Posted by SCook85 on January 12, 1999 at 24:13:57:
Wade,
I can’t comment on the straight options other than I have never done one and haven’t really tried.
I do run ads to sell with owner financing because it attracts a lot of calls. I then try to pick out the people that are capable of getting financing. It works well. You have to weed through a lot to find the one or two good ones but that is all you need.
SCook85
OPTIONS for Note creation/assignment fees - Posted by WadeFL
Posted by WadeFL on January 11, 1999 at 21:55:42:
I am considering using STRAIGHT OPTIONS to get property under contract and assign to investors in South Florida area.
I am a mortgage broker and thought that this would be a great way to get loan leads too by advertising CONTRACT - OWNER FINANCE ad…the phone just rings off the hook with owner finance ads…mostly by people who think that they cant qualify for a loan and have little for a down payment.
I would like to learn from others who have done this kind of risk-free/minimal capital need real estate. Also would like to get a really good option (w/o sublease) contract.
Desperate for information…
Wade
Fort Lauderdale, FL
Lic. Mortgage Broker
Re: OPTIONS for Note creation/assignment fees - Posted by Bud Branstetter
Posted by Bud Branstetter on January 12, 1999 at 12:18:08:
Wade, I hope you take this as constructive criticism. You are thinking as a mortgage broker not an investor. The first choice when looking at a property is to buy cheap(usually cash). If you can’t do that you try for owner financing. When that doesn’t work you switch to a L/O approach. Then any only then is the straight option worth while. If you go after options only you will be losing a large percentage of the deals and may pay too much. Use your expertise as a mortgage broker to compliment the investments. You will know what you can do with a buyer whether you acquire it thru ownerfinancing, lease option or staight option.