Ok folks,

I just realized that im sick of living in an apartment. Im now looking at getting a home on a L/P. Whats the best way of approaching it for yourself though? I mean your got going to call and tell them that you can get them a nice option price and that you can get them way more then they are asking. Is it best to find a person that wants out? Call FRBO's?

Why dont you work it like a Sandwhich lease, negotiate the best price for yourself, and instead of subleasing it, move in and reap the benefits of your hard work.
Tell the Seller... Mr. Homeowner, if I can not move your house in 30/60 Days, I will move into it myself and make all payments.


Mike

Mike,

I've been concentrating so much on CA's for the business that i almost forgot about a regular sandwich lease. How would i approach them on rent credits though? Or should i just get the price low enough that i wont care about rent credits? Thanks for the help

I would just try to get the lowest payment and price possible to make it attractive to you. Sign it up for as long as possible and maybe in a year you will want to sandwhich it after all.

Good luck,

Mike

If they get confused, they'll say, "NO!" Keep it simple and just get the absolute lowest down, lowest monthly, and lowest strike price you can.

Good idea to set yourself up in a lease purchase, Golflover. As you said, though, your approach needs to be a bit different.
Start by calling all FSBO's and FRBO's you can find. Whatever marketing you may be doing, when you receive calls keep your own needs in mind, too. It just may be that homeowner has a house you find personally appealing. So, as always, the process begins by speaking with as many homeowners as you can. Limit this and you limit your chances for success.
Mike Pine's suggestion is a good one. Making a guarantee like that could be very reassuring to the seller. Same with Kim's. Rent credits are a difficult concept to sell to the average homeowner. Negotiate the best price you can for as long a period of time that you can, and you're better off in the long run. Any appreciation that kicks in is your's.

I have heard a good suggestion as far as terms.

Ask for a lease for 12 months with the right to renew for 4 one year increments. This way you will have the right to renew the lease each year, but if you find that you do not want to purchase the house after all you don't have to renew after that 12 months. Also make sure that you have the right to assign your Option if you get to where you cannot purchase the property yourself after that 4 years you could always assign that Option to a buyer for a nice assignment fee.

I'm Looking to do this myself when the right property comes along.

Good Luck

~Mr.B