Has anyone on the board heard of or had any dealings with a group called
Georgia Residential Partners, LLC, out of Roswell. They advertise that they have lease/purchase properties available with prescreened tenants in place who agree to pay you $200 over your monthly mortgage and by the house no less than two years with at a profit for you.
You know what they say, "If it sounds too good to be true…
Any help would be appreciated.
Anyone?
i haven;t heard of them BUT i have heard of similar arrangements. Basically my understanding is this: when new subdivisions, developments etc. are built the builders build in phases. They can’t get financing from the bank for the nexy phase until a cetain number of units from the previous phase are sold. To avoid any holdups in construction they sometimes sell houses or option them to companies for a discount in order to appease the bank and move on with building. So for example phase 1 of 3 is complete but the bank won’t release the money to go onto phase 2 unitl 70% of the properties in phase 1 are sold or pre-sold. Currently the builder needs to sell 4 more properties sold to reach 70%…so instead of waiting some more interested homeowners and possibly seeing a halt in construction (which costs more money) they might presell these homes to a company like the one you mentioned. But perhaps that company doesn’t have anymore credit to buy these houses so they bring you in as a partner to finance them and also manage the tenants. AND just because they SAY that the tenants will buy in two years is no gurantee, the truth is (from my experience) that a lot of them might not, but thats nots always a bad thing.
Thats MY understanding of the situation plus it doesn;t seem like you recieve any upfront option money from the tenants so it seems like they get paid up-front and you get the little cahsflow and possible profit onthe back-end. Hope this helps clarify things a little but like i said i’ve never dealt with that particular company. Hey, check it out, (but leave your checkbook at home) it cant hurt to look right?
Good luck & god bless.
PS. Im in the wholesaling business in the atlanta area, we should network sometime. 8)