MichaelC 160 Report post Posted June 9, 2006 Oh, and make sure you get something in writing stating no commission is going to be needed for that agent....they may say that, but cover yourself.Good advice, Christine, and worth repeating.She told me she would talk to her husband (the cop) and call me so I can take a look this weekend (and get an option contract hopefully). That is when I plan on talking about market value and all that good stuff to come to a good selling price, or should I do that on the phone before I drive over there and meybe waste my time?Usually, I am steadfast about looking at properties for the sake of it. I find it a colassal waste of time to drive all over the county each time some homeowner suggests thay may be interested. However, (and you knew there was a however, right?), since you are brand new at this it isn't such a bad idea to view some properties. It'll be good experience to meet and speak with homeowners, look at properties and learn values, etc. So if this one isn't too far, you might want to put it on your To-Do list. Share this post Link to post Share on other sites
mobile2k 0 Report post Posted June 12, 2006 What up yall! Been a few days but heres the scoop now... The seller never called me this weekend to look at the property so I called her again yesterday night to see if she's still interested. She told me she has a potential buyer coming to see the house this week but if that falls through then she will contact me. I also asked if her agent friend has showed her a list of comparable sales for the area and she mentioned the house a couple doors down (which I knew about) sold a couple months ago sold for $210,000. She then started giving me a long list of all the work she had done on the house (i must of sat quietly listening for like 10 minutes...) to justify her price of $235,900...Ill put this on the backburner until she calls me. In the meantime I've been looking for other properties and awaiting the Manual. Hopefully I can get something under contract before I go on my much needed vacation to Miami, FL in 3 weeks! Keep in mind I work way too many hours at my current j.o.b. (about 60 a week now, was more in the spring) so i've been trying to juggle everything. Ill keep you posted! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 12, 2006 She then started giving me a long list of all the work she had done on the house (i must of sat quietly listening for like 10 minutes...) to justify her price of $235,900...Hehe. . .don't they all. Best to do as you did, Luigi. Sit and listen. No need to haggle about price at this point. In the meantime, let her potential buyer disappear. That, and some more passing time will bring her back down to Earth. Share this post Link to post Share on other sites
mobile2k 0 Report post Posted June 12, 2006 Listen to this... I just talked to someone who is trying to rent out a house. I asked him if he was interested in a 2 year lease with an option to buy. He said he would lease it out but he didn't know about the option to buy... THEN, he said he wants to either RENT it, or SELL it... I explained to him that that is exactly what I've been talking about... then he kept asking me how I'm planning to make money on this and I told him it was from selling the option to the potential tenant/buyer. So he would get more then the rent he was asking, AND he would profit higher then just selling it outright... HE WAS SOOOOO SKEPTICAL!! I told him its all written on the contracts and the future tenant/buyer would be responsible for all maintanence. He contradicted himself bigtime and his skepticism dictated his behavior... We ended the convo with his "dont call us, well call you" arrogant attitude. oh well, NEXT! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 12, 2006 Heh, I think I talked to a similar jerk yesterday, as a matter of fact! He's been properly placed in my Ignorance is Bliss file. Next. . . Share this post Link to post Share on other sites
mobile2k 0 Report post Posted June 27, 2006 Hello! Guess what? The homeowner that I first posted about on this thread finally called me back with some more down to earth figures. I guess she hasnt been able to sell it so now I'm in the process of doing a CA with her. The problem im running into now is trying to figure out what contracts to fill out and with who. Correct me if im wrong: With the homeowner i fill out the CA Residential Lease Agreement AND the Option To Purchase Agreement? and if so, do I add my option fee to the purchase price on the Option To Purchase Agreement for the homeowner to see? Should I leave the names of tenants blank because I dont have a t/b yet? and should I put a big phat ZERO on the option consideration part because I'll be the one recieving that? *GASP...* THEN When I find the tenant buyer, all I fill out with them is the CA Assignment of Agreements and thats it? (besides a lease app and stuff) Im kind of confused about this Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 27, 2006 Guess what? The homeowner that I first posted about on this thread finally called me back with some more down to earth figures.Hehe. . .time is a great motivator. The problem im running into now is trying to figure out what contracts to fill out and with who. Correct me if im wrong: With the homeowner i fill out the CA Residential Lease Agreement AND the Option To Purchase Agreement?This is correct.and if so, do I add my option fee to the purchase price on the Option To Purchase Agreement for the homeowner to see?You should have reached an agreement with the homeowner on the net price she will receive at closing when the option is exercised. This needs to be perfectly clear in her mind. She will then understand why the price listed on the option agreement is higher: your cut and the rent credits. Should I leave the names of tenants blank because I dont have a t/b yet?Yes.and should I put a big phat ZERO on the option consideration part because I'll be the one recieving that?Actually, you should slip the owner a dollar or five, note the amount on the agreement, and explain to the homeowner it is a requirement to make the deal legally binding. Then, the option money paid by the t/b is noted on the Assignment of Agreements document, leaving what I think is a very clear paper trail of who did what to whom, when, and why. When I find the tenant buyer, all I fill out with them is the CA Assignment of Agreements and thats it?Correct again, Luigi!Im kind of confused about thisActually, you're not. Share this post Link to post Share on other sites
mobile2k 0 Report post Posted June 28, 2006 Awesome, thanks MC! Share this post Link to post Share on other sites
mobile2k 0 Report post Posted July 12, 2006 I know its probably bieng done but how do you guys feel about doing lease purchases on condos and townhomes? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted July 12, 2006 Why not? People buy and sell condos and townhouses just as they do SFR's. The market for them is smaller, but that doesn't mean good deals can't be had. Remember to always check the by-laws of the condo association to be sure they even allow rentals. Some of the CC&R's can be pretty restrictive. Share this post Link to post Share on other sites
