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fanelli19

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About fanelli19

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  1. I am sorry to dig up an old thread here but I have some questions regarding steps 1, 2, and 3 above on the CA method described above: Step 1.) do you spell out the exact terms and price in the option to purchase? Step 2.) do you sign up the lease and the option to purchase agreement with the buyer/lessee with YOUR NAME as the seller/lessor? (if so, I do not understand what permits you to enter into an agreement as a seller/lessor for a property that you do not even own. Is the option to purchase in Step 1 some special agreement that allows this or is it just your standard option to purchase agreement?) Step 3.) so the seller is the assignee, but you still collect the option consideration from the buyer? (I've never heard of an assignment fee being paid to the assignor by someone else other than the assignee?).
  2. Excellent advice, thank you Chris and MC. I have a seller now who is open to doing a lease option. He bought a new house, and is getting married. He has some finishing touches to make on the house now, and house will be ready by the end of next month. I'm going to get some figures from him and find out a little more about his situation. I approached him though as if I were the tenant buyer. So he is asking me questions about when I would need to move, etc. What is the best way to move forward without scaring him off? (Assuming I look at it as either a SLO or a CA).
  3. Okay, I found the document, and I found my manual. Thank you very much MC for your help. Time to study.
  4. Hello, I was wondering if anybody has a sample script that they use when emailing to sellers on Craigs List for a Sandwich Lease Option? I am familiar with the CA script, but do not recall seeing the SLO script in the course or on this forum. It has been a while since I reviewed the manual. I'm trying to get back up and running and this time I want to look for the SLO first or Straight Option before pitching the CA. I have a seller that responded to the first email, and I'm looking for a good response. Before I was only pitching CA. Thanks all!
  5. Yes I understand that every lender is different and it is very difficult to find a lender/underwriter/broker that knows what he/she is talking about. So this is why I was mainly referring to Pilot's reference to FHA lending guidelines. Pilot, is there a specific bank/mortgage company that is allowing a t/b's option money on a CA to be counted towards the FHA's 3.5% down and also allowing rent credits to be used as seller concessions? If this is true then I believe the FHA programs have the same guidelines no matter what lender you use so therefore it would work on any FHA purchase and would really help us talk up the selling points of a CA.
  6. I have a CA going on right now and the hubby works but the wife is a stay at home mom and also a nursing student. Would you still take a lease application from the wife even though she will not be the one getting a mortgage in the future to purchase the home ?
  7. Do lenders really treat the assignment fee as earnest money if it went into the pocket of the CA investor and not to the seller directly? If this is true then this truly is an awesome way to get a deal cashed out for your sellers.
  8. What is the expiration date (#9) on the Short offer Form used for? Is this a time limit that you impose upon the seller to sign the deal and get it back to you? Or is this feature used to allow you enough time to find a T/B to assign the deal to in a CA?
  9. Yeah, this guy is an experienced rehabber/landlord. My website actually is targeted for sellers and not necessarily landlords. So what I can tell him is that I only allow sellers that flexible option and not really landlords. In the meantime, I will change my website. If he turns me down then I will just continue searching for a motivated person to work with.
  10. Is there a way to amend MC's documents to allow the seller to continue to market the property to find their own tenant buyers or tenants while I am working with them as well? I have a deal in the works and the seller/landlord read thru my website. When I created the website I mentioned the fact that I would allow a flexible arrangement with the seller. After having some experience I would prefer not to do this. I guess be careful what you wish for and I am now learning why MC does not do flexible arrangements. However, I would like to know how I can best make MC's documents flexible incase I decide to do business with this person. Any ideas? Thank you guys/gals!!
  11. My theory with this is (and I'm not being harsh towards MC's comments but I've given this some thought) There would be a cost savings benefit to any propery management company if they wouldn't have to answer every single tenant phone call, answer the same questions over and over, and run all over town and show vacant properties to "tire kickers". Eventually a good tenant will come along but how much of their valuable time gets wasted by going to several "no show" appointments every week? Their goal should be to go out there and find new clients. And their new clients are landlords not tenants. And besides, they can save a lot of money on fuel and potential labor costs. Companies are outsourcing everything these days. Why wouldn't they outsource this very mundane task? I do all of the work and then send the one tenant that likes the place to their office for an application. I may have showed the house to 8 people and spoke with 20. But the most interested tenant is handed to them without them lifting a finger. By me doing the "dirty work" they can now focus on growing their clients and their business. Thanks in advance to all who provide their input.
  12. During my craigslist marketing techniques, I met up with an older friend who runs a property management/renovation business. I told him what I was doing with CA's and also mentioned how I would also do a CA with a rent only seller. Anyway he knows that I am unemployed and looking for ideas so he said that he would be looking for someone to set up appointments and show vacant rental units to tenants. He would do all of the background screenings and evaluate any interested tenants. I would just have to take the calls and set up the showings. I negotiated 1/2 of the first month's rent as my fee. Now this might not seem like a lot but I wanted to approach other property mgt co's and real estate co's with this same service. It may fill in the time while I'm pounding the pavement for CA's and also earn some bread for my time. What is the best way to make sure that I am paid from the deal? I thought about entering into a lease agreement with each house with either the owner or the prop mgt company and then assigning the lease over to the winning tenant, but I don't know how much control I would have on something like this. I don't want to approach new clients with a confusing approach to my services, but at the same time what could be done to make sure that they compensate me after I have shown the winning tenant the property?
  13. Sweet!! Thanks MC...it was your answer in a previous post that I found!
  14. Nevermind, I found my answer in a previous post. It is net price to seller on the short offer form that goes on the option price.
  15. When you are meeting with a seller and want to use a short offer form for a CA, what are you putting in as the option price? Is it the net price to them? Or is it the full price that includes the added on dollar figures for the expected option consideration and rent credits? That part confuses me. Thanks.
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