My first L/O deal (NOT!)- final update - Posted by rayrick


#1

Posted by phil fernandez on January 26, 1999 at 14:49:04:

Ray,

I think we all enjoyed following your exploits on your quest for the lease option. From this initial experience you have probably learned much more about the ins and outs of lease options then you would have had the deal been consumated.

You bring up many good points above. As you say on to the next one.


#2

My first L/O deal (NOT!)- final update - Posted by rayrick

Posted by rayrick on January 26, 1999 at 14:17:02:

So, my seller (or was he?) called today and cancelled our 5:00 meeting. Turns out his live-in girlfriend doesn’t really want to move after all and at the very least wants the option to move back after renting it for a year. Plus, he’s been getting a lot of interest from potential renters at his $2100/mo asking rent. So, as they say, on to the next…

lessons learned:

  1. Never trust the seller’s statments about the price they paid, the amount they put down, or the amount of their mortgage. (he fed me a line on ALL THREE of these things)

  2. People can give a pretty good impersonation of being motivated without REALLY being motivated.

  3. Estimating fair market rents on high end houses is a tricky business. Some people are willing to pay a LOT, especially, if their aren’t many available houses of this type. Multiple real estate agents and even a builder of this sort of home can all be WRONG.

So, anyway, thanks for all the help, everyone. Sorry to make you all listen to my blatherings. But I got some great ideas for the future on houses of this type. All part of the educational process…

-Ray Richardson
aka rayrick


#3

Re: My first L/O deal (NOT!)- final update - Posted by Jim_NC

Posted by Jim_NC on January 26, 1999 at 15:13:46:

Hang in there ray. As they say…“you can’t lose something you never had to begin with”. Just keep plugging and you’ll get your first one. You’ve overcome the first big hurdle…actually going out and ASKING someone to L/O their house. Keep asking and someone will sign up before you know it.

Good Luck

Jim Mullins