Forms or questions to ask seller, well the questions you may need would be
Monthly payments,
Do I pay taxes and Insurance or will the seller keep paying for those
Do I get my own insurance on the property
Will any of the payments go towards the purchase of the home
How many years do I need to pay on the property until I can take ownership.
Can I refinance at any time.
those are a few questions that would help when getting involved with a rent to own
__________________
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
Follow my daily investing journal and read about the deals I've done and am working on at:
Coach mike has given you some good questions to ask the seller. MOTIVATED SELLER is the magic question we have to find out and by asking these questions also .... You will find out how motivated they are:
1. Get all property size, age,amount of bedrms, baths,garages,water system, septic system , roof system etc condition.
2. Get all expenses such as taxes, insurance , utilities, THEIR MORTGAGE if possible, .... Write this info ALL down for future reference.
3, let THEM TALK about the property
4. Ease into the conversation of WHY they r selling
5. Determine if they NEED or just WANT cash now or if they can rent to own.
6. Let the seller know you are a local investor with high credentials and high integrity that can take this property off his or her hands if they can work with you.
7.talk about what is going on with THEIR situation in dealing with THEM trying to rid theirselfbof this property.
At this point you should have a good idea if this is a real MOTIVATED seller and if so then NOW is the time to start talking about seller financing / rent to own and the terms
8. Let THEM TELL you what they desire for terms and then NEGOTIATE frOm here by asking if they would be interested in YOUR terms/ MNTHLY payments, total price and interest rate.
Now all the terms and prices and Interest rates are dependent upon if this is a rental for you or you r going to assign or sandwich this to ANOTHER buyer.
My strategy on these is to FIRST build a buyers list with a ghost ad on Craigslist of buyers who have at least $5000 down and can afford 5-700 per Mnth
Then I KNOW I have to negotiate to buy at 1-3,000 down and 300-500 per Mnth so I can profit in the middle.
The total price and interest should leave room for MORE profit for you )$$$
Good luck and go CREATE a deal !!!!
Jay
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Forms or questions to ask seller, well the questions you may need would be
Monthly payments,
Do I pay taxes and Insurance or will the seller keep paying for those
Do I get my own insurance on the property
Will any of the payments go towards the purchase of the home
How many years do I need to pay on the property until I can take ownership.
Can I refinance at any time.
those are a few questions that would help when getting involved with a rent to own
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
Follow my daily investing journal and read about the deals I've done and am working on at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...
Coach mike has given you some good questions to ask the seller. MOTIVATED SELLER is the magic question we have to find out and by asking these questions also .... You will find out how motivated they are:
)$$$
1. Get all property size, age,amount of bedrms, baths,garages,water system, septic system , roof system etc condition.
2. Get all expenses such as taxes, insurance , utilities, THEIR MORTGAGE if possible, .... Write this info ALL down for future reference.
3, let THEM TALK about the property
4. Ease into the conversation of WHY they r selling
5. Determine if they NEED or just WANT cash now or if they can rent to own.
6. Let the seller know you are a local investor with high credentials and high integrity that can take this property off his or her hands if they can work with you.
7.talk about what is going on with THEIR situation in dealing with THEM trying to rid theirselfbof this property.
At this point you should have a good idea if this is a real MOTIVATED seller and if so then NOW is the time to start talking about seller financing / rent to own and the terms
8. Let THEM TELL you what they desire for terms and then NEGOTIATE frOm here by asking if they would be interested in YOUR terms/ MNTHLY payments, total price and interest rate.
Now all the terms and prices and Interest rates are dependent upon if this is a rental for you or you r going to assign or sandwich this to ANOTHER buyer.
My strategy on these is to FIRST build a buyers list with a ghost ad on Craigslist of buyers who have at least $5000 down and can afford 5-700 per Mnth
Then I KNOW I have to negotiate to buy at 1-3,000 down and 300-500 per Mnth so I can profit in the middle.
The total price and interest should leave room for MORE profit for you
Good luck and go CREATE a deal !!!!
Jay
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
Need me to FINANCE a home ? http://www.jaysrenttoown.com
CHECK OUT MY JOURNAL http://www.deangraziosi.com/real-estate-forums/investing-journals/20063/...
find out if seller has any loans against the property? If the payments are low enough, ask if you can take over the payments?
Also ask if you can make larger payments that would go towards principal? How much interest will he charge on the loan...
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...