lease option in Georgia

General Real Estate Investing
1

My dad has a house in Powder Springs Georgia and he’s thinking about selling but with the current condition of the market we think it might be awhile especially since he’s out of state. Would it be wise for him to do a lease option and living out of state. I’m not sure what the condition of that area is when comes to foreclosures but I see theres quite a few people on this board from GA, anyone have any thoughts on this?

The house is a ranch 3 bedroom 2 bath, fireplace , medium size deck, one car garage, large front porch, probably built early 80’s, could use updating in the kitchen and bath .
He hasn’t really lived in the house that much for the past 8 years due to medical reasons so updating wasn’t really a concern to them.

Thanks

2

I don’t live in GA, but used to travel to the cumming area a lot.

I have one home I picked up on a subject to and sold via a lease option and I haven’t been inside of it. The way I am able to do that is by getting local people to do the showings and interact with the tenant for me.

A local Real Estate agent may be able to help you with that.

In this market a lease option is the exit I use the most.

3

Kasmand, I like James’s idea. Do the Lease Option and have a 3rd party loan servicing company collect payments and such. If your close to the place maybe you can show it and your dad doesn’t even have to be present if you’re granted POA over the home. Herbster

4

I have a free report on my Lease Option Page on my blog that will get you started in the right direction. See the link in the sig below.
PM me or post if you have question or need help.

Good luck,
donrock

5

Thanks for everyones response.
Don I’ll check your link out, the next step is to convince my dad this would be the best route I believe ,but u know hes old fashioned and I"m still learning by reading the posts on this board and I’m currently enrolled and taking an online class to prepare for a realtors license.

By the way If anyone is interested in a Bird Dog In South West Florida feel free to email me there are plenty of single family homes down this way in foreclosure and more that have been abandoned that just need to be cleaned up.

Thanks

6

I agree, lease/options are a great exit strategy!

You have 2 good exits right now in this market
that are in demand;

-Straight Owner Finance Wrap
-Lease/Options

I would first try to sell it via Owner Finance Wrap
and collect 5-8% in down payment.

I live in Georgia. Let me know if you need any
help!