56 Real Estate Transactions & Still Excited as the 1st !!!

Congrats on deal #56 Gary & Jill. Still working on deal #1 over here in philly. Anyways, I had one questions. On that lease option. Your tenant did have to pay a non refundable deposit to make the option valid ... right?
or was it just the standard 3 months rent, 1 month security stuff.
Thank You
Stan

It's good to see that it is still exciting after so many deals. I've just submitted my first two offers and am waiting to hear back. I'm in Southern California and will be making more offers later this month closer to the end of the fiscal year. Thanks for the post and continued success as you branch out into other area of investing.

Regina

Keep pushing forward

From March 2008 to June 2010 --- that's 56 deals in 27 months.

Pretty impressive numbers! An inspiration !

~ Sherri

Hi Stan,
That lease option we collected a non-refundable deposit if $3000...& she would purchase it for $ 49K. The 3 K covered the time for eviction plus most of the remodel costs. We purchased a house 2 weeks ago for 41.5K & in 4 days had 2 different people that had 10K to put down & will purchase in 2 yrs for 68K. We also had 3 orther cash buyers that we could have sold it to that same 1st week & make 10K profit...that's the 1st time we had 5 buyers & only 1 house; what a shame ! We could have made an additional 40K that week, plus if the tenant-buyers purchased them in 2 yrs, that would have been another 33K in
2yrs...Oh well, it just goes to show that if it a great win-win deal there will be buyers !

Graz 2,
Thanks, but the 56 transactions are our total to date in our RE career, but
I know of a local Tampa investor that's doing 2 to 3 assignments per week...
now that's some great quanity.

another great example of DG investors! congratulations. do you have a journal on this site? would love to read it.

Sorry, no journal as of yet...I have a hard enough time seeing the computer/typing as it is, maybe if Jill could fit it into her schedule, since she does most all of our research. Gary

Great to see you guys still out there kicking butt. It is awesome to see that you are still pursing your dream. Working when you can and want to and building the life you wanted for your family. Congrats on you latest deals!

Hi Chip & Andrea,
Thanks for the encouragement...great to hear from you guys !

thanks for clearing that up for me. I just wanted to make sure. I love reading about lease options deals because that's where I think i will make my entry in the REI game. And the other purchase you did was a sweet deal as well.
Congrats again.
Stan

Hello Gary and Jill,

That's a great accomplishment, congratulations. Just want to ask, do you use a Management Company to put renters with a Lease Option in all the properties you buy? If so, are these management companies the one who collects the down payment for you?

Thank you for posting what you have achieved so far. This can motivate a lot of members to duplicate what you've been doing. Blessings to all. LA

Thanks for the reply, as far as management companies, we have never used them, & have always been "old school" & done everything ourselves...now this could be our downfall & not having the "team" as most do, but we're trying to change our stripes & work smarter, not harder. Thanks again. Gary & Jill

Thank you Gary and Jill.

Beautiful home fresh paint & hardwood floors.
2338 Paris Ave Indianapolis, IN 46208
2Bed 1 bath
Asking $49,900.
Owner financing.
If you have a Cash offer I will sell for less.
Contact Rick at 949-635-0812
email: bluesummerventures at gmail dot com.

Hi just wanted to congratulate on the excellent job you're doing and for sharing. It's just amazing how this works.
Thank you again,
Blessings,
Cathy L

Great to see everyone on here. It's very encouraging for a first timer like myself. I am meeting my first seller tomorrow. Her property is here in Pittsburgh and she's flying out from California tonight. This was a cold call I made after looking her up in the public tax records and my timing was perfect.She was already coming out this weekend to clear out the property. She really wants to sell the property (an inheritance full of bad memories).I have a potential investor already. It all seems too perfect! Any last words of encouragement would be greatly appreciated.
Thanks and have a great weekend
Jacky

just chillin till my books get here!

Great Job, try to get owner financing with no money down if the property is free & clear. Even with a high APR to entice them into holding the paper.

Congrats to you both on your 56 transaction. #100 will soon be here, keep them coming. God Bless.

Sandra

Best of luck to many more to come!

.

I am curious about how long it takes to evict someone in a case like this?
Congratulations on deal #56. I know it is very exciting each time I contract a property and make a sale. You are doing great!

Regarding the eviction, Jill did all the research online for our county & state. Our lawyer would charge $ 1500 plus costs, so we figured we'd give it a try ... I'm sure it varies depending where you are, but hired a process server for $25 to serve the 3 day notice (to pay or leave). Then after that term, we filed out the county court house for eviction, always use not only then tenant's name on the lease, but to any and all tenants. This way if they have moved other people into the property the all are covered in the eviction.
These fees, including paying for the deputy to serve were around $ 400. After that term of 10 days(not including weekends or holidays), if the tenant doesn't respond to the court, & pay the amount of rent in dispute to the court registry, the deputy serves a 24 hr. notice. After that the deputy met us there opened up with our keys, went in with gun drawn to make sure they were out, they were but what a mess ... it was trashed !
Now we had to put all items left behind curbside for 24 hrs incase the tenants wanted anything they left.
NOTE - After the eviction process, NEVER let a tenant back in to get anything, because once they re-enter the house/apt.; they have gained repossession & you will have to start the whole eviction process over, including the fees.
This took us about 3.5 weeks total. Average is 3 to 6 weeks on a smooth eviction & up to 3 months on a difficult one.
Even with the damages, we still made out since it was a lease option, the tenant buyer put down $ 3000 non refundable deposit.

Congrats on your #56th Transactions you folks are tearing it up in the Sunny State of Fl.Great Success In All You Do Cecelia

Thanks again for all the support. We have actually done 5 or 6 more since this was first posted. We took one we bought & did a rent to own lease option on it, purchased another property, cleaned it up, put t up for sale & should be signing a contract by Tues. We sold the house we had to rehab after the eviction for 50K, paid 31K for it last year. And have 2 REOs we're buying, 1 closes on Tues. and the other on 9/1.

What paperwork are you using for these Lease Options? And What are you recording at the court house? Now it seems like you are purchasing these properties either cash or financing them doing a rent to own on these. I am doing Lease option to Purchase with the owner then a rent to own with a buyer, Deposit non refundable with a monthly rental and a puchase price set for 1 year. What type of contracts would you use for these transactions? I am also deducting their deposit off of the purchase price and nothing goes toward the purchase price from monthly payments. How are you setting up your Lease Purchase?

Thanks Jay C

So far we buy all of our houses with cash, so we are the recorded owners. As for our lease options, we just use a standard lease & in the addendum we put :
1-This non-refundable deposit of $________ is exclusively for the option to purchase the house within the term period of ______ (24 months, etc.)at the purchase of $ _________.
2-The deposit will be applied toward the down payment at closing if lessee exercises their option to purchase the property.
3-The lessor will give a rental credit of $ _____ per month that will also be applied toward the purchase price of the property at closing.
4-The lessee is responsible of any and all maintenance and repairs to the property during the term of the lease.
5-The property is being sold in "AS IS" condition. There are no warranties, either implied or expressed. There are no contingencies to the sale of the property.
6-If the tenant buyer exercises their option, we will enter into a Purchase/Sale Contract for the above amount of $ ___________.
We are not recording anything at the county courthouse since it is just a rental at this time. We pay for the homeowners insurance & property taxes.
Since we are not doing a "sandwich lease option" I really can't answer it, that is the type of deal Greg Murphy does. I know some people do this with more paperwork/contracts, but we kept it simple as possible; besides most tenant buyers don't exercise their option anyway, at least not here. We have also had to evict for non-payment of rent & the judge signed off on everything
without a hitch (so long as your paper is prepared properly). Hope this helps.

Thanks Gary and Jill,

At some point i will be able to purchase with cash which will open alot of door but right now i am going with Sandwitch Lease options. Anyone with more info on how and what forms are used to lock these up it would really Help.

Thanks Jay C

Gary & Jill another one of Dean's Successful family members. Looking for #100. Thanks for the encouragement.
Contiuning Success to you both
Veronica

Thanks for the encouragement, it is great appreciated. Whether it's your 1st deal or your 50th, the excitment is always there !