Lucky first deal - Posted by Butch

Posted by brent on December 10, 2005 at 21:13:22:

You could try the Lease Option and see if he goes for it. However if he says no, see if you can’t just buy an option from him.

Tell him you’ll give him a thousand bucks for and option to purchase at a set price in the next two years. Make sure you file that with your county. If he forgets and tries to sell them you would be notified. The thing is you set a buy price today for a home two years from now.

Find out why he wants to wait. that will tell you what way to approch him.

remember you are first a problem solver and then an investor.

brent -0h

Lucky first deal - Posted by Butch

Posted by Butch on December 09, 2005 at 20:21:32:

Hi all, I just got my first deal on the way, and it is SPECTACULAR in my humble opinion. But here’s part 2 that I need help with. My seller has 2 more properties that he told me he wants to get rid of in but not for another “year or two.” I asked him what he thought he would let them go for, and he said, “I dunno, maybe 20 or 25.” Well, those two are comping in the low 40’s. So how can I guarantee that I get those 2 for “20 or 25” in two years? I’m thinking lease option, but this seems pretty straightforward to me. I have been studying for a year or two but haven’t really scratched the surface on lease options. I know what they are and this deal seems to me like it would be really easy to structure. Are there any nuances or concerns I should have before I ask him to sign a lease option? Oh they are both occupied and renting for $500 each.