Lease Options are all about cash-flow. You get three paydays: down payment at lease inception, monthly cash-flow, and getting cashed out when your Tenant/Buyer closes. What other questions do you have? Please, post them on the Forums, so others can learn.
[addsig]
Thanks for the information! where do i start? do i entertain the thought of putting ads in the paper need someone to point me in the correct direction. need a mentor help!
The irony of articles like these is that they completely gloss-over the fact that these so-called “victims” are usually only a few weeks from losing their home and equity anyway.
I’m not saying there aren’t scams and unethical investors out there conning people in foreclosure. There are, and lots of them. And those people should be held liable.
There’s also a lot of newbies and wannbe investors that don’t have a clue what they’re doing, and who are just as damaging to a homeowner.
But most of the examples they give in this story sound like normal investors to me. And the people who couldn’t afford their house before the investor came along, still couldn’t. Whatever it was that put them in foreclosure in the first place hadn’t changed. And it certainly wasn’t the investor that caused that.
I would however like to see the whole story on what is going on and not just the side of some reporter who talks to an owner who was $27K behind in payments and received $10K for his house. Personally I never leave the owner in the house, so I wonder if this owner would have taken the $10K moved out and had his back payments paid up?
Also, I did not see what the equity was in this property.
Believe me I am not supporting the rip off folks, but sometimes these stories can be a tad biased.
The way that I understand lease-to-own strategies is that you should already have an option to purchase form signed between you and the owner, and a sub-lease with and option to purchase between you and the T/B so that the simeoultaneous closing can be done.
Thanks for the reply. I understand that much. The problem is lenders do not particulary like double closings. I foresee my TB having great difficulty closing on this property. How is the closing structured? If I am not currently on title, and my TB is purchasing from me, this will send RED FLAGS all over my TBs loan process. In addition, I dont have cash to close in a double closing.
Lease Options are all about cash-flow. You get three paydays: down payment at lease inception, monthly cash-flow, and getting cashed out when your Tenant/Buyer closes. What other questions do you have? Please, post them on the Forums, so others can learn.
[addsig]
Thanks for the information! where do i start? do i entertain the thought of putting ads in the paper need someone to point me in the correct direction. need a mentor help!
Thanks for sharing the link.
The irony of articles like these is that they completely gloss-over the fact that these so-called “victims” are usually only a few weeks from losing their home and equity anyway.
I’m not saying there aren’t scams and unethical investors out there conning people in foreclosure. There are, and lots of them. And those people should be held liable.
There’s also a lot of newbies and wannbe investors that don’t have a clue what they’re doing, and who are just as damaging to a homeowner.
But most of the examples they give in this story sound like normal investors to me. And the people who couldn’t afford their house before the investor came along, still couldn’t. Whatever it was that put them in foreclosure in the first place hadn’t changed. And it certainly wasn’t the investor that caused that.
Just my 2¢
Well these folks are only warning up for what is to come if they are into foreclosure scamming.
http://realestate.msn.com/buying/Articlebusweek.aspx?cp-documentid=808749
I would however like to see the whole story on what is going on and not just the side of some reporter who talks to an owner who was $27K behind in payments and received $10K for his house. Personally I never leave the owner in the house, so I wonder if this owner would have taken the $10K moved out and had his back payments paid up?
Also, I did not see what the equity was in this property.
Believe me I am not supporting the rip off folks, but sometimes these stories can be a tad biased.
John $Cash$ Locke
[addsig]
Does anyone have any suggestions here?
Thanks again,
neutral
The way that I understand lease-to-own strategies is that you should already have an option to purchase form signed between you and the owner, and a sub-lease with and option to purchase between you and the T/B so that the simeoultaneous closing can be done.
I hope that helps
Thanks for the reply. I understand that much. The problem is lenders do not particulary like double closings. I foresee my TB having great difficulty closing on this property. How is the closing structured? If I am not currently on title, and my TB is purchasing from me, this will send RED FLAGS all over my TBs loan process. In addition, I dont have cash to close in a double closing.
DOES ANYBODY UNDERSTAND MY QUESTION!!!
neutral