OfflineI have just started doing walkthrus based on response from motivated sellers. How can I do a Lease Option if my low offer is rejected where I don't have to use any of my own money for the down pmt or monthly pmt? Any suggestions would be greatlt appreciated. Thanks.
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You would have your tenant buyer in place and use his money. You can write your contract with the seller that states you are totally dependent on finding a tenant/buyer. Usually a 30 day period. No buyer, contract is void. Make sense? No Money out of pocket!
The first thing to do so that no ones time is wasted is to find out if the seller will take payments OR as in MOST cases, they need or want to cash out.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Thanks Mike. You cleared it up for me. I'll dig out a LO contract from my contract cd and start to learn it. Put my first house under contract today, a 3 unit at 35K with about 1800 mo rent. Will be sending it up my cash buyers in gmail. What was really cool was before I pulled out of the sellers driveway a daughter called who saw one of my bandit signs wanting to sell her deceased fathers house and sounded motivated...we'll see. One step closer to numero uno. Thanks.
Mike, I can contact my Tenant buyers to see if there's interest, but as you said I need to check with seller if they are ok with payments. Should I also offer part of the down payment from any tenant buyers I might find? They had it listed which expires this month and they already have another house. It has been completely updated and they offered to leave behind all nice amenties stove, frig, oven...all new in excellent condition. I thought about offering her 2-3 k and her holding the mortgage 5 years which should get her full price she wants. I've heard Dean use such a technique. Thanks for your replys. Don't always like em, but they true backed by mucho success. Gotta respect that. Thanks, Louis