Sandwich Lease Option
I am trying to build a portfolio of sandwich L/O deals. My trouble is that I cannot find enough people willing to lease option their house to me, so that I can find a tenant buyer. My only marketing techniques are "I buy houses" signs that I have scattered throughout the city. What are some other ways to market? Help would be appreciated!!!
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You have to be more specific, more direct, and more creative with your ads.
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You should check with the bank monthly to ensure payments are being made (or pay the bank yourself directly). As far as the T/B is concerned, if you use enough positive motivation balanced with negative reinforcement, you will have few (if any) problems. The T/B should have rewards for paying on time and harsh penalties for noncompliance, and you should make the T/B aware of your strictness from day one. Of course, you also have a human heart and will be fair when a legitimate problem occurs.
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LeaseOptionKing....what are some "rewards" that a T/B could be offered?
Rental credit--which shall be taken away if they pay after 5 pm on the 1st of any month. The Landlord giveth, and the Landlord taketh away.
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LTV is typically based off of appraised value.
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Been doing them since 1995, and no horror stories yet. *knocks on wood* But you can minimize your risks by fully understanding the legalities and taking the proper precautions.
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