royemunson

Thanks, I do need to get better at explaining the situation. Anyhow, yes we built great rapport. They owe 86K on a house they bought 2 years ago, so that sounds pretty accurate from our research. They pay 800 bucks a month PITI. - fixed rate. It is in a good neighborhood, however the school district may be an issue (it would be for me if the t/b had kids) - no kids no big deal. Everything is current, many updates to house, just couldn't sell due to market conditions. The spread may be a bit thin on the backend but I may be able to get a long enough term. I am thinking a Sandwich L/O b/c it sounds like they want to walk away and just ensure their payments are made on time. I briefly mentioned them staying in the loop and me just finding a tenant/buyer but haven't gone into detail on that b/c they sounded confused. Joe

MC Thanks for the thoughts. Yes, I have prequalified them. They are ready to do a lease option. We have talked terms of 3 years. They want what is owed on the house and just want out. So far our concerns are the ability to get enough to pay the mortgage and make some money. It is in a good area, near a military base, etc... They have moved to another city about an hour or so away, they had it listed with no luck, they have considered doing a rent to own themselves but don't necessariy want the hassle and would rather have someone else handle it, they have no problems with this type of scenerio. They're focus is to just get out without losing anymore sleep. I spent some time going through questions, etc.. over the phone and they filled out my website form, so I have qualified them more than once. So that is where we are in terms of how to proceed. I appreciate the feedback and understand that if I am chasing people just curious, I'll be chasing deals that aren't there. JOe

Hi all, Okay so all the reading and reading, I got off the couch and got a lead that may be prosperous? Question is when you go out to the sellers what forms do I need to take? Do you close right there or how does that work? Also how do I research rents in the area other than knocking on doors? Do I look up rentals in that area for rent currently to get an idea? Sorry for maybe dumb questions but it is much different when you actually do it. Thanks Joe

Heck, no! Unless I'm out of touch, ( I am, according to my 18 year old daughter), I have not seen this "trend" taking root in my area. That's a part of their job, like it or not. Just like we, as investors, need to qualify homeowners and tenants, the Agent needs to do the same with any prospective buyer. But charge me a buck to look at a house? Realtors are a dime a dozen. I'll employ another one, thank you. That's what I thought. You know I thought that was part of their job and why they were paid commission and why they got into the biz. You know these aren't for l/o deals necessarily but i was just asking other real estate investors. He has said a few things that has had me question him even though he invests himself. its not a problem finding another realtor if i need one but just thought i'd ask Joe

I agree. I told him that anyones time is valuable, but spending hours to look at deals that may or may not pan out is a waste of money to me. He is pretty successful but I did his tax return last year and he's no 6 figure earner even if he cheated a lot

Okay, Realtors or anyone please help me on this one. Do most charge a fee to go out and look at houses? I have never heard this before and its been a while since we've used a realtor to buy houses but that is what my realtor mentioned non-chilantly (excuse the spelling). We not only do lease options, but also rehabs and such and as soon as i said we were ready to move into that market and make offers he brought this up. is it time to find a new one?? Thanks Joe

It all depends on their partnership/llc agreement. If one can sign and has the right to bind the contract for all parties then it is ok. however, like Micahel said, best to get both parties to sign b/c you will usually be protected if something were to come up, but it's best not to ruin a deal this way. how do i know this? not a lawyer so don't go that route, this is the part of the CPA exam i am studying for and have dealt with this before. Joe

That's what I'm thinking. You know I used pretty much the wording Michael did but in my part of the country. Nothing offensive and there is nothing there that says I am going to ask for money (in fact I'm wanting to buy). Good stuff. Joe

So now I just got an email stating that someone reported me to the Attny General - for what? wanting to buy a home creatively? that is kind of amusing. anyone else gotten something like that? Joe

OK. So I put an ad up on Craigslist last night. No nasty emails yet, but since you guys mentioned you rec'd a few Im expecting them. Already got an email from someone looking to unload 16 properties in our area. Waiting to get details from them to so we know more. If anyone is in the southwest Ohio area, (there are parts of our city - Dayton, Ohio), that we don't work in that may be interested just let me know. I may be back to ask for more help!! Thanks, Joe

We have been getting spit on in other businesses so I know what you mean. Joe

Hello everyone, My name is Joe and I used to be a member of this forum about 5 years ago. Good to see it is still around and doing well. I met some great contacts through this forum and wanted to re-introduce myself and my wife Angie. After goofing off on other things for a few years we have realized that real estate is what we utliamately want to do. So, I hope to learn a lot from all of you and post our first deal very soon. Joe Collinsworth