My First Possible Deal
I have an appointment tomorrow (Thurs.) morning with an owner who said he would be willing to consider a l/o. This was not only my first call but will also be my first appointment! Could you please advise on what forms I must take with me tomorrow. I have no clue. I just want to get it under contract until I find a tenant/buyer. If anyone has these forms or other wisdom to share with me please do so!
Thanks! 
I'm so excited and nervous!
CONGRATULATIONS!!! I'll let a more seasoned vet tell you what exactly you will need, but it's always great to hear somebody getting started.
Thanks for the encouragement wstone1! I'm really hoping for some help since this is such a time-sensitive matter! If you know ANYthing that maybe I need to know...let me know! (What a funny sentence! )
Thanks again!
First, in a lease option you want to get all the paperwork you can.
1. Lease Agreement with Option to Purchase Real Estate
2. Authorization to Release
3. Strandard Purchase and Sale Agreement
4. Affidavit and Memorandum of Agreement Concerning Real Estate.
5. Addendum for Possession after closing.
I also get a mortgage statement from the seller so I have the information to call and check that the loan is being paid.
The memorandum you file at the courhouse to cloud the title so the owner cannot sell the house to someone else while you are l/o it.
Congratulations. I hope this helps.
Jonna - So, tell us, how did it go??????
well.....well....I made a big mistake. After reading some of the posts here I was thinking...maybe I don't have to tell him I'm an investor on the phone...OOPS! I didn't mean to be misleading or anything, really, I just figured at least I'd get to go out and have my first face to face with someone. Well, turns out the guy is an investor...very successful investor...I got a little scolding and I learned my lesson! My Advice: alway say you're an investor!!! Well, you live and you learn (hopefully) otherwise you will never have a LIFE.
Thanks for asking!
Jonna
Quote:
On 2004-03-11 22:52, jonna_nixon wrote:
well.....well....I made a big mistake. After reading some of the posts here I was thinking...maybe I don't have to tell him I'm an investor on the phone...OOPS! I didn't mean to be misleading or anything, really, I just figured at least I'd get to go out and have my first face to face with someone. Well, turns out the guy is an investor...very successful investor...I got a little scolding and I learned my lesson! My Advice: alway say you're an investor!!! Well, you live and you learn (hopefully) otherwise you will never have a LIFE.
Thanks for asking!
Jonna
He scolded you...what did he say...I'm sorry I'm nosey...lol
[addsig]
Is it rude to try and l/o another investors property?
I don't much about lease options. I have a course, I havent gotten to yet. But yea, it would be interested to hear about "the scolding"
JB
[addsig]
Well, I am not so sure you had to identify yourself as an investor on the phone (Ron LeGrand generally advocates doing so as a part of prescreening; while others say get the appointment)--though it is generally considered a good idea to identify yourself as such at some point early in the discussion and definitely before you sign any paperwork.
I, too, would be interested in hearing what he said. Actually, I think it is fairly arrogant for him to scold you or any other investor for such a trivial thing. If you are in a relatively large populated area, you are bound to run into other investors.
Let me tell you the story! I am waiting at the house and here he comes pulling up in his 90,000 BMW. We chat on the way up to the house and when we walk in I AM AMAZED at this house! (He is an arct.) He build this house b/c he and his wife are now empty nesters and they were downsizing! Anyway, never moved in b/c they couldn't sell their "big" house. We make it past the entry way and I mention that I was an investor. (never got to see the rest of the house!! )He starts asking me why he would want me to l/o his house when he could do it. I just explained the whole thing about landlording and how he probably didn't want to be "hands on" w/ the tenats (RE: how to build multiple streams of income; conti and finkel) He kind of looked at me and just said "I have ten rental units, I own shopping centers, I don't need you for this." The he went on to tell me that if I was in the business than I should have told him up front and that I shouldn't have been misleading (I wasn't trying to be) and that now he had wasted a trip and time away from his office. I told him I was sorry and I never meant to do anything of those things....and then he just walked away not saying a word and went out of the house the back way or into the garage or something. He really was rude. He had the superiority complex. Which of course, his is very successful, obviously more than me but that DOES NOT mean he is "superior" to me or will ever be. (I've dealt w/ others who viewed themselves this way) Sooooo....anyway that's it! He was just not a nice or understanding person.
So did you key the beama?
So is it just me or did he miss the big picture?
He wants to l/o the house probably because it isn't selling or he is in a hurry or ? for any reason... you are someone going to 1) give him his deal presumably, and more importantly 2) place your future on the line to make sure the payments are made. What investor wouldn't want another investor making his payments and then SELLING his house for him in the process.
Seems like he is cutting his nose to spit his face... or am I off base as a newbie...
I'd give him about 3 or 4 weeks and call again to see if the house is still available. If so, see if his pride has subsided a little. He might be a motivated seller by then...who knows, there might be a deal there anyway. Don't wait on him though...next!
Good luck and never give up!!!
Todd
Jonna, that guy sounds like he has problems. You did great by taking the initiative, keep it up!
Don't forget to send him pleanty of your brochures about the advantages that you can give him with the L/O.
guy sounds like an Ahole!! just remember:SW>some will
SW>some won`t
SW>so what
SW>someone`s waiting
don`t give up ,get back in the saddle because there`s another deal waiting!!
damn i hate guys like that! if he was open to a lease option in the first place, then why is it no good to lease option it to YOU?! who cares what you're gonna be doing with it, the fact remains, he'll get his money regardless. normally in this biz you have to have tuff skin and be able to shoulder personalities like his.
with that said, i wouldn't deal with him, i wouldn't call him back later to check on the prop, i would speak to him if he called back and let him know i've moved on to bigger and better things but thanks. make him practically give you the place to get your biz back. and of course, do it all with a smile and pleasant heart .... b/c that hurts more!
congrats on getting that far into your first deal, you're already in the top 1% of investors in the country (from what they tell me - but who the hell is this "they" that everyone keeps quoting?)
Joanna-
I had a similar thing happen to me with an investor-but he was the opposite personality. He was selling the house FSBO for his son who had 5 offers for close to asking price but didn't have the time to handle the paperwork. So along I come thinking that this is a great house in a great neighborhood and it' s been on the market quite a while (which it had because he was in NO hurry so was taking his pick I guess and from out of state). But his dad (mr. investor) comes up in his pick up truck, nice as could be. Then he shows me the house even though we both agree this is not the house for me, but he is just so proud of it. Then he talks to me for 45 minutes on how he got into investing, even gives me his card in case I have any questions he could help me with. Before he goes he tells me about a deal he just got the day before! So you did NOTHING wrong by not telling him, this guy was wrong and his attitude stinks, beamer or no beamer. Cars don't impress me, people do. Good luck!
Lorraine