OfflineHi, I have placed an add in my local newspaper a few days ago and got one response. I placed an ad that read "Are you looking for a house to buy and can't get financing now", Let me help you. This is an option to buy/lease purchase. Beautful split foyer on 2.16 acres in wild wonderful West Virginia. This home has 4 bedrooms 3 full baths, full finished basement. All it takes is 10% down on 225,000 upon move in date and another 5% due on 225,000 within the next 6 months. Must have financing in order within 15 months after move in date. I just made a deal to a couple that is having trouble with getting a loan right now due to the Mother awaiting child support income for her 2 children that is why she can't qualify at this time. But will as soon as she gets her court order.She looked at my home on the website and loved it, they came by yesterday, took a look, stayed for hours, her kids played with mine and hey i made a deal. I did this for many reason's. #1 is my kids are lonely #2 I want to downsize, #3. Start investing now or asap. Now today i see my attorney to draw up the necessary docs and clearly define things to my specifications. Like i want to come by on a monthly basis to check my home for damage if any. I explained to the people that i expect you to treat my home like i do! It is possible they may not have the 10% now but they will have 6 or 7% for sure. Wish me luck. Cindy.
cindy REI
be careful, make sure your doing the right thing, i mean, i'm not trying to talk you out of doing what your doing or anything, just saying...SULLY.
YOUR HERO, SULLY
hope it works out for you.
Don't Wish the Past, Create the Future! - DH
Hey Sully, Do you have concerns about what i am doing? I feel i am doing the right thing in this day and mkt. Everyone else seems to be doing a lease purchase but from the other party. They are the ones doing a lease purchase on other peoples property, ya know what i mean. They are winning and i want to win too! The couple have the money and i want to proceed. I went to my real estate lawyer today and he's got my back. Cindy.
cindy REI
Thank you, I appreciate it. Cindy
cindy REI
Do what your heart tells you. If you feel comfortable about doing this deal, then more power to you. Just make sure all your basis are covered. You have to take actions sometime and looks like your making it happen, good for you cindy and good luck!
Knowledge plus Actions equal Extraordinary Results
sapman
Thank you so much, I appreciate that. I know i am doing the right thing, that is all other people talk about mostly is lease purchases, Only normally it is one of us on this site that is looking to re assign or do a lease purchas themselves, but i had an offer for others who can't get mortgages right now and I feel as if i helped someone in need and they definately have good credentials and the money up front I Went to my real esate attorney today and he drew everything up to my expectations and added some things such as protection clauses for me and so forth. Thanks for your support. God Bless. Cindy.
cindy REI
Cindy,
Making things happen!! How much of the monthly lease pmt will you put toward their principle when/if they decide to exercise the right to pucrchase?? Is the purchase price set now or in the future market value?? Its fun to be the bank!! I've owner financed someone before..
Good Luck,
Scott F.
Scott
you want to do, if your comfortable with those TERMS, do it, it's your house NOT mine, i think it's o.k., as long as you qualified the tenants properly and you don't think they will be partying every night and destroying the place. I guess it's good in the sense that it gives you some money to invest now, and you get your FULL asking price. I guess just let me know where we go from here. SULLY.
YOUR HERO, SULLY
Cindy, am I correct in understanding you want to sell the house AND still drop by monthly to check on its condition?
Just getting started as a newbie (2/3 done with Dean's book) so please forgive if this is a dumb question...wib
"All great social and intellectual movements begin with a group of interested friends." CS Lewis
And we know that for those who love God, that is, for those who are called according to his purpose, all things are working together for good.
Romans 8:28 - International Standard Version (©2008)
From what I understand, they are leasing it with the option to buy and will not even have the full down payment amount until 6 months down the road. If I assume that correctly, then I would say you, indeed, have every right to inspect! Good move in my humble opinion.
I have often thought that if/when I ever get into a rental market that will be one of the things I will require - a monthly or bi/monthly inspection by someone to make sure they are taking care of the place instead of waiting until a lot of damage has been done. Those are the nightmares we all here about, right?
Anyway, keep up the good work and...."make it an AWESOME day! (who else is going to do it for you?)"
Mike
"Make it an AWESOME day! (Who else is going to do it for you?)" - Mike Spillman
"As long as there is breath there is hope!" - Mike Spillman