lease option

Fantastic! Good work. Let us know what happens. I put an ad on what I thought was craigslist, and it turns out it is free craigslist and not affiliated with the origonal craigslist. It's been on since Mon. night and still nothing. I guess I'll need to get on the real one and make something happen. Congratulations and good luck....Johnnym66

There are a lot of sellers out there who are in trouble and trying to sell their houses on craigslist. You have to do a lot of searching but a key phrase is motivated seller, or all offers looked at. You have to be able to disect who is motivated and who is just using that phrase to get to a buyer. I would suggest telling your buyer that you don't have props available right now but take her info as to what she is looking for and tell her you will start looking for her ans stay in touch with her. Make sure she has a deposit to work with to do a lease/option. Hope this helps..Jan

thanks guys. yeah i did tell her that i didnt have anything right now but to give me her info and what shes looking for and in what area and i would keep in touch with her.

Call your handy RE person. Mine sends me all the listings for owner carry properties. Then you can check them out and see if they will fit for your buyer.

I get two or three new properties to look at each day from this list. Hope this helps some!!

Good Luck!

Michelle~

If You don't believe in yourself then who will???

Great Job. I understand that it is much more important to have a great buyers list so you are on the right track. I suggest putting an ad on craigs list that I read in one of deans books I think. Write, looking for investors for multiple properties. This may get you someone. I would also find out what your buyers criteria is, area, price, beds, baths, etc.. go on to realtor.com or connect with a realtor and ask them to send you properties with buyers criteria that have been on the market for more than 90 days or who have motivation in the wording. A lot of the top people on this site use bandit signs, I buy houses, to get buyers and sellers as well as flyers. The books have a lot of information on how to find sellers and ads that you can copy as well on Deans site. Good luck.

I am interested in an lease option, and will love to try to have the realtor represent both the seller and I, I am told in Maryland it is illegal? Can someone clear this up for me. Information??

I would call rentals & see if the owners are interested in doing a lease option...the reason I would not use a RE agent is because they will want commission on possibly the whole price of the house, this can turn the landlord off because if you don't exercise your option & purchase the house, he would have spent that commission money(at signing the lease) for nothing...
All a lease option is, is a regular lease, with a term, monthly rent amount,
& deposit, with an option to buy the property. What I do is collect a larger deposit(down payment) 3K to 10K depending on the price of the house, determine
the monthly rent, Ex: $ 700 per month ( then I give a rental credit of $ 50 to
$ 100 per month if the option is exercised) & lock in a purchase price of the house & have the tenant buyer take care of maintenance... Ex:(of one I just locked up) 10K deposit (non-refundable) 700/month rent, 100/month rental credit,24 month term,purchase price of 68K...this way tenant buyer knows exactly how much mortgage he must get in advance, this case $ 55,600. If he doesn't purchase the property, he forfeits his deposit & rental credit. When he does exercise his option, then I write a purchase/sales RE contract like a regular transaction. As for Maryland, it should be fine, but consult a lawyer.
Hope this helps. Gary & Jill

Thanks for the information!