OfflineHello my DG family,
I'm 100% focus on Lease option and assignment of contract since I can't afford to buy an llc to double close for now. I got potential sellers lined up which I plan on executing a lease option. Also I already built a huge tenant/buyers list. My Miami agent pulled up 20 listings which have been on the market for 120 days off mls. (I plan on calling up the agents to see if their clients would be interested in lease purchase) I'm looking for some more SUBJECT TO clauses which I can also add to my lease purchase contract besides the one I got which I listed below
1) Contract begins when I find a tenant/buyer
2) Contract is subject to finding other liens which wasn't made know to me up front
In a situation where the property is rented to tenants on a one year lease or something like that (not month to month)and seller is willing to do a lease purchase, how do I execute a lease purchase on that property since I have a tenant/buyer who I intend to put in that property?
I understand when a property is rented to tenants on a month to month, the seller can easily give like a 30 days notice or something like that to the tenants for them to vacant the property.
Do lease purchase only work for properties which are only vacant?
I would appreciate a response to this:)
____________________________
TC
Miami, FL
keep TAKING ACTION + gaining KNOWLEDGE = SUCCESS (Making Money)
"If it is important to you, you will find a way. If not, you'll find an excuse."- Karen Ellsworth
"Faith is taking the first step even when you don't see the whole staircase." - Martin Luther King, Jr.
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TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
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if tenants have a year lease you cannot make them leave. How may months are left on the tenants lease? You could offer them some money to move and help them move. I have done that before. Or wait it out. Keep looking for another house for them... YOu are headed in the right direction!!
"Don't tell me I can't, Tell me how I can."
Yes, if purchase a property that is occupied (or wholesale it or lease option it) you must honor their current lease.
tcmiami,
Hello, I'm your fellow dean family in North Carolina.
Consult your local real estate attorney specialist to help
with amendment clauses.
Have you read Dean Graziosi's book entitled, Your Town Your Real Estate Profits! In chapter 4, pages 39-67 he covers Greg Murphys assignment strategies.
If the owner wants to sell & you want to buy, a deal can be made while still letting the current tennants live out their lease. You must create a contract to buy said property on terms (since you do not have money to finance).
You could then assign property to another buyer for cash with and/or assigns clause and clauses to protect current tennants while their lease is in good standing. I am fairly new myself, but I have read and have taken great notes. I have assembled a team and now I am ready to roll!
Sew the seeds of Action Today,
To Reap the Harvest of Rewards Tomorrow.
Get It Done In 2015!
https://tvallc.isrefer.com/go/RehabLite/Adavis/
TC,
Reach out to fellow DG'r kareng, she is number 3 on the DG top users list and and absolute genius with all things lease.
Go get'm
Jim
With your success in mind,
Jim McKinney
"With integrity, nothing else matters.
Without integrity, nothing else matters!"
@Donna Doo
Thanks for your advice. I have decided to wait it out. Some of them have 5-6 months on their lease.
@mbjoseph-
Thanks I just figured that.
@Anthony Davis: Thanks and I don't think I have read that part of the book yet or maybe I don't remember anymore. I will follow up with that..
@Jim McKinney: Thanks
Goodluck to everyone and lets crush those deals out there
_____________________________________________-----
TC
Miami, FL
Keep TAKING ACTION + gaining KNOWLEDGE = SUCCESS (Making Money)
"If it is important to you, you will find a way. If not, you'll find an excuse."- Karen Ellsworth
"Faith is taking the first step even when you don't see the whole staircase." - Martin Luther King, Jr.
"If you are not making offers on properties you can not make any money" - Success Coach
Follow me on my road to riches http://www.deangraziosi.com/real-estate-forums/investing-journals/144538...
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek
Follow me on my road to being a BILLIONAIRE http://bit.ly/1q7aOFX
Go LIKE my official facebook page http://on.fb.me/1qQGO6i