Question OnClause In Contract - Subject To Finding A Tennet?
When entering into a Lease Option has anyone used a clause that this contract is subject to finding a tennet in a specified period of time?
If so can you share your wording and experience on this? I am concerned that this may alarm the seller however, this is my first deal so I am concerned with finding a tennet in the needed time period.
Thanks in advance for your advice
You have options and don't worry about what they think.
Just tell them that you will start making payments 2 months from now.
Buyer will begin making payments 2 months from the acceptance of this contract.
They may ask you why you need 2 months.....You have no intentions to live in the house and you need time to find a qualified buyer.
I talked to a lady yesterday and even told her that she would not get her deposit until my buyer moves in. That way, we'll both get paided at the same time. She nows I'm an investor and I'm there to help her. I'm not going to back myself into a corner. With this lady I also told her she can keep the house on the market until I find a buyer. If I have someone, we move forward, if you sell it before I can find someone.....good for you, I'm glad you found someone. And I'll just move on.
A simple way may be to inform the seller of your intention to sub-lease and for him to keep his property on the market until you find a t/b. Tell him that if he should find another buyer before you do, then he can sell to them with no hard feelings.
Thanks for the feedback so far --- in the ideas that you have given have you found that you can usually find a tennent pretty quickly ?
I don't want to put myself or the seller in a bad position - but I don't want to lose the deal either.
Thanks
YOU should have some tenant/buyers for lease/ops already lined up!! Advertise homes for rent-to-own, get apps, and prequalify buyers..
Another tactic which has worked for me is direct mail marketing.. Drive you area, and get the address and apt number ranges of the NICEST apartment complexes and most expensive.. Then mail letters/postcards to these ppl who never thought of or dreamed of buying a house which they thought they couldn't qualify for thus they are NOT actively looking for a home nor looking at your ads in the paper..
Point being, you should have a hefty list of tenant/buyers before you obtain propertys, NOT vice versa looking for t/b's after obtaining propertys!!
Hope that helps,
Chris
CKy, GREAT advice!
Eric & Rosa
[addsig]
Yes ,
first payment due and payable on xxxxxx, or tenant/buyer finding suitable sub-lease tenant/buyer... use something like that....
Quote:
On 2003-10-29 09:12, blackburnri wrote:
When entering into a Lease Option has anyone used a clause that this contract is subject to finding a tennet in a specified period of time?
If so can you share your wording and experience on this? I am concerned that this may alarm the seller however, this is my first deal so I am concerned with finding a tennet in the needed time period.
Thanks in advance for your advice
The longer I'm in this business (my logo reads, "In business since last Tuesday"
the more I understand that there's no right or wrong way to do deals.
I'm an advocate of the "build it and they will come approach". Get the product and then market it.
The other approach is used by Realtors -get a prospect than find them a house. A prospect list's life is finite. They're a prospect today -but probably not next month.
The two way to work around your problems is to let the owner list with a Realtor. Have them tell the agent to "exclude" you from the listing. That means if you sell it, they don't owe the Realtor a fee.
Secondly, they pay the mortgage until you find a buyer or the Realtor finds a buyer. Realtors in essence take an option to sell( listing) and they never make the owner's payments. Why should you?