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big h

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  1. Check Page 2, Paragraph 12, on the Option to Purchase Agreement. This is the Financing Disclaimer, which states that availability of financing is not guaranteed. Hi Mike, I did mention this part of the agreement to the tb's and their mortgage broker. their argument was that this section only mentions financing. they got approved for the financing but it does not say anything about them not getting all the rent credits. i was a little stumped and told them that they had the option to buy for a set price and would only get the full credits if they bought for the set price. Not sure if this is correct.
  2. I have a property that has been lease optioned for 1 yr and it is time for them to buy it. The house values in this area are way down. I could probably break even on the house but the tb's are mad that they are not getting all the rent credits towards the purchase. They were getting 50% per month and now when they buy it they are only getting a small portion in order for me to pay off everything and break even. Is there any clause that you can put into the option agreement regarding what happens if the house does not appraise? I currently use the contracts from mike's course. should i put something in there? Any suggestions on how you deal with this? Thanks!
  3. big h

    repair cost

    Hello, I bought a property last year as a handyman. I fixed it up and lease optioned to a tenant buyer. I understand that the option money does not have to be taxed until the option is exercised. What about any repair cost? Would that typically be claimed during the year i bought it or the year the option is exercised? Thanks is advance for your help! Gary
  4. big h

    out of town owners

    keep forgetting about the search. thanks-
  5. big h

    out of town owners

    Gordon, that is a great idea. thanks for the insight.
  6. Hello all, can anyone give me an idea of how they contact out of town owners? are there any other taget markets that are good for L/O? i am trying to find a good way to word a postcard. is it a good idea to have a general postcard for rei, like we buy houses with enough info for them to make a decision for lease options and selling. or should it be specific like property management. i am interested in L/O and buying outright also. what do you put on your postcard? do you try to call them? thanks in advance
  7. can anyone recommend a mortgage broker in florida? must know pre-construction deals and creative financing. must have a proven track record and do loans in southwest florida. any recommendations will not be the responsiblity of this forum or website. thanks-
  8. Big H, I don't usually do sub tos unless I need to season a note. I only season a note when the numbers are good enough, but not good enough to pay cash. As for materials? I guess anyone's. I bought William Tingle's course, but haven't used it. I learned by doing them with other investors. Finding a mentor is the only way to go. I would check into a mentor's program, but make sure there's some way of getting hands on training with them too. That will help out substantially. Regards, Adam thanks again adam!
  9. big h

    Sellers Market

    You are a buyer. Sellers want buyers. Therefore you don't have to "convince" them of anything, you're giving them what they want.[/b] This is a great affirmation. I made a copy of this and put it next to my phone. This is perfect for people who stress themselves out trying to sell. Nice!
  10. adam king, do you recommend any study materials on subject 2 transactions? I want to be able to offer sub 2 if a lease option does not work. i know that this is a great alternative to lo when you need it. do you have any suggestions on how to work/learn a system like you have? thanks-
  11. does anyone know if you need a security deposit in NJ for a lease option? if so how much is needed? if i were to do a slo what is needed to give to the seller/landlord for legal purposes and from the tenant/buyer to lease out. i heard that there would have to be some security deposit in case you need to evict. any help is appreciated. thanks-
  12. thanks for the advice and congratulations. i think i am going to try and get the assignment fee and look for the next one. i will keep the board posted. thanks again.
  13. well i got my first lease signed. here is how it went got it from cold calling. the lady has a tenant that is moving out on 11/30/05. she is nervous she is going to get stuck with 2 payments for the holidays(motivation). she wanted to do a 1 year lease. i told her i will set her house up on a LO and will find the tenant at no cost to her. i needed 45 days to market the property and if i did not find anyone than she can sell it. 1250.00 rent 300.00 rent credit. sales price 129,900 house is worth around 140,000 i am looking to assign this deal to a tenant buyer for a fee. say $5,000 the kicker is that the land is subdividable and there can be another building lot i am not sure if i can subdivide while i have the lease. maybe instead of assigning i can sandwich lease it for a year and have it state with the sub lease that they are only going to buy the house minus the lot i can get out of it. while they are leasing for a year i can subdivde and sell the lot. any suggestions would be appreciated. Big H
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