OfflineI recently got my first house using a "Subject to" clause and I have title of the property. I also just signed a Lease with Option on the property starting November 1st.
The orignal home owner called my number from my bandit signs, had house listed with agent since May and had not one showing, good neighborhood, owes about what is worth and was planning on loosing money at closing if there ever was an offer. Little rehab needed under $1,000.
I will collect first month and security deposit on the first. They signed a lease for six months, due to the fact that they don't have their Lease Option money until tax time $5,000, so short term lease until option fee is paid. In case they don't I will re-lease it in the spring to someone who wants to be homeowner, collecting another fee and do it again.
I will net about $200 a month for rent, collect $5,000 non refundable lease option payment, and if they purchase the house in two years, I will make approx., $26,900. Yeah!
It is amazing the deals that can be structured, isn't it?
Very happy for you!
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!"
Congrats on your first deals! Making money on the front, in the middle and on the back end is really awesome!
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.~
Thank you Karen and Lenee! I am so excited to see the wheels put in motion. Your words of encouragement help keep them moving. Also, it is a little pat on the back when you find a deal, make it happen, put some money in your pocket and on the road to success! All by doing what Dean has taught us! I love all the options one can do on a deal, there is never just one way! Yeah! :0) I will be posting deal #6 & #7 in a little bit. Also, Karen I will be updating the status of my Bank REO thread that you advised me on. Thank you gals again!