OfflineYes I got a call from my ad. This guy would like to find a lease option, recently divorced, credit score around 600ish (I dont have that info yet), he can spend around 2500 to 2700 a month. Now heres the question. Do I start looking for lease options with his needs in mind so that I can sell or reassign it to him? What is this called again? And do I need to be an agent to find him a lease option? If I find him a house, I get the lease option for myself then turn around and sell it to him? Am I correct? Or Do I just find him a prop, lock it up, have the selling agent become the buyers agent too and I collect my finders fee somewhere in there? Which one should I do or can I do, I would prefer selling him the lease option 
Im just a bit confused and I really dont want to screw this up ITS MY FIRST ONE!!!! I need to get back to this gentleman soon so any advise would be helpful as Im faking it till I make it Deans words!
I Got My First Phone Call....Now What?
Posted on: Tue, 08/26/2008 - 18:43
I Got My First Phone Call....Now What?
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- by SandyCheeks
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Awesome news! First thing to do is don't panic! LOL! I know it's easier said than done... But stay calm and use your knowledge here. What you probably should do is find a lease option to flip to him, because if you find a property and lock it in you're going to have to get financing, unless you get it owner financed, in which case you will need to disclose to the owner that you're flipping it to another renter/buyer. If you do a lease option, you just ask for a smaller or no down and make sure you're payments are less than what the tennant can pay. It's not difficult and you don't need to be an agent to do this. You negotiate with a motivated seller directly. You do all the contracts.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Thanks! I will stay calm! lol! Ok then I will start looking for properties and keep you all informed as to what comes of this!!!!! YAY YAY YAY! My fingers are crossed!
Beth
from your HERO, E!, i would have said the same thing, so my advice to you cheeks is what E said, lol
YOUR HERO, SULLY
Hi Elena, I was wondering how would Beth get a finders fee for a lease option. Who would provide that? The seller? I'm asking because I know with a straight buyer seller finders fee is there. Could you eleborate more on that.
Greatly appreciated.
Carol
Hi,
If you connect both a buyer and a seller together and they enter into a lease option you deserve a finders fee.
Most of the time the seller will be responsible for giving you a finders fee.
But thats up too you. Your providing a service.
The fee is always negotiable and is best to do so before the deal.
Start by finding out what consideration is paid up front by the buyer. Then you a have a number to work around and can be paid at closing.
For example, if the buyer pays $4000 up front to enter into the lease option, you now have a ceiling to work with. So you can negotiate anywhere from $1 to $4000.
Another way is to simply charge a percentage of the consideration.
Hope this helps,
Zeek
He wasnt local. Too far for me to help at this point so I refered him to someone in his area.