In California
Has anyone had much success here in california with lease option buying and then sub leasing it to a new buyer...I was talking to a gentleman this morrning and he told me that L/O way of investing is something done more back east and it does not work well here in California,,He was kinda one of those grumy old men type that thought I was wasting my time getting into REI....He kinda acted like he was affraid of me getting it started,,,like I'd take all his deals......Is buying on a lease option a good deal when the buyer does not like the idea of me taking her property Subject two............Thanks for all you help and wisdom..........MD 
What have you all found to be a good down payment to the seller of the home I know it depand on seller but is it more posible than not to only give them $500.00 or is it customary to give them $ 5000.00
mjd.
There is no standard on downpayment it is all up to you to do what you think is right and also good for you.
I have taken over properties and been paid a fee to so do it.
Hollywood Condo one bedroom one bath. The owner is offered a job back in Japan and he is gone. Paid me $2,000 to take him off title and he left me with checks to pay the next six months. He wanted out and he wanted to leave right now and nothing remaining behind. So I complied. I did have to paint a bit and burn all of his magazines that he had stored up in the closet. Yes they needed burning. I leased the place for a year or so and then moved in a relative who of course sold it for a profit.
Done when the occasion demands.
Lucius
thank you Lofus for you post,,,,and the visual on the magazines ( ruht roo ragy )
Yes, a friend of mine makes about $50k
per deal her in California. He ties up
properties and lease options them for
110% of market value with a considerable amount down.
Jeffrey Adam
Question: "Can lease option be done?", is easily answered: Yes it can! However, finding the answer is it probable and where is it probable, is where your question really want to be:
For decades now, (Southern) California is experiencing Infinite Ingress. A Human waive is braking over the state, flooding the freeways and schools and bloating the coast of housing. With market appreciation skyrocketing in triple digits, it definitely make less sense for one to expect to find such deals on each corner of the typical median house street. Never the less, I do manage to find them in an over the mill niche. The only problem with expensive houses is, you have to have the money reserves in case and you have to know how to market this type of properties to those prospects who have the income but not the credit.
You have to spot the wannabes becasuse Californian's can be overly tricky, pretending they can buy 2 million house to impress a new girlfriend, while when you scratch deeper, they drove that day their best friend's Navigator.
Specializing in L/O on expensive residences can be quiet lucrative but it can be tricky as well so the question is are you up to the game? Having the buyers lined up in advance and for the time when you find your seller, is the key for this niche. Use it to your adventage and you can in several years turn out to be wealthy! [ Edited by omega1 on Date 01/26/2004 ]
mjdreal,
With a motivated seller, lease option and subject to purchases are absolutely available in CA. L/O in the more traditional real estate mentality is something a seller does in a tough market to attract buyers. Sub to is not something too many sellers have ever been exposed to and often takes some explaining. Your "grumpy old man-type" conversation was with someone who does not think like you need to: Creatively!
Dont get discouraged by the naysayers on the street, read the posts herein and thrive ...
MarkR
Thank you all for your replies,,,,,,,Matt