Sandwich L/o Question
For people that do sandwich lease options, do you always line a buyer up before finalizing your l/o with the seller? How often does a seller agree to l/o the property to you only if/when you find another tenant buyer? Where is this contingency put? I was under the assumption that when buying, you use 1 contract for the lease and option, but when signing this up, where do you put such contingencies? Is there another agreement involved?
So your saying you you dont make the contract binding until you find a buyer, and they are free to sell to someone else during that time? Are we talking about the combined lease/option contract here? What I dont get is this: So the l/o contract says I will lease the property and have an option to buy it in the future, but also somewhere in this agreement it says the whole contract is contingent on finding and end leasee/buyer?
Yes, but I typically find a Buyer very quickly. Yes again. And yes, but I am also protected by both the nonexclusive clause and the 30-day right to rescind.
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"A deal is only as good as the quality of your Contracts." --Me[ Edited by LeaseOptionKing on Date 01/09/2008 ]
billfaith, I have used my quota in private messages, so I am unable to read your last one. You should ask questions here on the Board anyway, so that others may also benefit. What was your question?
[addsig]
i have a few non exclusive options with sellers for a 90 day period but im having trouble finding tenant/buyers with 3 months plus 5%
im giving them 100% of the tax write offs while leasing, 5% full refundable, 50% of any future appreciation/principal reduction when the refinance
what kind of terms are you advertising? most of the leads im getting have no cash at all. but then again these are people with renters mentality versus owners mentality
leaseoptionking, how are you finding these tenant/buyers quickly? maybe my terms are too much?
How are you giving them the tax write-offs?
[addsig]
Man, you really overcomplicate things.
[addsig]
HaHaHaHa!!!
outsourcing is a great idea especially if i can automate this and let other people do the grunt work while i can focus on the transaction engineering part. im getting leads off my websites, referrals, agents, loan officers and classified ads. i havent put any yard signs on the property yet, so im working on that at the moment so i can get them up and running.