OfflineI talked to the broker that's selling those new homes for $85k and briefly told him what I'm thinking of doing (lease option) Then I got his email and put a few thing I wanted -Lease option with an assignment attached-.
Anyway I didn't here from them today,but check this out,I ran a ghost ad "brand new home for rent" and just got a bite.
He is interested in doing a lease purchase on the property and has someone who is ready to move in or he has cash to buy the property if it's at a 20% or more discount.
What is my next move
1)Should I call the listing broker and tell him I'm working without an agent and he can represent me.That way he would try and get me that lease option w/an assignment?
2)what do I say to the Investor who's interested?
My ad said I have a few homes out there, So do I tell him I rented a couple out already, but I have another home that I can possible do a lease option on?
Any help is huge for me.
Jason
Jason S.
San Diego, CA.
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1) YES. If you aren't working with someone exclusively yet, get the selling agent.
2) Try to lock up the property at a discount, then assign it outright to the buyer. Do you NEED to do the lease/option? Would the seller be more likey to take a straight cash offer? Could you lock it up with the seller holding some of it?
Is your buyer an investor or a future homeowner?
Rina
P.S. Jason, I have to leave in like 5 minutes, but I'm just trying to brainstorm with you.
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I haven't spoke to anyone yet and I need to get those anwsers.all I know is The Investor say's he has cash but it would have to be 20% or more below
or he wants a lease option because he has a renter ready to go.
Jason S.
San Diego, CA.
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Jason:
Rina's right; lock up the deal. However, you need to somehow prequal the lessee & investor/purchasor. Find out about lessee's employment situation. Find out if investor's really in a position to purchase during your option period. Find out if he's got good credit. Buyers are liars, so carefully screen this guy.
As far as the listing broker is concerned, go with him. He'll be much more helpful than if you have your own agent.
That being said, looks like you found a good fish!
Happy fishing!
JennyInMalibu
This is my first entry on this website and I have been following your progress since your initial journal entry. I'm a brand new academy student and would love to help out, but I'm afraid that I will give you wrong information. I just wanted to encourage you to stay focused and things will fall into place. Great job with the perseverance.
Rommel
have a chat with the person that is interested in the property and get to know him/her a bit better. gathering a little intell on your prospective buyers can prove useful. find out what he is looking for exactly ie: terms, price, why he wants the property, etc. That might give you insight on what you need to do to make the deal work. (if this deal doesn't work out, at least you have someone to add to your list and have their requirements (esp if they are investors)). Find out why, if he is willing to do a lease/option at ur price, why does he need a 20% discount to purchase the home with cash? It makes me ask, "Is he a credit challenged buyer? or is he another wholesale investor himself?" That way you know who you are dealing with. Once you figure that out, that could give you some insite like i said earlier on how you want to proceed with the deal. Then get the broker you are already working with to represent you, lock the deal up, and proceed my good man!
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I just got another response to my ad and I talked to him.
He's looking to get some cash flow going for himself and plans on moving down to my area in a year or so.
He's looking for 2 properties.He wants 1 of them as a rental (to cash flow) and he can also put a lot of $ down and finance the rest.
So this even opens the door even more for me.
I told him I have a couple of offers pending and it's a great area to cash flow.I also told him I'm using different strategies wholesale,lease option ect.and he wants me to let him know what I got.
Any suggestions would help.
Jason
Jason S.
San Diego, CA.
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This sounds like it could be a long term relationship for you two if the first deal is good or a bunch of lip service just to position for a great deal. Take the Copy Ninja's advice and drill down to the next level. Remember, one more question could be another $1000 in your pocket.
I just spoke to the broker and he was going to find out what the bank will allow.It sounds like nobody has done an assignment or a sandwich lease on these new homes.I told him He could represent me and I have a number of way's to structure a deal.I also told him I have few buyers with cash looking in this area.
He sounded interested in structuring some deal with me.
Jason S.
San Diego, CA.
**All CASH House Buyer!**
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