Lease Options Vrs. Low Interest Rate Economy
I have been planing and studying my @$$ off on the lease option technique. I want to get into real estate using Sandwich lease. Lately, all the nay-sayers have been giving me grief. They are saying that it just wont work in todays economy because of how low the interest rates are and how easy it is to own a home "the conventional way". They are also saying that since it's so easy to get into a home the conventional way that the only tenant/buyers I will be able to get will be the type of people that could passably destroy the place and not care. Someone please tell me that I am not wasting my time studying this method of investing, and that they are just a bunch of negative people who want someone to be negative with them.
Hello Doody,
L/O will work in any market, trust me. You are always going to have people that cannot get traditional lender financing for a variety of reasons (New to area, changed jobs, not enough down, 1 minor dent in credit report, etc). The list goes on.
I had a L/O buyer pay $7500.00 as an option payment, with monthly payments of $1575.00. He cannot get traditional financing because of Bankruptcy 4 years ago. He has a great job, and his wife started working again just before they moved in. He would have had to wait for many more years before he could get a traditional lender to help him. That is why we are in CREATIVE REI.
Best of luck.
JT
doody,
fauche is 100% CORRECT...I do L/O ONLY
and I find many buyers...
My L/O are ALL open ended...
...as always,
GoodInvesting, Rocky
Although we like to think that we can get anyone financed, the truth of the matter is that we can't. That's why I do exactly what you are about to do, on the side. Once you run an ad to accumulate a buyers list, you'll know what we're talking about. It's finding the distressed properties that take some work.
hope this helps,
clear2close
[addsig]
Thanks for all the reinforcement. I will keep on truckin'