OfflineI have had a lease purchase option opportunity for a couple weeks now. I was doing my homework on the property and about to sign papers when i found out the owner (who i was gonna do the option with) is not actually on title and has a owner financing situation/contract for deed with the owner on title.
The deal wouldnt be so bad because there is already tenants in place for 6 months with another in line behind that. So i wouldnt have to do much once I sign papers.
i know the "owner" that i am dealing with is not an investor trying to do what I am trying to do. She is moving and just wants out of her situation.
So should I still get involved?
How would this closing work with this many parties?
The property is in good shape and has tenants in place so I feel I have nothing to really lose. Plus with a two year option, I feel I can produce then end buyer.
So help me out fam, is this room Im trying to step into already crowded.
Thanks in advance.
shane
L/O opportunity with buyer who has contract for deed???
Posted on: Thu, 02/10/2011 - 03:21
L/O opportunity with buyer who has contract for deed???
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- by sredman
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Shane it looks like a long Daisey chain, plus with that many players you don't know who might have borrowed against it, be careful.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Borrowed against it???
Yeah you never know until the title search.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Taken out the equity (if it had any) and used it for something else. U should do a title search before you do anything else. once the renters r done making payments in 6 months, ask them if they wanna do a rent to own on it. If not, convert it to an RTO, find that end buyer do it the right way. Or, wholesale the house to an investor (if the numbers r right).
But, have title checked out though.
with anyone other than the owner if your trying to do a sandwich L/O otherwise it becomes a double or triple decker sandwich; and we know how sloppy those can be.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Bill Didn't they used to call those club burgers at that first old chain.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
I'll take all the advise I can get
That makes sense, too. It's kinda like Carl's Jr. old slogan ~ "It if doesn't get all over the place, it doesn't belong in your face."
It would probably be better to go back to the original owner n redo the numbers and the contract. When is her contract up?
If she just wants out, if it cash flows and the numbers are right, see if you can assume her contract for deed. I did that once when I sold a house that the owner carried the financing on. I just asked the owner if I could sell the property to someone and have them assume the owner financing with his approval.
If you get involved just make sure the title is being held in escrow with an attorney. If the attorney holds the title in escrow then you have nothing to worry about.
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