What forms are needed for Sub2?

[Akinwale 0]

Not taken the wrong way. I know that I will get this when I start off and cannot be offended by anything that is said. This is a way for me to better understand things before I go full-fledge and get some mentoring.

 

I pretty much would rather do lease option purchases and/or CA/wholesale deals... but have read so many different things I guess I did get a bit confused.

 

Ok then! For a sandwich lease what would be the forms needed? A

 

And then what would be the forms needed for a cooperative assignment?

 

As well as a wholesale deal..but I think you answered that ? already..(Option to Purchase and Assignment Form)

 

I hope this isnt asking for too much....

 

I think I understand that a cooperative assignment is when you find a tenant/buyer that is willing to lease option for the seller and then assign it over to the seller. The seller doesn't want you in the middle and feels that they can handle the lease agreement with the tenant/buyer by themselves. So I pretty much would be a consultant that finds the seller a qualified leasee. RIGHT?

 

A sandwich lease keeps you in the middle. Find a motivated seller, present your terms (i.e. 24mos term, $100K purchase price, $800 monthly rent, 25% rent credit, maybe an option deposit). After getting the propterty under contract, you find a tenant buyer that would like to "rent-to-own"....You present your terms to them:(i.e. 12mos term, $115K purchase price, $1000 monthly rent, 25% rent credit, $4K option deposit). Am I on the right track?

 

Thanks again. I will read up in the Lease Purchase forum...and post any questions there.

[Mr.B 0]

Basically with Michaels Contracts the difference really is to whom the terms favor.

 

In a Cooperative Assignment, the contract language favors the Home Owner. These include a Lease, an Option to Buy and a separate Assignment Contract that assigns both the lease and the option to the tenant buyer that you have found.

 

In a Sandwich Lease Option, the contract language favors you. The contracts are a Lease and Option to buy.

 

I would HIGHLY recommend spending the money for his course. Not only will your recieve invalueable information to help you get started, you will get all the necessary contracts that he has painstakenly went over to make sure your protected as well as possible. With the money you will save buying this course over the majority of the others out there you can easly afford to have a Real Estate Lawyer look them over to make sure they are compliant with your state guide lines.

 

The best reason to get involved is all the free help and encouragement that you can get here on these boards.

 

Good Luck

 

~Mr.B

[-Tony- 0]

Not taken the wrong way. I know that I will get this when I start off and cannot be offended by anything that is said.

Good cause it wasn't 12 month studying it was 12 month before my first deal. I too flip flopped sub2 to l/o.

 

Mr. B is right save time and effort spend the $97 to get the manual. read the manual start the next day period. but, don't expect a get rich quick thing. just plug away at it and you will get there I'm doing it and I am lazy....but I have a full time job...

[MichaelC 160]

Akin, the replies you're receiving are from your fellow members are from the heart and from their experiences. You seem to be scattered a bit right now. Not unusual for a newbie, but something you should avoid. That's the old Paralysis of Analysis syndrome.

Focus on one area for now. Then, after gaining some experience and some profits in that chosen niche, you can always expand to others. And, at this point, it seems to me that concerning yourself with which contracts to use is putting the cart before the horse. Don't get me wrong. Contract concerns are legitimate. It just seems they don't warrant your time right now. Today, your time should be spent on choosing your niche you want to learn, begin to study it, then put that new found knowledge to work and begin speaking with homeowners. Beyond that, nothing else matters at this time.