Need Advice on Flipping a Lease-Option Deal

General Real Estate Investing
1

I have the opportunity to put a house under contract 2 counties away using a Lease-Option. Usually I use a Lease-Option locally and rehab the property. This one is too far away to travel to to do a rehab on it. With this house under a Lease-Option, How do I market it and make money off it?

2

I am surprised that you do rehab with a lease-option, there can be so many things go wrong with it. Can you share a bit of your business model?

2ndly, You can always sell a lease-option contract, there are many investors do that for a living. If the deal is good enough, it will sell.

3

Before we do the rehab, we get a lien on the property in the amount of the rehab to protect ourselves. I’ve been reading a lot lately about the dangers using a lease option on a rehab. With the lien in place, what can go wrong?

4

Hi, how easy is it to get the fix up financing when you are not the title holder? just curious. I might start doing the same thing if all sides are covered.

5

What homeowner would allow you to place a lien on his property for doing work on it while you’re not even on title? That’s crazy and risky.

6

I do it by having a good track record and a good reputation, and credentials to back it all up. Which is apparently something that is hard to find in this business these days…

7

You’re supposed to keep this a secret!!! :banghead We don’t want competitors learning that creative financing starts with trust and reliability. Otherwise, everyone will be doing deals like ours. :evil

:biggrin :biggrin :biggrin

8

I can’t tell if that’s sarcasm.

9

Well…there’s really no such thing as a secret, but why inform the masses? :shocked :biggrin

10

C’mon now really? It’s Javi.

11

This is where networking with other investors and marketing comes into play.

Advice: Have you tried to shop/wholesale the deal to other investors?

Advice: Have you placed an AD on craigslist in “as-is” condition? Just to see what bites?

Just a few ideas to get you thinking out the box. I personally think that it’s great that you have “business boundaries” that you stick to.

We have rental property that is a “few counties” over and it can be a pain when we have to drive 50 miles.