Posted by mattc - mi on October 29, 2003 at 12:56:05:
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Filled our first Lease Option home! - Posted by Charity
Posted by Charity on October 29, 2003 at 11:23:14:
Well, this was our 2nd deal since we jumped in full force back in June. The first house we ended up selling ASAP by accident and netted $26,300. This house was a bit harder. We mistakenly only made the seller make 1 payment after moving. The house was harder to move because it needs some cosmetic work and is a 3BR ranch in an older area. However, we found a GREAT family to live there. Their father lives nearby and helped them get into the house. We ended up getting $3000 down plus 1st months rent and a pet deposit. Total it was $4025. The father is making them pay their rent 15 days BEFORE IT IS DUE, so they can start getting ahead. We had them pre-qualed with our lender and they should be good to go to qualify in Nov of next year.
The monthly payment is $671 for us and they pay $825 a month the first year with no credits. When all is said and done, we owe about $100K on the mtg and he is buying for $124,500. So, we should net around $20K at the end.
Not too bad… we are learning! We had an appt last night on another home that looks like we may buy. This one is in a great area and has 5BR, so we should fill it fast. Plus, it is only $1050 payment on a $170K house because it is an ARM. Has over 2 years left on the ARM, so we should be able to turn it by then.
Charity
Re: Filled our first Lease Option home! - Posted by Chad
Posted by Chad on October 29, 2003 at 15:13:43:
Charity,
What do you find to be your most effective method of locating good lease option candidates? Are you using the newspaper for FSBOs or do you use your own marketing materials and get people calling you? I have managed to secure one lease-option that I have not released yet, and I am wondering the best way to go about finding more. I found this one in the newspaper as a FSBO. Thanks for your help.
Chad