Posted by rw on March 05, 2001 at 12:54:55:
Kevin,
Thanks for assisting Misty. Great response. Misty, hope this helps
Russ Whitney
Help! - Posted by Misty
Posted by Misty on March 04, 2001 at 19:20:17:
How many mortgages can you get?Lease option or land contract? How do you get past the subleasing part and right to assign part? I want to be able to assure people when they express their fear about the house being rented out
Thanks
Re: Help! - Posted by Kevin - Whitney Trainer
Posted by Kevin - Whitney Trainer on March 05, 2001 at 10:19:00:
Dear Misty,
My name is Kevin Wessell. I teach the 3-day Lease/Option trainging camp for the Russ Whitney group. It is a pleasure to help you.
You can get as many mortgages as you wish. Go to a private note buyer rather than a bank and I think you will find the financing is easier to acquire. The biggest private note buyer in the country is "Metropolitan Mortgage and Securities Co., Inc. 1-800-541-0828. Our organization also has a program to help investors acquire financing.
The same with a lease option or land contract…you can get as many of these as you wish…as they do not require lender approval.
If you sublease, you must use a unique contract or strike out the provision in most lease agreements that forbid you from leasing the property to a third party.
In order to do a sandwich lease option (leasing from the owner and sub-leasing to another party) it usually requires a motivated owner. The most common may be an owner who is out of town and/or who has had some problem tenants. You give them the assurance that you will manage the property for them. You will make payments every month. You will be the master landlord. You will be responsible for collecting rents from the tenant. You will make sure the property is kept in good repair. Not everyone will say “yes” to your request, of course. But with enough effort on your part, enough will say “yes” so that you can make a very good living.
There are eight different lease/option strategies I teach in the Lease Option Training Camp. The “sandwich” lease option is only one of them.
All the best to you, Misty. I hope to meet you one day.
Sincerely,
Kevin Wessell
Whitney Lease Option Trainer
Re: Help! - Posted by rw
Posted by rw on March 05, 2001 at 01:57:40:
Misty,
I am forwarding your query to my good friend and trainer of our Lease Option Boot Camp. His name is Kevin W.
He is an expert at lease options and will help you.
Look for his response within the next day or so.
Good Luck
Russ Whitney