owner financing means he is holding the mortgage and leas option just give you time to decide weather or not you want to commit but seller can not sell to any one else until you decide to take or reject the option
hope this helps
I think that you can only do a lease option if you own or have control of the property. You get control of the property by having the owner do a owner financing with you, then you in turn do a lease/option with a tenant buyer. The owner is the bank per say and you are getting money from the tenant buyer to pay the owner. This has to be written in the contract with the owner that this is what you are going to do. I hope this helps, so this is my thoughts on the two.
In an owner finance, the owner is selling the property and financing the loan to purchase. The seller becomes the bank. In a lease option, the leasee is renting the property with an option to purchase the property at a later date. usually the leasee has first option to purchase written into the lease option agreement.
__________________
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
I tied up the property I currently live in through owner financing for a year. That time is up but I still can't qualify for a loan what should I do? I also just lost my job so money is tight, but I may have an offer to live on site rent free. Would I need to revise my contract to allow for subleasing? Anybody?
Karen's advice is the first step. If you have the property under an option to purchase at a good price, you may still be able to make money. Exercise your option and do a double closing to an end buyer who may be willing to buy the property at full value. The numbers have to work so be sure there is enough margin between your option purchase price and the fair market value. Always look for other ways to make money when you have the deal under contract.
__________________
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
you really know is your option price, you can't make a decision until the true FMV is ascertained. Running comps will help you determine this. If you get numbers that backup your mentioned $95k, then you have to determine if a 10k differential gives you enough margin to entice a buyer and make some money for yourself. I think you are running tight on the numbers to make it work, but I don't know your property. Maybe you could let someone assume your contract for $1k - 2k? I don't know?!
__________________
Always Looking to Acquire Houses | Always Looking to Amaze Investors
found a buyer who is willing to assume the note for 88k now just need to know what the terms far as how I get my check for 3k and what kind of documents I need...
Regards,
John <>< Future DG & DL REI Billionaire
ASPEN PROPERTIES "I BUY (ALL CA$H), HOLD, LEASE & SELL Commercial and Residential Properties" ANY LOCATION, ANY CONDITION, ANY PRICE http://ctaffordablehomesforall.usapropertywholesale.com/
Good advice Bill - get the true numbers on FMV and you then came up with a possible solution to make some money on what appears to be a very tight deal.
I believe that is what good investing is made of - being able to find solutions.
here is what I come up with thus far asking 39k avg recent homes sales 108k. 80k in repairs any suggestions on what I should offer in an assignment deal?
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im not quite sure either but have not gotten much help either still waiting my self
Can anyone answer our question? Will be appreciated.
"This is only the beginning"
owner financing means he is holding the mortgage and leas option just give you time to decide weather or not you want to commit but seller can not sell to any one else until you decide to take or reject the option
hope this helps
Rafael Morel
M&N investment.
I think that you can only do a lease option if you own or have control of the property. You get control of the property by having the owner do a owner financing with you, then you in turn do a lease/option with a tenant buyer. The owner is the bank per say and you are getting money from the tenant buyer to pay the owner. This has to be written in the contract with the owner that this is what you are going to do. I hope this helps, so this is my thoughts on the two.
In an owner finance, the owner is selling the property and financing the loan to purchase. The seller becomes the bank. In a lease option, the leasee is renting the property with an option to purchase the property at a later date. usually the leasee has first option to purchase written into the lease option agreement.
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Well said Al, short, sweet, right to the point....Jan
Thank you everyone,I appreciate it.
"This is only the beginning"
I tied up the property I currently live in through owner financing for a year. That time is up but I still can't qualify for a loan what should I do? I also just lost my job so money is tight, but I may have an offer to live on site rent free. Would I need to revise my contract to allow for subleasing? Anybody?
_____________________
"blessed to be a blessing"
I recommend that you talk to the owner. I don't see a different option here.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thanks Karen I'l do that.
Karen's advice is the first step. If you have the property under an option to purchase at a good price, you may still be able to make money. Exercise your option and do a double closing to an end buyer who may be willing to buy the property at full value. The numbers have to work so be sure there is enough margin between your option purchase price and the fair market value. Always look for other ways to make money when you have the deal under contract.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Option price 85k FMV is 95k you think there is enough margin in those numbers to make some money?
you really know is your option price, you can't make a decision until the true FMV is ascertained. Running comps will help you determine this. If you get numbers that backup your mentioned $95k, then you have to determine if a 10k differential gives you enough margin to entice a buyer and make some money for yourself. I think you are running tight on the numbers to make it work, but I don't know your property. Maybe you could let someone assume your contract for $1k - 2k? I don't know?!
Always Looking to Acquire Houses | Always Looking to Amaze Investors
thanks Bill I look at that option. Do you have more info on the actual proccess of achieveing this?
found a buyer who is willing to assume the note for 88k now just need to know what the terms far as how I get my check for 3k and what kind of documents I need...
Well put #5, Al and #13, Bill.
Attract Private Investors to fund your deals so you can do more deals while using Other People's Money (OPM). For more info go to:
http://www.mcssl.com/app/aftrack.asp?afid=1029023
Regards,
John <>< Future DG & DL REI Billionaire
ASPEN PROPERTIES "I BUY (ALL CA$H), HOLD, LEASE & SELL Commercial and Residential Properties" ANY LOCATION, ANY CONDITION, ANY PRICE
http://ctaffordablehomesforall.usapropertywholesale.com/
Good advice Bill - get the true numbers on FMV and you then came up with a possible solution to make some money on what appears to be a very tight deal.
I believe that is what good investing is made of - being able to find solutions.
Tom
here is what I come up with thus far asking 39k avg recent homes sales 108k. 80k in repairs any suggestions on what I should offer in an assignment deal?