Posted by James on March 16, 2006 at 18:15:28:
I also am a beginner. I suggest downloading some of the free e-books available here or on the other investing sites. I have found that they all compliment each other well. Just search the sites before spending any of your own money. If you have problems locating them email me and I will provide the necessary links.
James
lease option deal - Posted by dick daly
Posted by dick daly on March 15, 2006 at 16:32:20:
I am very new to the investment biz and would like some advice on lease options. I have probably read every article on lease options on this site, but i would like some more information. I would love to purchase on of the coarse offered on this site, but I am still in school and I simply can not afford it at the moment.
The realtor that I work with has a townhouse listed that I was interested in purchasing. The townhouse is listed for $115,000, but i have negotiated it down to $93,000. I soon came to realize that the seller is moving and is extremely motivated to sell this property as well as another property they own. The realtor is even willing to cut down his commission to get it sold and off his hands.
Once I realized this I decided that I would rather just help them out and take care of their payments and lease option it to someone else. I plan to split the option consideration with the realtor and just create monthly cash flow from the tenants.
I would like some advice on how to determine if this deal is a good deal and the best way to pitch the idea of a lease option to the seller and realtor. Also I would like to know which contracts I will need as well as any security measures I should take to cover me from any possible issues that may arise. Any advice would be greatly appreciated and the more detailed the better. If you are an experienced investor that specializes in lease options, please take the time to share your knowledge with an eager, young investor. I can’t wait to add my success story to the site. Thank you so much in advance.
Dick Daly
Re: lease option deal - Posted by Lazaro - NC
Posted by Lazaro - NC on March 16, 2006 at 13:03:14:
I can understand you do not have money for a real estate course; however an online book store will have a ton of books on Real Estate Investing. These books are not but $15 to $25. Before you spend your time and money on thousands of dollar deals, spend $15 and get started with a book. While you read a few books, save your money for courses on whatever will be your Real Estate Investment strategy or plan. I will recommend Carlton Sheets course to start with.
Take it easy, if you have been poor all your life, take one more year and studying real estate and the real estate in your area. You don?t want to make your first real estate deal your last.
I am reading Investing in Fixer Uppers by Jay DeCima. This is exactly what fits me, but there are so many other areas of real estate you can explore.
Good luck to you.
Lazaro
Re: lease option deal - Posted by Joe Kaiser
Posted by Joe Kaiser on March 15, 2006 at 22:18:21:
Dick,
Lease options are great in situations where there are no real estate
agents involved. Sure, doable every now and then with an agent, but
every now and then investing is rarely cost effective.
I think you’re wasting your time because the odds of something like
this coming together are slim and none, and should they in fact say
yes, you’ve got a whole lot of nothing.
What makes a deal a deal?
#1 is Profit.
There’s just nothing here when you consider you could be spending
your time doing deals of consequence.
Joe