Re: Is it easy to find tenant/purchaser for your L/O deal? - Posted by John Katitus
Posted by John Katitus on April 02, 1999 at 24:26:59:
I have done about 10 L/O’s and with one exception have found very good TB’s.
I don’t want to give you reason to worry, but the house I presently have advertised has been on the market about 6 weeks. I am confident the terms are good, and it’s a nice house in a fair neighborhood. I was sure I would find a good TB the first week. Lots of calls and interest, but nobody with cash that I would accept as a TB.
I don’t know what to attribute the lack of a buyer to, and the fact is that I never will. It’s like any time you run an ad. One day you will get one call and the next day you’ll get eight. You never know why. On my other L/O’s, some have gone quickly and some have taken as much as two months.
I believe that there is a market and I think my personal experiences attest to that. I would not suggest, however, that you put yourself in a position that you will only be able to afford one house payment, either your own or the one you are trying to L/O. Neither would LeGrand or anybody at this site (I hope). Before you get in the deal, either have access to the funds to make the payment or set up the deal so that you are not personally responsible for the payments until you find the TB.
L/O’s are a great way to handle property for the reasons you have heard. I hope you find a TB immediately. But be prepared for the possibility that you might not.