Sat, Jul 04, 2009
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Lease/options |
buzzer47
7 Posts
Member Since: 06/15/2007
Tulsa, OK
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Posted: 00:43 on 07-05-2007
i've been reading alot about lease with the option to buy. i'am new to investing, actually i have'nt done anything yet just trying to get all the info i can so i don't go out and make an idiot of myself or get myself in deep trouble. for some with not so good credit and no money up front is the lease option the best way to go, or am i just dreaming trying to get into real estate. any advice would be of help or tell me to just keep my day job.
thanks buzzer47
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[ Edited by buzzer47 on Date 07/05/2007 ]
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pmatheson1
407 Posts
Member Since: 03/03/2003
Alamo, CA
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Posted: 14:51 on 07-05-2007
Keep your Day job til you can afford not to! It will allow you to obtain new loans at favorable rates if employed with good credit.
A Lease with Option to Purchase is a valid tool to use. However, you need to get educated on the Pros & Cons.
How will you get out of it? Sell? For what price? Can you give any terms to new buyer?
Refinance? How is your credit and ability to qualify for a new loan?
Why are you Lease Optioning? Will you be in a position to perform when your time is up? Why do you think so? Can you get the owner to extend the option period? Maybe an additional Option deposit or a small raise in the Option Price??
GET Educated on Lease Options! Many books on this, Try your local Library if short on $$.
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buzzer47
7 Posts
Member Since: 06/15/2007
Tulsa, OK
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Posted: 00:15 on 07-06-2007
thanks pmatheson1 for answering my post.
i totally, have no idea of quitting my day job at this time ,i was just asking if i should not even get into real estate investing. i do not want to do anything until the time is right and i have enough knowledge to do so. i have been reading some e books from Claude diamond and reading some of the posts from the loking, and numerous of others on this forum so far seems to a ton of information and knowledge here, and i will continue to read posts from everyone here. again thanks your advice. good luck to you!!
[ Edited by buzzer47 on Date 07/06/2007 ]
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LeaseOptionKing
1553 Posts
Member Since: 07/26/2004
Columbus, GA
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Posted: 08:37 on 07-06-2007
A L/O is a great way to get into a pretty house in a nice neighborhood with zero cash if you find a Seller who needs debt relief (can't make the mortgage payment). After 12 payments, you can get financing even with damaged credit (some lenders will treat it as a refi).
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Homefinders
14 Posts
Member Since: 04/28/2007
Conyers, GA
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Posted: 03:06 on 01-05-2008
Have you done any serious research regarding monthly rent in that area or any area you are considering? Rather than asking real estate agents for Comps , I would seriously suggest asking MANY rental agents in your preferred area what properties are renting for. That will giving you a starting place and from there you can decide on an option fee for a lease purchase. You may need to offer several different leasing structures with different option fees (higher rent with lower option fees). The market will decide for you. But don't ever buy a property you plan to rent based on Comps or appriasals from your agent. Research yourself with a number of rental agents. They have no incentive to lie!
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gravenstuk
1 Posts
Member Since: 02/04/2008
Long Beach, MS
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Posted: 22:15 on 02-04-2008
Its nice of you not to fraudulently use a real estate agent's comp skills. Comps may be offered free, but believe me they cost us. However, your statement, "Research yourself with a number of rental agents. They have no incentive to lie! " was very rude and incensitive. Blanket statements show a lack of intelligence as well. Frankly, your ignorant attitude disgusts me. --Yes, I am a licensed agent, REALTOR, Broker, Mother, Wife, Sister, Consumer, Christian, Citizen. I have been trusted with keys to businesses, luxury homes. I apologize for getting so "wordy", your response was not worth my time. I have Comps to work on that could potentially save a person thousands of dollars."
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On 2008-01-05 03:06, Homefinders wrote:
Have you done any serious research regarding monthly rent in that area or any area you are considering? Rather than asking real estate agents for Comps , I would seriously suggest asking MANY rental agents in your preferred area what properties are renting for. That will giving you a starting place and from there you can decide on an option fee for a lease purchase. You may need to offer several different leasing structures with different option fees (higher rent with lower option fees). The market will decide for you. But don't ever buy a property you plan to rent based on Comps or appriasals from your agent. Research yourself with a number of rental agents. They have no incentive to lie!
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