Lease Option Partner?
I'm in Dallas with a motivated seller willing to do a lease option. Is there an honest someone in the area who will walk me through this and split the profit? I already have a potential tenant/buyer I have never done this type of transaction and don't want anyone to get screwed for my lack of www.expertise.C- 
Check my profile for contact info.
I don't know where that URL came from!!!!!!!!! Yeee!!!!
C-
I am not in your area but, lease options are easy to do and if you already have a tennent / buyer that's the hardest part. Try to work out the deal where your option fee from your tennent / buyer is all you have to give for your lease option. Charge a perm, above what you have to pay for the house. and if you give your tennent / buyer a 2 year contract, be sure to get 3 yrs before you have to cash out with your seller. Anything I can do to help call me. Carolyn 248 673-6557
I am not in your area but, lease options are easy to do and if you already have a tennent / buyer that's the hardest part. Try to work out the deal where your option fee from your tennent / buyer is all you have to give for your lease option. Charge a perm, above what you have to pay for the house. and if you give your tennent / buyer a 2 year contract, be sure to get 3 yrs before you have to cash out with your seller. Anything I can do to help call me. Carolyn 248 673-6557
Carolyn, is right on. However I would go a step further. Try to get some cash on the down payment from your tenant/buyer. If you can get in for 3K down find someone who can put 10K down. Believe it or not if you ran an ad saying 10K down, bad credit, no credit no problem. You would probably find someone who has cash and thinks they can't buy a home. Then you get cash upfront, monthly cash flow, and if done right you make 20K plus if your tenant/buyer exercises their option. What can be better than that. If you are looking to lease for two years I would try to get a four year lease on it. That way if your buyer can't close in two years then you can either renegoitiate new terms with higher sale price, more per month, etc. or you can kick them out and get a new tenant buyer in there.
TBARBER
Thanks Ya'll,
The reason I'm looking for some hand-holding here is because it is such a skinny deal. The buyer wants our for his taxes of $2081, due on Jan 31, 04. The pay-off on his house is 89,000, tha tax assessed is 101,000 and the ARV is appr. 107,000 aftrer about $3,500 in rehab. The house is desireable and kewt, good eye-appeal in a semi-rough neighborhood. The rent value is about $950 to $1050. PITI is 958 per month. Not a lot of wiggle room here.
I am acting as the Seller's agent as they want to move, like yesterday.
C-
Hi, I can help you with this. I live in Plano and would like to talk with you. Might have a tenant buyer.
Ken
Hey Cpifer,
If you need some help(advice, not money because I dont have much cash) give me a call or post your questions. I am more than willing to any questions. Anything in particular you should mention for everyone to comment on?
Rick 210-639-0600
The issue with positive cash flow above and beyond the piti figure is the argument that these folks could not get into a home without you. For this reason, you are charging them for the priviliege of the option to purchase at a future date, so you should be able to get over $100 positive cash flow, say $1075, or more, who knows.
Like Tracy said, you need to suss each t/b out, and get as much money in option deposit as possible, the more they give, the more they feel committed, because even though you win if they do not exercise their option, the idea really is to sell the house so the seller can send referrals your way of other motivated sellers. Though another $10k in option money 2 years down the road can't hurt!
Good luck, Dave
Thanks Guys n Gals,
I think I have this doped out - it's now a matter of "do I want to mess with it for a $100 a month management fee" over the next two years and share on the back-end.
C-
This may be a good way for you to gain experience as well as referrals. As long as your positive on cash flow, it's worthy of consideration - $1200 per year to manage a property is not a bad deal and sweeter if you can get a 6-9% of the option price upfront.
Hang in there.