Posted by who cares on July 11, 2008 at 08:06:28:
have a conversation off the board about all your little problemns.
then you could have cheese with your whine!
Me again. Completely new subject. Lease Option Q: - Posted by Corine
Posted by Corine on July 09, 2008 at 12:22:08:
I’m advertising a couple of homes for rent, have excellent financing on both, one is at 5.25 30 year fixed. Right now it’s my primary.
I’ve had two people today approach me to lease option them.
From my other postings, I have stated that I’m a buy and hold investor. More important than the property is the financing I’ve set up. They are good homes, very nice really, and I don’t want to sell.
Is there something I’m missing here? ie. I read a stat that most never exercise their options, is that right?
Re: Me again. Completely new subject. - Posted by Chad (MD)
Posted by Chad (MD) on July 10, 2008 at 19:42:29:
I think you should enter into a lease/option with a couple of unsuspecting “buyers.” You can charge them higher than normal rent and a hefty option fee even though you are a “buy and hold investor” and “don’t want to sell.” That way you can give a bad name to all of us ethical landlords.
Re: Lease Option Q: - Posted by DP
Posted by DP on July 09, 2008 at 18:27:36:
Whether they exercise or not depends on a lot of things. How bad is their credit to start with? How much do they put down? Do they make a lot of improvements to the house? Have they ever owned before?
If you’re dealing with someone who has never owned a house, puts a small amount down, and does nothing to try to get qualified then there’s virtually no chance they’ll exercise.
On the other hand if you’ve got someone who has owned a house before and is doing an LO to get back into the market, they put down a large amount of money, and do everything they can to get financing then there’s a very high chance they’ll exercise.
If you’re looking for an average I’d say about 25% exercise, maybe 50% if you’re really picky about who you LO to and work hard to help them qualify.
If you absolutely DO NOT want to sell then don’t do a lease option. Your goal in a LO should be to help people become homeowners, not to try to scam them out of their life savings.
Re: Me again. Completely new subject. - Posted by Corine
Posted by Corine on July 11, 2008 at 05:03:20:
Your nuts and completely off base.
Hey Chad, who put the cobb up your - Posted by JT-IN
Posted by JT-IN on July 10, 2008 at 20:26:00:
A$$…?
You answer this question like your being somehow slighted by this ladies question…
“I think you should enter into a lease/option with a couple of unsuspecting “buyers.” You can charge them higher than normal rent and a hefty option fee even though you are a “buy and hold investor” and “don’t want to sell.” That way you can give a bad name to all of us ethical landlords.”
Then, you post this answer up above on another question:
“I think you should ignore the information you have about your friends. Then, after they lose their house, you should bake them a pie and deliver it to the bridge they live under.”
Man, you need to get a grip on things here… The stress must be getting to you dude, based on your surley answers.
Maybe vasoline works with those issues, or could it be hormonal…? I am at a loss here, as this type of diagnosis is a bit out of my area… I stick to real estate advice, or none at all, when I have nothing to offer… Maybe you never thought of that approach before…?
JT
Re: Hey Chad, who put the cobb up your - Posted by Chad (MD)
Posted by Chad (MD) on July 11, 2008 at 17:35:45:
Sorry, JT. Humor and sarcasm are obviously not my strong suits, just as spelling and grammar aren’t yours – Oops, there I go again!
Re: Hey Chad, who put the cobb up your - Posted by corine
Posted by corine on July 11, 2008 at 05:01:28:
Thank you JT. I read his email via my email account and noticed my blood pressure rise, came here to answer and found that you already had.
I was also put off by the other/only answer, thought I had rebutted it, but apparently didn’t post it.
I have no idea where these two twisted my simple question. Sometimes I don’t make myself very clear. I simply asked if it would make sense to go ahead and sell, rather than hold. I’m still learning myself.
Many times in my life I’ve opened my big mouth and committed to something and later regretted it, but you know what, I have integrity, and because I committed, I follow through, even if it’s not in my best interest.
I don’t even think like these two guyâ??s postings. I would NEVER deceive anyone or jerk families around. It’s not remotely who I am, or how I think, and if I was that person, I certainly wouldn’t want to be that. But then, people like that don’t know they are like that.
To the two posters whom twisted this all around, you may want to take a long look at your thinking.
You two were so off base.
JT couldn’t have said it better for me.
The only thing I meant by my question is, maybe I should consider selling, that’s all!
Karma rules my life. I do the smallest thing, and I mean small, that’s not right and I can’t stand to live with myself. Stealing thousands from people isn’t my mo. I have my own money.
I must be slipping… - Posted by JT-IN
Posted by JT-IN on July 11, 2008 at 18:49:18:
I won the spelling bee in the 5th grade…