Creative Options for Potential Rental

go to search bar in uper left corner type in lease options then hit enter might help

Use your self directed IRA. Heck, charge it on a credit card, at $900 a month you could own it free and clear in less that 2 years. Do a hard money loan, fix it up and do a no season re fi.
Read here about L/Os the info is all here on this site so I am not going to explain lease with option to purchase when all you have to do is a little research your self right here on the DG site. EDUCATE YOURSELF!! Take action and personal responsibility to learn this stuff yourself.

Good luck on this deal!

Michael Mangham
MD Home Acquisitions LLC

Michael Mangham in #2 above is all over this one! (as usual)

You can own it free and clear in under 2yrs!!!....even at $17k

You should FIND a way to make this one work...seems like a great deal

Ask them if they are looking to buy rentals in that neighborhood. Sometimes, it's all in the location and marketing.

Thank you, everyone. First off, I absolutely understand how fundamental it is to educate myself. I've been researching lease option techniques, but wanted to see other creative strategies for the acquisition of rentals, since this would be my first rental, and quite frankly, I have much to learn about buy-and-hold investing. ThisHouseBuyer, I've tried all of those techniques in regards to marketing. I've generated quite some interest from the ads I've posted online. Thing is, the individuals I've spoken with aren't fond of the neighborhood or were either wholesalers who haven't called me back. I also passed out fliers at one of my local real estate investment clubs. The area is a bit destitute due to some surrounding properties needing to be fixed up, but it's not a war zone, at least in my eyes it's not. However, people have different perceptions of what a war zone is. When I met with the seller yesterday, there were 2 other fellows who were offering him $25,000 cash on the spot. I felt a bit intimidated, but I wouldn't allow myself to retreat, so I told the 2 folks respectively that they could cash me out of my contract if they wanted the property that bad. The seller simply told the 2 guys that he's under contract with me and he wouldn't exit our agreement until I feel I no longer wish to pursue the property.

****Again, I'm quite diligent when researching strategies, so please don't feel as if I don't attempt to research prior to asking questions. The reality is simply this: some people have mind-blowing techniques that may not be evidenced via this site or others. It's a matter of us coming together to share some techniques that may not have been revealed.

Thanks again, for your replies.

I hope you got the 'other 2 fellows' info and told them you find wholesale deals and add them to your buyers list.

If not maybe the seller did - get it from him

Hello, Mike. Yes, I have their contact information.

Questions about putting it on a credit card. I supposed you'd want your lower 4to6% interest rates and paid off within the year? Also will a credit card allow you to purchase a house in that amount with a card assuming you have enough credit. Also if a personal transaction is taking place, say FSBO how do you run the credit card. Sorry if I am dense here. I suppose you can write a check, but they usually have very high interest rates. I, myself have card that I can write several thousand dollars at 0% interest for more than a year, since I have an excellent credit rating, is this more of what you are thinking when you say put it on the credit card. Also if you did the transaction through a title company I supposed they take the card??? Tammy

If you have good credit, get unsecured line of credit(signature loan)for the amount. Even if you flip it quickly for a profit, dont payoff the loan for at least 6-7 months,( pay payments early and pay 2 payments one month) due to it won't show on your credit and improve your credit rating/score.

Thank you for the continual replies. Hey, Thomas, I appreciate your support! I'm thinking of just assigning my contract. This was my initial decision - to flip this property quickly, but the process became tougher than I expected. I still have potential buyers considering the property. Through all of this, I started to see the beauty of me acquiring the property and renting it out myself since it will cash flow wonderfully. However, I'm leaning towards assigning the contract again. Yesterday, when I met with the seller, some of the neighborhood folks and their "persistent friendliness" made me reconsider holding this property, especially if I have to check on the place routinely and worry about unwanted attention. I shall keep everyone posted.

Mike, I've considered the credit card option. The dilemma I'm having is that I'm tied up in a property that will need a complete rehab, so my money is flowing in that direction. This is another reason I'm beginning to think I should assign my contract for the Trenton rental as I don't wanna have all my cash tied up in these 2 properties. Actually, the rehab I'll be doing is my first priority.

Hey, wassup masseur07! Thanks! And, indeed, I'm totally in the driver's seat with this one. I've never dealt with a seller who's been so patient, kind, and flexible. Only if it were always as easy as this particular situation......

Have you thought about equity partnering with the seller?
Have you thought about asking the owner for seller financing (perhaps with a shared appreciation mortgage)?
Have you thought about funding the deal via split funding?
Have you considered doing a swap or exchange?

Thanks, dp2, for your suggestions. I've gone back to concentrating on assigning my contract on this one. I have a few other RE projects that I need to focus on. After speaking with my partners, I realized that even though this opportunity is a wonderful one, I musn't get in over my head, especially since I have another house that I'm making payments on until the rehab is complete. In addition, the seller of this property is hoping to sell me another one of his rentals in February 2012. I just may wait it out and purchase his second property next year, God willing.