Lease Option in Texas, pls advise. - Posted by Kevin

Posted by E.Eka on October 27, 2003 at 16:11:17:

I can understand where this guy is coming from and why he doesn’t want a lease option.

Be that as it may, re-read B.Bronchick’s posts and articles. Only deal with motivated sellers. If he really is motivated he’ll consider the terms you’re bringing to the table. Never do a deal just because it’s a deal and you think it would be good for you. You do the deal because it pays you what you’re looking for. If he’s not interested in a lease option and that’s what you want to do or that’s what you’re familiar with then say thanks, but no thanks and move on to other motivated sellers. That’s all you can do.
You can’t convince someone to be motivated, nor can you convince someone to do something they don’t want to do.

Lease Option in Texas, pls advise. - Posted by Kevin

Posted by Kevin on October 27, 2003 at 15:34:39:

My wife and I are moving out of state. We’ve been looking at houses and came across this great house. We’re interested in living in it ourselves but want to get a terrific deal. The owner was motivated enough to call us several times. If we can’t get a good deal on this we’re just going to let it go, but we were hoping for some help on what we should try for.

The price tag on this house is $159,000. It is a new huge house. Market rent would be $1400-$1600. The owner is desperate to sell because he is moving and needs out quickly. He sounded interested in us, but is leery of a lease option because he wants to be out from the house completely and is worried that we wouldn’t exercise the option to buy after the lease period is done.

Advice needed:

  1. What to say to persuade him to see that a lease option would be a good thing for him? This is a house we definitely want to buy ourselves if we can get him to give us some low numbers.

  2. Knowing that market rent on this place is probably about $1500, what should we offer him as rent?

  3. Should we start negotiating with not offering any option money? Should we EVER offer any option money?

Keep in mind that if we can’t get him to go below market rent on this, we are more than happy to just walk away. However, this just seemed like it had the makings of a good deal. Thanks in advance for your help.