OfflineI bought Dean's "Be A Real Estate Millionaire" in hopes to find a home for our family and have some type of cashflow so that we can stop living paycheck to paycheck. I have since finished reading the book (had to turn down the AFF because I could never afford it) and use the Foreclosure Alert site. I found a place and the owner is willing to sell it using a Lease Option. The problem is, he wants some type of good rental history and source of income. I have been on my job for a year now, but my rental history has been tarnished by Lease Purchase that I feel like I was defrauded out of (That's a whole other story).
I'm just lost confused and a lot of other stuff. I'm trying to figure out where to start because when I use the Foreclosure Alert tool I find properties that says WARRANTEE DEED in both the Pre-Foreclosure and Forclosure section. There are some that say NOTICE OF DEFAULT and that's just about it.
I know I can afford to pay for a home its just that I can't come up with $1000+ for a downpayment or deposit. I tried calling to qualify for a mentor and was asked if I had $500 in the bank and I should call back when I do. I was like WTF?
All I want to do right now is find a home for me and my family because we have been displaced since before Hurricane Ike and its gotten worse since most of the rent prices have increased and a lot of people have defrauded the apartments and its become more harder to find an apartment.
I know this is a long post, but if you were in my situation could you please help me out. I looked at the previous post but things stop back in March (I believe) and the housing situation has gotten a little worse since then.
-Kat
Hey Kat,
I Definitley Feel your Pain.....I was/still kind of in the same situation, Listen If I were you, I would be Selling YOURSELF to that homeowner that you mensioned in your post(Lease Option). If he's willing to do a Lease Option then it's Obvious that he's flexable, you just NEED to tell him WHY he should allow you to Lease Option the property. Look, I was in that same kind of situation a couple of years ago and the Landlord wanted this and that(Blah, Blah, Blah) References and Rental History(stuff like that), I didn't have sqwat, and me and my Fiance' were about to be homeless(long story) There wasen't another Option, I MADE the Landlord Accept us, period. You have to have that Mindset and you WILL Succeed, Trust Me, SULLY
YOUR HERO, SULLY
Ok so I couldn't talk with the guy because he has a real estate agent. I talked with him today and he says the guy want double deposit and says although he understands where I'm coming from but he feels more secure if I give a double deposit. I don't have that kind of money ($1900). What else can I tell him?
Kat, i know it's tought just trying to find a home for you and your family. The owner wanted to secure for two month's payments and therefore he wanted you to pay double payment as a down payment which in most cases that's what most people do. You also have to realize that if you decide not to purchase the house in the end of the agreement, you will lose this $$. You have to negotiate with the owner that you can only come up with one month for the down payment. Talk to him that tell him that it's christmas time and you could only afford one month because you have other family obligation, but assure him that he will get him monthly payment on time. If all other fails, then ask him to divide up the partial of the second payment into 12 months and make sure you follow up your part of the agreement. Keep in mind that you are doing a purchase lease option agreement. At the end of the first year, hopefully by then that you and your family will be in a better financial situathon where you can purchase this house for you and your family. I hope this help and good luck with getting a home for your family!
Lloyd