Can I "Flip" A Lease Option?

Comments(9)

• 
  miraclehomes30th July, 2004

  You can do cooperative assignments.

• 
  AndrewKT30th July, 2004

  Quote:
  On 2004-07-30 12:54, miraclehomes wrote:
  You can do cooperative assignments.
  
  Are you saying that I can't flip the l/o, or that I should look at cooperative assignements instead. (There doesn't seem to be much on the board about them.)

• 
  miraclehomes30th July, 2004

  Just get the L/O contract and assign it, just so that your bases are covered. Are you needing to know how to do that?

• 
  AndrewKT30th July, 2004

  I was intending to acquire the necessary forms from a local attorney, and ask then.
  But I'll take an order of steps if you have one.
  
  My thoughts were:
  1) find seller
  2) qualify property
  3) get l/o contract
  4) qualify a t/b (background, credit, $$)
  5) sign an assignment contract with t/b
  6) collect money
  7) inform seller (and hand over t/b background info)
  8) go to step 1: lather, rinse, repeat

• 
  miraclehomes30th July, 2004

  You would be getting the assignment signed by the seller. There are so many ways to do this. Also, go to a good attorney and get the correct forms from your state. You will need a good lease/ Option form with a sublet clause.

• 
  JeffAdams1st August, 2004

  Great Advice Lease Option King!
  You are absolutely right! To add my twist to things, do the following:
  
  -Get $3k-$5k option money, non-refundable if they dont perform.
  -Lease option the house for 'future value' usually 10% above market value.
  -Put an ARM loan on the property so that you can get some cash-flow.
  -Make sure the people you lease-option the property to have decent credit and are actively working with a lender to restore their credit so that they can purchase the house in a year.
  
  Do the math, $3k-$5k down, $300-$700 positive monthy cash-flow depending on price range, 10% above market value. If you bought it right, this translates into a good payday in my book.
  
  Best Riches,
  Jeff Adam
  [addsig]

• 
  LeaseOptionKing3rd August, 2004

  WE WILL MAKE YOUR
  HOUSE PAYMENT UNTIL
  IT SELLS! WE ARE NOT
  AGENTS. NO FEES, NO
  COMMISSIONS. 555-5555

• 
  kenmax3rd August, 2004

  lok's sign says it all.......kenmax

• 
  Red_October3rd August, 2004

  If you go to www.knproperties.com, look where it says Stop Foreclosure, the word Foreclosure is misspelled.
  Other than that everything looks just fine.
  [ Edited by Red_October on Date 08/03/2004 ]