Setting Up A L/o

[news754 0]

Hi All

 

I'm trying to set up a L/O for my Other house that i'm trying to sell.

 

It is in NY LI In a good school district and a nice area.

 

The house is a colonial 3br 2.5 baths.

 

The House is on the market for $350000.00 .

 

I would ask for 3% down and 2100.00 a month and give $500. rent credit for one year term.

 

Does this sound wright our am I missing something?

 

Please give me your feed back

 

Thanks

Dean

[mpine 0]

Your monthly payment should cover your mortgage payments plus whatever extra monthly cashflow you would like to make. My advice on option payments is don't ask for anything, he who names the price first gets the least. Let them come to you with what they can "afford" to get into such a "nice" house as the one you are offering.

 

If you need your clients approved I would be happy to qualify your Long Island T/Bs for you. I review their credit, provide them with all the tools to fix their credit themselves, and refer them to an excellent credit service that can lift there scores over 100 points if they follow directions.

 

 

If you have any questions or what to chat about financing in Lease Options later, give me a call or email...

 

Have a great weekend,

 

Mike

[news754 0]

Thanks Mike but what do you mean by?

 

My advice on option payments is don't ask for anything, he who names the price first gets the least. Let them come to you with what they can "afford" to get into such a "nice" house as the one you are offering.

 

Please explain alittle more.

 

Thanks

Dean

[mpine 0]

Lets say you set a price of 7k, now that is the most you can get most likely.

 

Now Mr. T/B calls you and shows real interest in the house and you say "Mr. TB, how much option consideration could you give me to said home" and mr T/B says "Well, I could do $9,500"

 

you just made $2,500 more then if you made the first offer.

 

Mike