Just Starting...How About This?

CaseyinBoise profile photo

In order to get my "feet wet" in the L/O realm and to minimize any obligation, what if I found a motivated seller and told them that I could help them unload their house right away if they're open to a Lease Option,,,yadda yadda yadda.
Only, instead of taking the deal myself, I offer to do it for them but I will take 50% of any "Option Consideration" put down by the new tenant/buyer??? I would screen the possible tenant/buyers, help with contracts, etc. I'm then out with my cash and down the road to the next one.
Any problems here?
And what precautions (ie. contracts) would I want to take in order to protect myself from the Seller backing out of paying me.
And by doing this type of deal, am I acting as an agent and I just don't realize it?
I'm new and learning and trying to think "creatively"...so try not to flame me too bad you pros out there LOL
Thanks everyone...lots of questions here...I really appreciate you all! surprised null

Comments(4)

  • allandinger12th December, 2003

    Sounds like a good idea, its called a co-op deal and they work great for fast cash and for sellers that are not real motivated. You can set it up where you get all the option payment they get any positive cash flow, or you can split both. If you know you can move it for more then what your price is you can do a equity split too. After I set it up and found my t/b just assign your contract to them. Your assignment fee is there option payment that way you are now out of the deal. Hope this helps a little.

  • kingmonkey12th December, 2003

    Holy crap that's a good idea! Yep, going to use that one. You get money and no risk for you. How cool is that!

    Thanks!

  • JoanAlyce112th December, 2003

    Notice how allandinger advised to assign the contract that you have with them ?

    That is an important key to not getting in trouble with your state for practicing real estate without a license.

    You must be a prinical in the transaction, part owner, buyer assigning contract etc. etc.

    Good Luck !
    [addsig]

  • CaseyinBoise12th December, 2003

    Thanks allendinger and JoanAllyce.

    Great www.advice.Reall clears that up for me
    [addsig]

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