Wholesaling Lease Options
THREE New Videos on Some Hot Topics & FAQ’s
These are three new videos I just created that I thought might help some of you… These are some of the most common questions I get these days. (I don’t know why two videos are all grey at the beginning?!)
Question – What if the house doesn’t appraise for the Option Price?
Question – My Mortgage Broker says that I can’t let the Tenant-Buyer use their Option Deposit towards a down payment if the original Option Deposit check was made out to me. Is this true?
Misc Questions
Mrs McCall,
The videos that you provide are great. They are full of energy that just preps a person for your course. Every bit of information from you is greatly appreciated. Thanks!
Hey Patrice – thanks!!!
Will this work in the luxury home marktet???
Yes – it works in any market and with any kind of home. But I will tell you this – I wouldn’t rely on doing deals with luxury homes exclusively. You will get bigger paydays, but they may be few and far between. One big key is to make sure you find the buyers first. If you are going to target the luxury home market, I would suggest focusing almost all your marketing on finding the buyers who have a good down payment first – then work on finding a home for that buyer.
I want to know can i just go out and look at this houses that have for sale by owner signs on them and make an offer to them to sell it for them in our program. I was in the impression I was supposed to just go into houses and show it to clients already to buy the houses but I can do this to and I do not have a real estate license so I hope it does not cause me any problems.
Evelyn, I am a little confused with your question. Can you re-phrase?
Joe,
Great Job! I am always happy to see a person enjoy their work. My question is if you have a seller that is tied down with a listing agreement with a realtor. How do i make the listing agent happy? Do i have the seller try to get out of the listing agreement?
Second Question, The realtor that represents the lease/option buyer, How does the Realtor get paid for showing the property to the prospective buyer?
Thanks,
Bill
Haddon Heights,NJ
Hey Bill! If the Seller has a listing agreement, you never want to encourage them to try to break the listing. But what the Seller does with their Agent is entirely between them. You don’t need to get involved and you don’t need to worry about it. If the Seller wants to Lease Purchase their property, nothing is stopping them from doing that (not even a listing agreement). The Seller will pay their Realtor something if that’s what they work out.
If a Realtor brings you a Buyer, just tell them what you’re doing & that you aren’t licensed. Then ask them how much they want to be paid. It’s important to talk about that early. Make them come up with a number first & negotiate from there.
Hi Joe,
When you talk about flipping your option on a cooperative list option deal, What are you signing with the seller an Option to purchase agreement or a lease option agreement?