Need help with property! - Posted by John STL

Posted by Matt B on February 16, 2001 at 13:49:34:

I would need some more details to give a complete suggestion. Has she said that she is willing to do the lease option? What does she need in order to move into a mobile home? A chunk of cash for a down payment? Does she need cash for all her equity to buy a mobile home for cash?

The numbers sound great for a lease otpion and if she has already expressed interest, then I would pursue it. Find out what her needs are and if a lease option would truly fit them. If she needs a big down payment, then you need to consider other ways of doing this deal. What exactly does she need?

Also, what study have you done into lease options? Have you bought a course? How familiar are you with lease options? Do you have the contracts that you will need?

Need help with property! - Posted by John STL

Posted by John STL on February 16, 2001 at 13:08:21:

I’ve been studying and reading every thing on this site for three months and have learned so much but I need some advice. I put out my ad yesterday and got my first call today. An older woman called me and said she wants to get rid of her home so she can get into a mobile home. She said it was appraised last year at $75,000. It is a 4 bedroom 1 bathroom house. They owe $48,000 @ 10.25 variable (just got a note in the mail that its dropping. Her payment is 580.20. This is a home equity loan. Taxes are $740 and insurance is $490 per year. She said the people across the street leased their house with the option to buy so she seem kind of familiar with that. She said she needs to get out from under that payment. How would you try to structure this, or what suggestions could anyone give. Any help would be greatly appreciated . I’m out there trying to make something happen.