finding the tenant buyer first?

General Real Estate Investing
1

Hello Guys,
In today’s market i want know is there anyone using the U Pick the House, we buy the approach anymore. I want to buy some property with tenant buyer in place. The t/b provides the earnest money and makes the offer.

I want to buy the property with a 2yr lease and an opton fee(equal to one month rent) toward the down payment if the t/b excerises the option.
Help!

2

It sounds good but the only thing is that the houses your tenant picks might be owned by people unwilling to lease to you. I’d say you should ask what TYPE of house they want, and in which area, then when you find on that suits their needs, let them know about it.

3

TJDean,
I’ve never been a fan of the ‘I want a house to rent to own, will you buy this one and then rent to own it to me’ routine.

I do get calls from folks often, especially these days of harder to come by financing then before for the average joe.
So, rather than let those buyer leads slip away, we enroll them in our “VIP buyers program” and set up email, fax, phone alerts to these folks.

Basically, the appeal for the buyers to get involved are these benefits:

  1. Its free
  2. they get “First notice” when a property becomes available either rent to own or owner financed.
  3. I can tailor the list to the buyers qualificiations, and they ALL are qualified as long as the numbers and facts they provided at sign up are still current.

with this, then when I buy a house and decide to offer it on terms, I match it to buyers who want houses in the area, this size, price range, upfront amount, monthly amount etc.
I of course gather that info, and proof of funds before they are placed on the “VIP buyers list”.

Just last month we had someone who had $5k to put upfront, and could afford comfortably, $1300/month in payments.
So, we placed them into a house that went vacant…it was a rental, I just decided to offer it rent to own, since the numbers and all other crtieria lined up for this buyer.
Had they not wanted it, the deal is good enough, I could have filled it either as a rent to own or straight rental.

Bottom line, its never a good idea to buy a property with only one exit strategy in place…which to me, buying with the intent to lease option to a specific buyer, is just that.

Anywway, my two cents, keep the change,
Jim FL

4

Hello Guys,
Thank you both for the info.You are saying get the info from the potential buyer and research. Okay, I like the prequaify rule, good idea.
Any ideas on ads for recruiting these types of leads.Thanks :bobble