Lond distance LP/Owner Fin??? - Posted by MikeY

Posted by Bill Gatten on January 25, 1999 at 17:46:45:

I’m interested in your take on the advice I gave to Mike on this subject.


Lond distance LP/Owner Fin??? - Posted by MikeY

Posted by MikeY on January 24, 1999 at 13:35:28:

We live in Atlanta, and we have a house in Oklahoma City (OKC) that we currently have Lease Purchased (their option expires in August ?99). In December ?98 the husband lost his job and they might need to relocate for his new job (when he gets one). Therefore, our house would be vacant.

We are getting ready to close on a house here in Atlanta, so we wouldn?t be able to afford to have the house in OKC sitting empty if they left. I wouldn?t want to list it with an agent, and doing a FSBO would still leave the house empty. They are current on their payments, and I do have a non-refundable option consideration they would loose.

If I wanted to do another Lease Purchase or Owner Financing – with a Land Contract or Agreement for Deed to avoid the “due on sale” clause on my VA, what would be the best way of finding a qualified tenant/buyer without going back to OKC? Is this something that can be done long distance?

I?ve thought about the typical methods of putting up signs and putting an ad in the paper. Then I?d have to find someone I trust to screen the calls, show the house, and pre-qualify the tenant/buyer, plus do all the paperwork. I do have a friend who was a Realtor (I think his license is still good, but he isn?t an active Realtor) who might be able to handle it. Any ideas on how to compensate him?

Does anyone have any other ideas on how to do this long distance? Any input would be greatly appreciated. My email is mbe@iamerica.net. Thanks!

Re: Long distance LP/Owner Fin??? - Posted by Bud Branstetter

Posted by Bud Branstetter on January 24, 1999 at 22:00:30:

Some of the things you suggest would have to have a friend there help with. Here is a scenario for part of it. Get a voice mailbox in OKC. Online information or referral. Place your ad in the paper over the phone and charge to a credit card. Call late night or early morning to get the calls. Call the people and fax applications back and forth. You could even have a combination lock box(not preferred).

The only difference over you living there is some long distance charges and having someone hold an open house/viewing.

You could always discuss the tenant/buyer’s problem with him. Let him do the showing in return for getting some of his option money back. You would also know when they are moving if that is the case. Why wait until after they have missed a payment. Find out their intent now.