Mr Saint

MichaelC, Yea, I'm not thrilled about this one either. Actually, it's been a few weeks since I spoke with her originally. I may give her a call back and see if anything has changed. I might as well leave my number with her and she can call me back when the foreclosure is looming...

I have the e-fax as well. I like it so far; pdf files sent directly to me email. It is an out of state number and I obviously can't send on that number, but no one seems to mind.

She owes about $165,000 and I think it would sell right now for about $150,000. Her payments total approx $1,500/mo which is about $400-$500 above market rent for the area. That's all I know, would have to dig some more to see if there is anything else. I don't think there is, just the first and second. Like I said, she's not even behind yet, she just know's she will be in the near future. Oh yea, she has already entertained the thought of just letting it go to foreclosure.

Someone with more experience than I (any that is) with Short Sales please feel free to enlighten me. I've recently spoke with a woman (called on one of my CAs) who has lost a job and is seriously facing foreclosure. I don't believe she is behind on her payments yet but she said she has just run out of her savings and will be falling behind shortly. I had considered doing a CA or SLO, but her payments are considerably higher than any rent payment would bring. She also was involved in some sort of loan fraud and got a second mortgage for way more than the house is worth. Here's the question: I'm thinking the only way to make this one work would be to contact the banks and ask them for some sort of discount and then go ahead and flip the property. Why, however, would a bank discount the mortgage when they could foreclose and recoupe most of their money?? Ok, what am I missing here?

Coolstuff41005, Other than the fact that the house is actually yours at signing, I would think that a LO would be more beneficial to the buyer than an owner finance. What kind of terms are you offering on the Rent to Own?

I use Kwiktickets

Hey, could you send some of that my way? It's colder here in Atlanta than it is back home in Vermont What gives? That's ok, I'm just looking forward to the guy this year that burns his house down with the Turkey Fryer

Thanks Michael, same to you. Happy Thanksgiving Everyone!

Graig, If you are offering a 50% rent credit, then 50% of each monthly rent would be applied to the purchase price...I think you've got that part. The option money, however, is applied in full (100%) toward the purchase price.

I do it all the time. It makes it easier at the table to just right up any additions or changes right there on the spot.

Adam, do you speak from experience here??

Alan, Do a search on member Adam King (MI) He's had a lot to say (good stuff) in regards to working with realtors and how to get them involved in your business and getting you a payday.

Brian, Let me just reiterate what Alan said. Open communication with the seller is key is 'slow' periods. If there is a lull in your area during the holiday season, than most sellers with houses on the market will understand that as well. Like Alan said, just be upfront and give yourself more time to market...the motivated seller typically won't baulk at that. Good luck,

Doug, As what Kimberly said, I try to stay as close to market rent as possible, if not than just slightly higher. There is so much competition in my area that I need to be as competitive as possible. That's not to say that a LO doesn't have value built in and with a hefty credit we can't get a better monthly rent. The last CA I did, I think real market rent for the house was about $900 and we got $1050 for it. We were also giving a $315 rent credit as well, but I'm not going to up the rent by $300 or $400 just because I can...it would have taken a lot longer than it did (2 months) to fill. I may push the market a little, but I'm not going to be the most expensive guy on the block either. But that's just the way I do it, others may be able to accomplish thing differently.

Walter, Here's where I usually go to find market rent...because that's what you need to go by; what the market rent is for that type property. People aren't going to pay 1500/mo for your house when they can go down the street and pay 800 for the same thing...no matter if is a lease purchase. The first thing I do is go online. I hit the major ad sites that feature houses for rent in the area. Then I call some management companies and tell them I have a house that I'm thinking of renting out; after a few questions, they can usually give me a general idea of the market rent for that area. Hope that helps,

Hey Adam, Not a bad idea...get paid on both ends...I like that.

....man, and I just did my laundry yesterday...

Were you the principal in the deal? If you were not be careful..... <{POST_SNAPBACK}> Hey Tony, Yea, all the paperwork would have been done through me (if I located a TB), in which I am the principal. Good point.

48 month sandwich House worth $160K my option price $149K 36 month lease with T/B Have pocketed $7000 so far first year Will total about $9400 after third year...or more if he continues to be late on rent...$350 worth of rent credits forfeited each month late...so far I'm up $1050...

Is this supposed to be some sort of Batman joke??

Like MC mentioned, I did my LLC online through my states website...very simple and inexpensive. I think I paid $75.

Rich, In my experience, a good way to get in the door with a realtor is already have a T/B or two in your back pocket that may be interested in their listing. A possible sale in the near future (no matter what the terms) looks a lot better to them then all kinds of fancy creative deal stuff. I had a condo in a neighborhood with a lot of other units for sale. When mine went, I contacted the realtor of another and said I had a lot of people interested in doing a L/O in that very neighborhood. At that point, it was just a matter of getting a document signed that said if I find a T/B, I will get paid XXX amount. Good luck,

Sorry, I'm a little slow

Naomi, I know its a little late, but congrats on the little girl!! My wife and I had our first what seems like just yesterday...but today is her nine month birthday. She's getting ready to walk and I think I clearly heard "Dada" from her today. Too much fun! Best to you,