a realtor so how can I use one that I know to give me that huge list so I can contact the owners directly and compensate the realtor?

On a CA, what can I tell a seller that is worried the T/B won't exercise their option? 1.The T/B must give you notice either way and that will give us plenty of time to find another T/B. As a bonus we can increase the purchase price and maybe even the rent rate. Anything else? I don't have the contracts handy at the moment, do they specify how much notice must be given to the seller if the T/B does or doesn't want to ex. their option?

"Thank you for being a friend........"

Ooops...forgot to log in

Rich08, welcome to the naked-cult . sfh? A homeowner selling FSBO has to pay for the marketing, deal with the flow of morons wasting their time as well as their owns' because they want to 'look' at houses but don't even know what they want or what they can afford etc... When selling on a lease option the 'Naked-Investor' way, the owner can sit back, let me do all the work, collect their rent payments and cash out by the end of the lease with no fees, commissions or closing costs. Stick around, there are some people here who really know what's going on.