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Author Topic: lease purchase problems  (Read 5132 times)

Offline Ronald

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lease purchase problems
« on: May 31, 2004, 09:16:03 pm »
I'm very glad I got on the net and saw your site. I am somewhat new to the business. I have several wholesale deals under my belt but this is my first lease option and I am having problems finding a tenent buyer that will stick. The property is located in Redford MI and has recently appraised at 150 K, with a 138,000 loan bal. Loan payments are 1095 a month. My back door was to sale on lease option for 169,900 with at least a %3 deposit or 5k down and 1200 a month. I have advertised in the redford observer and the detroit news papers for a month every fri, sat, & sun. I also have a lease to own sign up in the yard and fact sheets detailing the program and benifits to the buyer. We have talked to about 30 people and sent out about 10 qualified tenent buyers. Two of which got inside but haven't call us back. Several others were supposed to see the inside but didn't show up. They always say that the house looks nice. I've got about 30 days before I have to make the loan payment. My new plan are to post about 20 lease to own signs in Redford to attract tenent buyers. The house is nice with nice landscaping. I'm not sure what I'm missing or whether I'm missing anything at all.  (The Property is on a Main Street though, with alot of traffic) I'm worried about having to make the loan payments. I've had the house for 45 days and still have it. I thought it was only suppose to take a week. If you can give me any advice or information at all on the best way to get this property gone, I'll really appreciate it.
« Last Edit: June 01, 2004, 09:13:20 am by TRandle »

 




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