Attention Lease Option Kings and Queens - Need Some Advice
To all of you lease options kings and queens, I need some help and some advice on these. When you go to sign a lease option agreement with a seller, what are the main objections you may overcome and what is your response to those questions? I had one last night, and the dad asked about 10 thousand questions that some of them I had never really gave thought to. He was very well prepared, and since it was my first possible lease option deal, I was going in there with knowledge, but no experience on how to actually put together a deal. Knowledge is excellent, but having knowledge and experience is a whole different ball game. Here's the deal: I was going to take over this lady's payments with no money down on the property. I was then going to lease it back out to a retail buyer for about 15K more than what I purhcased the house for and then up the monthly payment by 200.00 to create a positive cash flow situation for me. I have a waiting list of retail buyers that have been checked out that have filled out our application and have gone through the screening process. This house was in decent condition, and had 5 bedrooms 3 bathrooms. The price tag on the house that I was going to pay for was 73,203.85 which was what was the remainder on the house mortgage. However, her father had asked many questions I had not thought of, and since I haven't been in business for long, he talked his daugter out of doing the deal. So now she is stuck with a house that she doesnt want and doesn't need. I am a very very new newbie, and I have never done a lease option. I am just putting together my first wholesale assignment. If anyone can tell me how to put together a lease option deal with overcoming objections, putting together escrow..etc. etc. I would be ever so grateful. Thanks for helping out a newbie!!! Destrie
To all of you lease options kings and queens, I need some help and some advice on these. When you go to sign a lease option agreement with a seller, what are the main objections you may overcome and what is your response to those questions? I had one last night, and the dad asked about 10 thousand questions that some of them I had never really gave thought to. He was very well prepared, and since it was my first possible lease option deal, I was going in there with knowledge, but no experience on how to actually put together a deal. Knowledge is excellent, but having knowledge and experience is a whole different ball game. Here's the deal: I was going to take over this lady's payments with no money down on the property. I was then going to lease it back out to a retail buyer for about 15K more than what I purhcased the house for and then up the monthly payment by 200.00 to create a positive cash flow situation for me. I have a waiting list of retail buyers that have been checked out that have filled out our application and have gone through the screening process. This house was in decent condition, and had 5 bedrooms 3 bathrooms. The price tag on the house that I was going to pay for was 73,203.85 which was what was the remainder on the house mortgage. However, her father had asked many questions I had not thought of, and since I haven't been in business for long, he talked his daugter out of doing the deal. So now she is stuck with a house that she doesnt want and doesn't need. I am a very very new newbie, and I have never done a lease option. I am just putting together my first wholesale assignment. If anyone can tell me how to put together a lease option deal with overcoming objections, putting together escrow..etc. etc. I would be ever so grateful. Thanks for helping out a newbie!!! Destrie
Destrie
Failure Is Not An Option