Lease To Buy, Question About What Buyer Wants To Do
I emailed this guy that does lease options and I emailed him what I wanted to do and how I wanted to do this lease optoin. Below is what he emailed me back and this is a totally different way than how I was taught to do them so need anyone opinion to see if this is even a good deal for me. It seems kind of shady to me but this is my first deal of this kind so I am unsure.
Here is his email that he sent to me.
"the way i do lease option. is . a gre to pay your mortgage payment . taxes included. i agree to pay all maintenance of property up to 200.00.i do want total control. i can send info if u like. if u wanna hear more please let me know ty ."
Please tell me what you all think. I appreciate your help.
Sounds like what I've read for the most part. What seems odd about that to you?
The only thing I would want to know more about is the "i do want total control".
I'd try to talk to him on the phone, either his english is really bad, or he is inept at typing. Before I could make any decision to do business with someone, I'd have to know their limitations - if this person is uneducated (i'm not talking harvard here, but more like a good quality 9th grade english class) i simply wouldn;t be able to trust them with my money.
talk to him and see what he is all about; you might be pleasnatly surprised, and you might notice a wolf is a sheep's clothing!
I guess what seems odd, is I thought on lease options the seller is supposed to make a little profet per month on the deal, isn't that how it works? I also thought having the buyer pay taxes for like more than two years could cause problems. Like I said I am new with this kind of deal, so that is why I am asking.
I just posted a new topic with that specific question, maybe we'll get some insight there...
http://www.thecreativeinvestor.com/ViewTopic32011-25.html
i would stick to the contract that i'm comfortable with. i would include a monthly inspection of the prop. maybe via "bug spraying" which you do yourself to keep a close eye on the condition. don't assume that they will keep the place in good shape under the pretense of buying. i learned that the hard way.....kenmax
Quote:
On 2004-08-06 09:15, reneeschultz wrote:
I guess what seems odd, is I thought on lease options the seller is supposed to make a little profet per month on the deal, isn't that how it works?
renee...he is another investor and is simply offering you a deal which would give you no cash flow. You can name your own price (profitable price), or better yet, find a tenant/buyer who will actually be a tenant, not an investor. :-D