OfflineOne of my favorite authors is Zig Ziglar and my favorite quote from him is "If you help enough people get what they want, you will get what you want."
I've decided that I need to help more people! I think the best way to help many people is through "Sandwich Lease Options". I can help people who can't sell their house, sell their house to someone who wants to buy a house, but think they can't. It is the one type of deal that I haven't done yet. I first learned about these types of deals as part of my success academy training. I then heard it further explained at the EDGE by Greg Murphy, but at the time is wasn't something that I pursued.
Why "Sandwich Lease Options"?
- They are a WIN / WIN / WIN
- They don't require any money
- There are plenty of potential deals out there
- No one else I know of is doing these in my market
I will post my progress here so you can follow along plus it keep me accountable. If someone wants to volunteer to keep my honest I would love to have someone to walk this journey with.
Here are the 4 stages that I need to get in place to set the foundation for success:
1. Documents
2. Power Team
3. Market For Buyers
4. Market For Sellers
Right now I am in the document stages, get all the documents completed and reviewed by my attorney. I have all the documents drafted, I just need to get them reviewed by my attorney. I just signed up for Legal Shield and need to connect with my attorney to have them reviewed.
I actually have my power team in place: credit repair company, mortgage broker, attorney (I need to get a new realtor in place, but I am not worried about that, I will be contacting a bunch of them and I am sure one of them will be the one).
I have also started down the paths for marketing for buyers & sellers. I am going to try a few methods and see which ones work best in my area.
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
Contract signed!!!!!!!! Now to find a tenant/buyer! Marketing started!!!
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
Marketing posted, signs out, key in hand!
Have gotten a bunch of calls & e-mails, building the tenant buyers list!!!
Thanks for all your help Karen!
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
It is my pleasure!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Chris,
Where did you go to buy your TB list?
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
I think he meant to say "building" his t/b list. (right Chris?)
Less Talking, More Doing
Great job! Really excited to hear about your first deal in the works. Thats a great start to helping 100 people.
Where did you get your documents for th sand lease option?
I have alot of T/B's lined up but have not madean offer yet. I am not really sure how to do it yet. Any suggesions would be great!
I didn't buy a tenant buyers list. I post ads on Craigslist.
Where did you go to buy your TB list?
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
Yes, i meant building my buyers list.
I think he meant to say "building" his t/b list. (right Chris?)
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
Thanks for reading my journal!
I feel that this is the right niche for the market I am in.
Well...I can't really explain everything here, but you need three things:
- buyers
- sellers
- and documents
There are a number of websites & books out there on this topic, I suggest you locate a few and read up on it before you go too far.
Education is key! Knowledge is Power!
Where did you get your documents for th sand lease option?
I have alot of T/B's lined up but have not madean offer yet. I am not really sure how to do it yet. Any suggesions would be great!
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
Here is a very good place to start. This will keep you busy for a while and teach you a LOT!
http://www.deangraziosi.com/real-estate-forums/everything-else/71370/lea...
Good luck!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
21 - Responses to my ad so far
5 - potential tenant buyers want to see the property
1 - potential tenant buyer has seen the property
NOW IF THE SNOW WILL STOP SO WE CAN SHOW THE HOUSE!!! LOL
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
L/O Deal #1 is right around the corner!
Just need to button up some paperwork! Thanks for all your help Karen!
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
It will be exciting when you get it all tied up, but I will miss the 4am phone calls!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
That is pretty cool!
I am curious to know about the 4 am calls...
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
East coast/west coast!
I don't turn off my phone at night and I have a whistle alert on my texts. One of my east coast partners texts me at around 5:20 am Eastern time (2:20am PST) when he starts his day and Chris does at about 7:10 (4:10am PST) when he leaves for work. (They only did it once. Once I told them it whistles, they didn't anymore) Then last wk on his way in to work, he pocket dialed me! I'm just teasing him! I honestly don't mind! I am just happy to be doing deals!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Hey just wondering how you set your L/O's up with the seller of the house? Does the contract just state that you can sublease any tenant in the home without consent from the owner? And then would a sample scenario look like this: You sign a L/O with the seller for $2k down, $1000/month on a 3 year term. Then you find a T/B who will do it for say $4k down, $1200/month on a 3 year or less term? Would love some feed back and insight as to how that is worded in the original contract! Thanks!
Jonny Carlson
612.963.3445
"Looking to invest in properties in the Twin Cities"
#FLIP-Faith.Love.Integrity.Positivity.
It's a good thing you explain that one! LOL
I don't turn off my phone at night and I have a whistle alert on my texts. One of my east coast partners texts me at around 5:20 am Eastern time (2:20am PST) when he starts his day and Chris does at about 7:10 (4:10am PST) when he leaves for work. (They only did it once. Once I told them it whistles, they didn't anymore) Then last wk on his way in to work, he pocket dialed me! I'm just teasing him! I honestly don't mind! I am just happy to be doing deals!
Karen
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
Typically on a lease option you make money 3 ways: up front, in the middle, and at the end.
Up front: Purchase Option Deposit (on this particular deal we are looking @ $8k)
In The Middle: Lease agreement to Tenant buyer is higher than you lease agreement with the owner (typically $200 - 300 / month)
At The End: Final sales price is higher than what you are buying for.
The end is where the big $ is made. Typically we buy for what is owed at the time of closing (1 - 2 yrs later), and sell for market rate at time of sale. So there can be a big spread here $20k - 50K.
Hope that helps, let me know if you have any other questions.
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
I haven't been on here in a while so I figured I was long overdue for an update.
I had a young women who was very interested in the property, we were about to finalize everything and her father passed away. She says she is still interested, but wanted some more time.
I had over 50 calls on the property, but seem to be having a hard time getting people to show up to view the property, I had 4 bookings at the same time last Saturday and no one showed.
I have been using a combination of Craigslist ads and bandit signs to promote the property.
The calls keep coming in, so one of these is going to be a "HOME RUN" I know it!
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...