Yes I am in New York actually. I live about 20 minutes north of the city in Westchester. I’ve done about a few L/O deals so far. One in the city a couple months ago in Brooklyn/Rockaways area, but getting to that one was tough but not impossible. What it all comes down to is analyzing situations and moving on them right away. I don’t call out anymore. I get people to call in. That particular person saw my ad, needed help right away, and so I moved in and solved their problem. You guys are absolutely correct about the rising property values. It’s making sellers less willing to accept creative ideas. But if you can manage to convince these people that your solution and benefits far outweigh the conventional means of buying their homes, then you’ve got a shot at getting a L/O done.
I have visited with two lawyers and each of them told me that a seller would be crazy to do this with their house. They both are Real Estae lawyers and understand the concept behind an L/O. They told me that they would never allow one of their clients to enter into one of these (and I am using the Bronchick set of forms).
One of the lawyers even told me that he bet me a good dinner that I would have a hard-time convincing a seller into this. I told him that it all depends on my marketing skills and told him that I love lobster and he better be ready to buy !
But seriously, has anyone done these in NYC or Long Island? Or are these L/O’s only good for other states? If not, what other angle could I take here in New York.
I live in Staten Island NY. I must say that I got and get the same response to the L/O questions. I have come across a couple of people who wanted to but because of their lawyers they didn’t do it. I too am having trouble in NY with lease options.
Mike,
I think what we should do is come up with a unified strategy to make L/O’s happen in New York. The ONLY problem I see is that it’s a hot RE market here (at least in Long Island properties move FAST). Let’s brainstorm on making this work…
Jx:
Are you in New York? Have you done L/O’s here?
While property values in NY and surrounding areas are increasing, it isn’t impossible to do a L/O. When a seller comes back and tells you the lawyer said no, ask them if the lawyer is going to buy the house. Explain to the sellers that a lawyers job is to play devils advocate. They almost always say no! If the lead looks good and the sellers are convinced of the benefits, relay to them that your solution beats any advice their lawyers throw. Many lawyers will advise the sellers that YOU put up a down payment/deposit of some sort. You shouldn’t have to if your goal is to solve the seller’s problems! Remind them of their situation and your role. You’re not just someone with money. Think of yourself more as a problem solver.