Can you walk me through the basics of this?
I know what a lease option is. I know what FSBO is.
Are you saying that you get the seller to rent to you for a specified time until you buy it from him?
Or are you saying that you buy the house then lease option it to someone else? In which case, where do you get the money to buy the house?
Where does that $5,000 - $10,000 profit come from? Is it the down payment you receive from your tenant/eventual purchaser?
It’s hard to get people with money to trust this bathmate review someone with no money they’ve just met.
Redstar,
For learning lease option, at this website there are lots of articles written here: http://www.reiclub.com/real-estate-articles.php
There is a list of videos too
Hello Guys, Im Volodymyr Bretsko Hope to find new firends here. Im in Ontario Muskoka District Mun. (Bracebridge)
Hi MiddletonREI
Are you wholesaling lease options or SLO? You mentioned that most FSBOs are open to doing a lease option. I’ve found very few FSBO’s open to lease options in my area. Most want a cash sale and nothing creative or on terms. How did you approach the FSBO so that they would agree to a lease option?
I did find a couple of landlords that would agree to a lease and then sell at the end of the lease. But only if I was the one leasing and living in the house, not someone else. Once they found out that I was getting someone else to live in the house then all bets were off. Then some landlords said they “may consider” selling at the end of the lease. They said they would might make up their mind at the end of the lease, which is not a lease option. How would you get around these type problems with lease options?
Thanks for your input.
I’m still a beginner and now I have cash money… now I have no idea what to do with it. I am definitely reluctant to go through the wholesaling process again (mailing letters, repurposing yard signs, gas, food, Housing, driving, time, time-away-from-work, and everything else) because it did not work the first time around for me.
I followed a lot of Jay’s advice and then sort of stalled out. I opened several credit cards and started buying small purchases once per month and then paying those off right away. I never opened a credit union account because I was unsure which one to go with, and I did not want to spend money on a credit union membership. I was confused with the credit union idea. The interest rates at credit unions are sky high, right? This is not 1986 anymore.
I read one of Robert Allens books almost all the way through, and took notes too. I had another one of Robert Allens books but did not read it at all. I’d also like to mention that I attended a presentation by one of Allens teachers and he sort of called out Robert on the “no money down” for beginners saying it is almost bogus and that today real estate requires more then no money down in most instances. This is an expensive industry to bust into when you have no dough and do not find the right people to connect with.
Then I decided to just try all the wholesaling methods without sending out letters and without spending any money other then gas for driving for dollars and making phone calls. I made a few offers on properties doing just that! However it was not the right kind of sellers. At least I began learning the traits of phony and not-so-motivated sellers. I even got the keys to a house from a total scammer.
Then the summer heat and humidity peaked in Georgia and it wore me down so much because I work manual labor outside, business slowed down, less money coming in, and I was hurting financially, and so I took a break from wholesaling. I re-cooped.
Sooooo, now I am a beginner with Money yet I’m still clueless as to what to do with it. This money I have would have to be used Extremely Wisely, because 6K may not be that much to you guys but for me this is the hugest fortune I have ever saved in my entire life.