How Do I Handle This
I listed a property lead and someone took interest in it but they want to lease for 2 years with the option to buy. How do i handle this deal with no money. Any help is appreciated???
I listed a property lead and someone took interest in it but they want to lease for 2 years with the option to buy. How do i handle this deal with no money. Any help is appreciated???
more information necessary.
What other details do you need?
"I listed a property lead" - what does that mean? That you listed in the MLS a property that you do not have title? Do you at least have a contract, and what kind of contract: lease option, purchase and sale, option, etc.
Brenda
What are you trying to accomplish?
Do you need money up front out of this deal?
Do you want to lease it for the 2 years?
Would their rent payments cover your mortgage(if any)?
Sale price, rent amount, rent credits... We don't want to know what color the house is, just the dollars and sense.
YOu personally would have to have the property under contract to be able to proifit in this. The contract should be asignable.
If you lease option with an assignable agreement then you could put the interested party into the property with little to no money out of your pocket and a nice option payment form the would be optioner. I would make your agreement with the current owner at least 3 years (prefereably 4-5). In no case should it be the same as the one with the party you want to lease to.. Min 3 years.
LUCK!
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How would i go aboout getting the house under contract? I assumed this is what i would have to do but not quite sure how to go about getting this deal!!!
Take your lease/option contract to the house owner and y'all all sign on the dotted lines. (Possibly want notary public to witness.)
Are you saying you did work on a house you did not have under contract?
You get a lease option agreement signed with the owner for a minimum of two years, This may cost you a couple grand. Then after making sure you have the right to assign the contract you put "your" lessors in place and collect a heft down from them and write in there that they have two years to seek alternate financing.
PS your not ready to do deals, go to the library and get some more education please!
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