Posted by Steven on May 29, 1999 at 22:52:32:
please!
lease option questions and concerns…sorry long - Posted by Steven
Posted by Steven on May 29, 1999 at 15:35:57:
hello all. I’m new to REI so I have many questions. I want to get started with lease options but I see a potatial problem with how the deal goes down. First of all do I as a REI guarantee the payments to the seller? What if I can’t find a t/b and a couple of months go by. At say $600 a month it wouldn’t be long befor i’m bankrupt. I can see it being profitable if I have thousands of buckos saved up and can recover my money once I find a t/b with a large amount of option consideration to put down but what if I run out of cash befor that happends.
Also I live in a run down military town with a large renting market. This can be good or bad because it might not be hard to find someone who wants to rent it, but it will be hard to find anyone with a fair amount of option consideraion to put down.
Is there anybody out there who can relate to some of my problems and concerns? I hate to be Mr. Negative but I just want to find out what i’m getting into before I get into it.
Thanks
Steven
Re: lease option questions and concerns…sorry long - Posted by TJPickens(MI)
Posted by TJPickens(MI) on May 30, 1999 at 24:59:10:
hello all. I’m new to REI so I have many questions. I want to get started with lease options but I see a potatial problem with how the deal goes down. First of all do I as a REI guarantee the payments to the seller? Yep! That’s one of the key selling features of the sandwich lease option.
What if I can’t find a t/b and a couple of months go by. At say $600 a month it wouldn’t be long befor i’m bankrupt. I can see it being profitable if I have thousands of buckos saved up and can recover my money once I find a t/b with a large amount of option consideration to put down but what if I run out of cash befor that happends.Word your contract so that your payments don’t start until you find your t/b
Also I live in a run down military town with a large renting market. This can be good or bad because it might not be hard to find someone who wants to rent it, but it will be hard to find anyone with a fair amount of option consideraion to put down.Run a test ad “RENT TO OWN” when they call tell them you just leased the house but qualify them for your t/b waiting list
Is there anybody out there who can relate to some of my problems and concerns? I hate to be Mr. Negative but I just want to find out what i’m getting into before I get into it.**** If you don’t have a course yet - mistakes are much more costly that education - Best of RE Success TJPickens(MI)