Lease Option King
I also live in GA. I had a couple questions for you.
1. Where can I find a lender or mortgage broker who will work with and understand what I am trying to do when I go to get my t/b a loan? Anyone you would recommend?
2. Is there an advantage to having the lender treat it like a refi? If my t/b is ready and qualified to get a loan now, do they have to wait the entire 12 months or are there lenders that can get them a mortgage to purchase now and close out my l/o deal?
3. Is seasoning a major issue to worry about? I plan to have the seller sign a deed right before I am ready to close with my t/b.
hope to hear back,
jb
[addsig]
If they have over 5 percent down, make sure you accompany them to the broker. Disreputable brokers have been known to steal them and offer a "better house" at a "better price," which is a house they just conveniently own and try to sell to your potential T/B.
[addsig]
Also, is it a good idea to put the amount I need down and the monthly payments I want in the ad?
Have you considered advertising it as a Contract for Deed or Land Contract, rather than a Lease Option? Sometimes that attracts a different kind of buyer, with more money down.
Just another thought.
I have a terrible time getting rent to own buyers. I am running an ad in the paper now "Daytona Beach - 3 bedroom, 1 bath, good condition, $115k to buy, possible rent to own with $4k down." They call an 800 number and I get maybe 3 calls a week. Of those 3 calls on ly 1 leaves a message. I tell the one person how to get in the house and to please call me when they leave the house and nobody calls.
Thinking about running an ad that says ""Daytona Beach - INSTANT EQUITY - 3 bedroom, 1 bath, good condition, $110k now or 125k after minor cosmetic changes are complete. " And then maybe meantioning the lease option thing.
Also, just wrote in another topic that I am considering getting a list of apartment complex addresses close to the house and sending them a flyer on the lease optino house.
Brenda,
I know exactly what you mean about rent-to-own. That’s why I suggested doing it as a CFD or Land Contract.
I had a couple of properties that I was trying to do as a rent-to-own or L/O, with almost zero response or interest. As soon as I switched to a CFD, I had two buyers immediately. One was on a house I hadn’t even closed on yet.
craigslist!!!!!!