Investor Wanted!!
You guys are great!! This is my first day on this forum. I am trying to buy my house back on a lease/option after a yukky husband and a messy divorce ending in foreclosure of our house. As I read about lease/option I am learning alot. Can you actually lease/option a property and then put tenants in that property? I would lease/option my house for myself, but I know a guy that has a 4 unit apartment complex for sale. Would I be able to lease/option that?? Also, on my house it is going on the market for sale and I am looking for an investor to buy it and then lease/option it to me. Do you have any suggestions on how I advertise for an investor to buy it for me?I live in Illinois.
Thanks so much for your expertise!!
You're not going to like what I have to say, but here goes. Usually when dealing with owners in foreclosure, I wouldn't L/O the house back to the owner. I'm not saying all investors would do the same, just what I would do. The reason for this is that if the house was foreclosed upon before, payments weren't being made. What would make this time around any different? Please don't take this as an attack on you, this is just my point of view as an investor.
With regard to the 4-plex, you can also do a L/O on a multi-unit building. So somebody would be purchasing the entire building unless the units were turned into condos, but that would add alot of complexity.
I hope that helps.
Ryan J. Schnabel
Hi Ryan,
I appreciate your honesty about my situation. Sometimes bad things happen to good people. I think that if I have enough money up front and maybe a payment or two prepaid with proof of income, I may be able to find that investor. You have to remember that the investor also has in mind that lease/options are high risk and they get paid well for them. If I don't make my payments they get to keep my lease/option down payment plus my
extra rent credits that I pay each month on top of that. So really, from my point of view the investor is also gaining something by going into this deal. I know that all investors wouldn't be interested in me, I think that they are called banks.
How sad would it be for me not to try. Thanks for your input.
Greetings cs,
I think a lot of investors would agree with Ryan, and advise against it.
However, I do believe there are situations where it can work. I’m doing one now that sounds very similar to your situation – buying a pre-foreclosure from a couple that split up, and putting one of them back in on a L/O. But there’s enough equity to make it work for everyone. It all depends – every situation is different.
If you want to send me an email or private message, I can give you a few more details.
Good luck!
Thank you for compliments Cs and welcome to TCI board,
I guess after a known mixture of grief and some definite fun called marriage, you have decided to become a RE investor. if you want learn a lot about possible lease options, click on the tab shop and buy Ron LeGrand's Cash Flow Generator. It is offered now for only $200+ bucks on this site and is still sells for $1,500 on Ron's. it combine's 3 course that would definitely teach you a great deal of details about the available lease options.
Good luck ~
Hello everyone,
Thank you so much for the information. I know that the biggest thing that I have to let go of is the emotion about my house. I did most of the improvements to the house and I love that house and just wanted to get it back. I know that people make bad decisions when there are emotions connected. It is good for me to be on this forum and learn from the pros on how you handle the real estate biz. If my house doesn't work out, I am sure that I will find one that will. Thanks again for the input.