OfflineI have been working with a tenant buyer for 1 month and half now and have not been able to find him anything (this will be my first deal). I had him get pre approved and he qualified for 240k he can also pay $2,100 in monthly rent until his credit is fixed (which will take 1 year).
I have tried looking at for rent ads on multiple sites and all i seem to come across is ads listed by other investors to lease a house. So I decided to take a different route and search the for sale homes and i have found a couple properties that have been sitting on the market for 80-180+ days but I do not know whether i contact the listing agent or the homeowner? and how will the listing agent be compensated if i collect the consideration option deposit?
Thank you all in advance.
I am looking in Southern California Orange County Santa Ana to be specific if that is any help.
"I do not know whether i contact the listing agent or the homeowner? and how will the listing agent be compensated if i collect the consideration option deposit?"
Finding the buyers is the easy part. I have found that finding the sellers to do L/Os here in Southern CA is very difficult.
I contact the seller directly and bypass the agent when I am marketing to the MLS listings. How the agent gets paid is between the seller and the owner. That is their deal. If you want though, you can offer the agent 1/2 of a months rent and see if he/she will accept that.
How much of an option fee are you planning to charge the T/B? Have you discussed this with him and does he have that amt? Are you planning to offer him rent credits?
Good luck!
Karen
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I say deal with the seller directly, it should give you more flexibility, and then "now" factor usually expedites things-versus having to relay through in agent. Also, if it's not too overwhelming for you at this time, market for tenant/buyers that way the deals that aren't matching one tenant/buyer, instead of having to pass it up, that may fit another tenant/buyer on your list and you can still make some money and help people out that can't find deals. Good luck.
Karen thank you your information was very helpful. I am charging 3% for the option fee and the TB has it available I have not discussed rent credits with him. Do I ask the seller first? or is this something I tell the seller?
THANK YOU!
Claudia
yadabnns yes looks like im going to have to find how to get in contact with the sellers directly passing the agent. I am definitely going to market for other T/B's although it is a little overwhelimng trying to get my first deal out the way but like you mentioned dont want a good deal to pass. THanks!!!
Lease options are tough to do with a realtor, since the realtor expects to be compensated. If you are thinking of dealing directly with the seller, you better make sure the seller compensates the realtor or you could be sued for interfering with a contract.