OfflineTo assign a L/O contract, do I use an ordinary L/O contract and use and/or assigns? The owner is asking too much down upfront for me to make any money on the front and not that much in the middle or in the end.
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Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
The property is turn key, no work needs to be done. Owner has listed with REA previously and is going to use another agent again. However, he wants me to try to sell it for him in the meantime. He is asking $15000 down on a $124,900 property and $800/month. He said he would take $117,900 if sold outright instead of as a lease option.
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
First, you don't need a "and/or assigns" clause after your name because what you really need is a clause in your contract with the seller to allow you to sublease the property. You will most likely do a double closing when you go to purchase the property and then sell to your lessee/buyer.
You didn't mention the ARV, but the reduction from $124 to $117K is less than 8%, so I don't think you are getting much of a deal on the property, and if you can't pick up a spread on the deposit and rent, why do the deal.
Unless the ARV is a lot higher than $117, probably over $150K, why spend the time and effort to do the deal, not worth it.
I think the owner of the property is forgetting that it's a buyers market and the discount he gave you is still not enough for you to probably make the deal work in the long run. There are always L/O available you just need to find them. I bet you if you let him know your terms he will bite within a month.