Got a lead, NOW WHAT? - Posted by fsu1(N.FL)

Posted by jeff on June 29, 2001 at 22:55:45:

Sounds like you have a deal, and a woman who will give you a $1,500 down payment, which will cover the 3 monthly payments on the 1st mortgage. Lease it for $600/month with an option to buy in two years at $66,000, or $70,000. You’re all set, go for it!!!


Got a lead, NOW WHAT? - Posted by fsu1(N.FL)

Posted by fsu1(N.FL) on June 29, 2001 at 22:47:10:

Please help

I have a responder to one of my ads who is practically begging me to take her house before foreclosure process begins. Lender has begun to send letters. Recent seperation from husband, cant make payments.

House is worth $58k would rent for about $400

First has $46k left on it $513/mo 3 payments behind
Second is $5k owner carried $200/mo 2 payments behind

She agrees that she will pay off the owner carry and give me the property.

The property is a town away, 45 min.

I recently finished the Bronchick course, but this is my first “creative” real estate deal.

There a deal here? Buy subject to, sell on lease option, land trust…?

There is a woman who has said she would like to lease the place with an option to buy. She has $1500 for down pay. She cant get traditional financing.

Please help. I have no idea what Im

Get some education… - Posted by HR

Posted by HR on July 01, 2001 at 06:58:56:


I’m not meaning to be ornery here, just realistic. If “you don’t know what you are doing” than you shoulden’t be involved in this business yet. You do realize this is a business, right? Not a hobby? If you screw up, you could get sued, lose money, etc. See post above about a lease option going bad.

Get some education. Read some good books, articles here, etc. Don’t expect to get a bite on the line and then have the group here handhold you as you learn to bring the fish into the boat. It ain’t gonna happen.

These type posts slay me: got a lead, now what? LOL. Get some education so you know what you are doing!


Re: Got a lead, NOW WHAT? - Posted by Kevin Subbert

Posted by Kevin Subbert on June 29, 2001 at 23:02:08:

Make sure you get proof that the seller actually pays off the 2nd. Or better yet, get the $5400 from the seller and take care of the 2nd yourself. Call the 2nd lein holder and see if you can get a discount. Keep the difference and make up the back payments on the 1st with it. Then sell the house.

Kevin Subbert