MichaelC 160 Report post Posted April 29, 2006 Christine, One thing I never understood was the timeline. When you say you need 45-60 days to find a t/b what exactly does that mean? I mean what if you find a t/b in 30 days, but the t/b doesn't want to take possession for another 30 days, that's 60 days, so is your contract still ok? Is it 45-60 days to get a t/b to sign, or 45-60 days to get a t/b to take possession (ie. start making monthly payments)? Or for the extreme example, what if you find a t/b on day 59, they have a down payment but don't want to take possession until another 30 (or even 60) days. Now were are at 60+30=90 days? Would this still work? Could you please clarify this? Thanks, RobI'm not Christine, (although I'm often told I have nice legs), but I'll take a shot at answering, Rob.Assuming the time frame doesn't match exactly what you have agreed to with the homeowner, it is usually not an issue when working a CA. For example, as I write this it is the very end of April. If I did a CA today I would have a lease start date of, at soonest, June 1. I begin my marketing and along comes a t/b who is agreeable with everything except that he can't break his current lease and so wants to start on June 15th. I go back to the homeowner and explain. Do you really think they are going to tell me to take a hike? They might, but that is highly unlikely. What is their alternative? Begin the process all over again with the hopes they find someone who will take immediate possession? Clearly, what I have to offer is their best choice. Most homeowners realize this and will work with you on this. Share this post Link to post Share on other sites
rpoissa 0 Report post Posted April 29, 2006 Great, thanks M.C., that makes sense. I still haven't done a full fledged CA, I've only ever worked with a realtor co-operatively. Hopefully my first one is in the near future. Share this post Link to post Share on other sites
CS1977 0 Report post Posted May 22, 2006 VENTING. If I hear another moron seller say "So, do you have someone who would want to lease purchase my house? No? Ok, well give me a call when you find someone." MORONS! Do friggin REALTORS have a buyer at the ready when you contract them??! NO, they go find you one! And I can market your house 10x more aggressively and find someone 10x faster than some worthless agent anyway. But you wouldn't KNOW that because you don't even give me a chance! I have no deals going right now and I am irritable. My JOB is a pointless waste of time and my boss is a biyatch. More than ever I am counting on real estate to get me the hell out of employee world and I need consistency in my deals. I am marketing and getting nothing. And it makes me depressed and worried that this is not going to "work" for me. How do people quit their job and do this consistently every month? I just don't understand all these full time people I run across. (MC, this does not include you buddy.) God, get me out of this stupid job!!!!!!!!!!!! VENT OVER. Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted May 23, 2006 Christine,Then get the buyer first. People are getting more demanding. Make what's against you for you.Works every time!AdamPS Love the rants.. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted May 23, 2006 If I hear another moron seller say "So, do you have someone who would want to lease purchase my house? No? Ok, well give me a call when you find someone."Say "YES" that you have tenant/buyers contacting you all the time. The problem is..."you have more tenant/buyers than you do properties to offer them." MCLet the seller know you have a list of tenant/buyers that you contact when you have properties come available. Let the seller know that finding tenant/buyers is easy and you can place a t/b within 60 days. The hard part is keeping an inventory of houses because they move so quickly. True No? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 23, 2006 Yes, and yes again, to what Adam and Steve wrote. And be sure to tell the homeowners who tell you this that you cannot operate legally without an Agreement signed. Then, move on. Homeowners who are seriously considering your services are not adversarial. Curious, yes. Bitchy and demanding, no. And like Adam said, love the rants. It means you're mixing it up. The deals will fall. Share this post Link to post Share on other sites
puls1234 0 Report post Posted May 24, 2006 I sometimes even will do a pure option for a homeowner without no contract at all. When I find the buyer the owner then signs Michaels 2 page form. I figure all it costs me is a sign in the yard. and ad on craigslist. an ad in the daily paper and an ad in the weekly paper. If I don't find anyone then so what.... not out hardly any money and I put myself in the position to collect thousands. Pete Share this post Link to post Share on other sites
CS1977 0 Report post Posted May 24, 2006 What is the main difference between a wholesale and a pure option? I sometimes even will do a pure option for a homeowner without no contract at all. When I find the buyer the owner then signs Michaels 2 page form. I figure all it costs me is a sign in the yard. and ad on craigslist. an ad in the daily paper and an ad in the weekly paper. If I don't find anyone then so what.... not out hardly any money and I put myself in the position to collect thousands. Pete Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 26, 2006 Christine, as you know, a Pure Option is simply an agreement between you and a homeowner. This Agreement allows you to purchase the property for an agreed to price within an agreed to period of time. You have the option to purchase, whereas the homeowner is obligated to sell if you elect to exercise that option. If you choose not to, the option simply expires.A wholesale purchase implies you are buying at a substantial discount to the going retail price. Share this post Link to post Share on other sites
Grf1974 0 Report post Posted June 3, 2006 Congrats Christina and thanks so much for creating this thread. I'm just getting started elarning about CA's but I've learned a lot from reading threads like yours. It's a great motivation tool for us other newbs as well. To see the scan of the check is a real kicker too Can't wait to have one in my name ONe thing I haven't figured out yet is what kind of agreement you make with the homeowner to get the property locked up for the 45-60 days. Doing flips we just use a standard Purchase Agreement. Anywho congrats, and DON'T GIVE UP! You've got 2 under your belt alreay, that's more than a lot of people here! You now have the money to market better/more, the understanding of how the deals work from beginning to end, and most of all the confidence of knowing you've done it! So keep it up and keep us posted. God Bless, Gerald Share this post Link to post Share on other sites
mobile2k 0 Report post Posted June 7, 2006 Awesome thread!!I've read it start to finish just soaking in the information as well as getting myself motivated. I haven't done any deals yet although i've talked to many homeowners. My first idea was to try and wholesale properties to rehabbers but i find that the home owners have a hard time parting with their homes (as bad a shape that it is) at 35% under market value minus the estimated repair value. I don't blame them, I wouldn't do it either! Which leads me to believe that going the lease option route is more sensible to a home owner as they would make alot more money off the property. I'm good with talking to people AND i'm decent with presenting offers. Bieng a newby, I am confused and/or have no idea about the following: 1. where to get a good option/lease contract2. how to fill it out with all the right disclosures, addendums, yadda-yadda...3. what to put on business cards to make it look professional and not the typical We Buy Houses thing that steers homeowners away I know that if I had all that just last weekend i could of closed a deal with a homeowner in Voorhees, NJ just last weekend as he was fixing up his house with a for rent sign on his lawn and I approached him. I got him somewhat interested with the idea of a rent to own lease option but I told him i would get back to him after "i speak with my partners"... lol in other words I froze up due to the lack of the above 3 things I listed. I know i should of probably put this on a seperate thread but after reading this one, it got me motivated to ask here. Any help would be appreciated! Share this post Link to post Share on other sites
Grf1974 0 Report post Posted June 7, 2006 Congrats on getting involved...by another newby I'd suggest getting the manual would be the best thing you could do. I hope mine will arrive today I would be sure that the contracts are somewhat speeled out in it. Plus once you arder the book you can get the contracts and look over them, then you'll have a better idea of how to fill them out as well. Best of luck, Gerald Share this post Link to post Share on other sites
CS1977 0 Report post Posted June 7, 2006 Hi Luigi, Glad the thread is helping you! I am 15 min. from Voorhees myself! Share this post Link to post Share on other sites
luvnaz 0 Report post Posted June 7, 2006 Another newbie here and enjoying this thread and many others. I have been bird dogging for a few months for a couple of guys, but they haven't closed on any of the homes I've found for them...so that is discouraging and I want to try something on my own. Christine, you are very inspiring! What should I do first? Should I order the manual? Does it give me an outline or step-by step approach to doing lease option or CA deals like you are doing? Will it tell me where to find people that might be interested in a LOP or CA as well as where to find tenant buyers? I need a little hand holding at first!! Once I get going on something though I go full speed ahead! So a bit of instruction and the necessary forms and anything else would be so helpful to get me started. I also enjoyed reading BEV! 's posts and all about her sucess! Where is she now does any one know? She doesn't post here any more. I admire her and you also Christine and would love to copy what you all are doing. Thanks for all the info and help so far!!! Share this post Link to post Share on other sites
mobile2k 0 Report post Posted June 7, 2006 I've been looking into getting the manual or even possibly doing the mentoring thing. Im just anxious to get my feet wet and I know I could go and close a deal with a seller if I only knew how the paperwork end of it worked! Thanks for the replies btw, good to know there's people reading and responding unlike alot of other forums I've seen Share this post Link to post Share on other sites
