Lock In Buyer Though Not Agent?
Does anyone know of a way to lock in a tenant buyer to work with me besides becoming a Real Estate Agent? I would take them out to look at props, once I've found one they like, I would negotiate the purchase to buy the property myself from the owner and then lease option to my tenant buyer.
Objective being not to get cut out of the deal once the seller and end-buyer become aware of each other.
JohnCl
JohnCl,
Besides the strong possibility you would be cited for Brokering With Out A License, are you saying you would find a Tenant Buyer, drive them around neighborhoods when they see a house they like, you would then contact the owner of the property and purchase the property for them, does this about sum it up?
I just want to make sure I understand your question. Wait one, how are you going to purchase the property from the owner?
John $Cash$ Locke
Why not try getting a house under contract via a L/O, and then selling to your "lokced-in" T/B, you have cruising the streets with you?
Yeah most folks would see this as brokering, however if done properly, it isn't.
If you want the T/B to find the property to themselves, tell you about it, then you go meet with the sellers & sign a deal up with the sellers on a L/O (with right to sublet), and eventually sub-leasing to that T/B. There is nothing wrong with that..unless I'm missing something. That T/B is pretty much a bird-dog in this case.
But since you're a principal in the deal, you have those rights....eventhough you appear to be brokering.
Just be careful as to how you structure things, and what you are disclosing to everyone.
You can still make this work, JohnCl.
Good luck and let us know if you need anymore info.
Take care,
Jason
Another thought....
You don't necessarily have to have them riding in the car with you.
Just tell them to go find a house they like in a particular area that is for sale BY OWNER, then to copy the info and #s....give them to you...and you negotiate with the sellers.
I am assuming you plan to either structure a sandwich L/O or perhaps a L/O assignment, yes?
Nothing wrong with this...just be care.
Very effective way to find properties and structure deals, I might add.
Like I said earlier, these T/Bs are free bird-dogs
Jason
John & Ichabod,
Yes, that just about sums it up. Thanks for the ideas. I am just worried that the buyer will call the seller directly. I wonder if I could just pay the @$399.00 to get a Realtor's License, become a owner/agent (even though I haven't bought the property yet), and then buy and sell houses like this?
JohnCl