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Hello everyone,
I just got started with getting homes from sellers on terms, so I can turn around and offer them for sale with Lease Purchase.
Have two homes and need to move them fast.
Would anyone, please give me suggestions on what is the best way to get buyers as well, how to keep in touch with them, to get them educated on this topic as well keep their interest.Would anyone suggest a good website to take a look at to get an idea, how it’s done?
Thank you kindly for any suggestions.
Sincerely,
Lilia
HI Lilia
We have a TON of training about how to sell houses fast right here at CashFlowDepot.com! Check out the Buying and Selling section of the Premium Member Training.
Did you acquire these houses with a lease/option or did you buy them subject-to the mortgage?
If you acquired with a lease option, how long until the option has to be exercised? Hopefully a long time and with the right to renew if necessary.
To sell them quickly, you should use the Highest Bidder Sale method. You’ll get them sold for top dollar in about 1 week. You’ll need to do some aggressive marketing for about 5-6 days, then do a 2 day open houses. Since the sales prices is fixed on these houses, you’ll be selling to the person with the most down payment. Of course, you’ll also get cash flow from the monthly spread too (if you negotiated a good term when acquiring these houses). I have some training about how to do a Highest Bidder Sale for the highest Down payment in the Premium Member section for Highest Bidder Sales. SEE IT HERE
One of the things I don’t like about lease options is the option part. You are forced to exercise your option at some time in the future. That means you lose an income stream. And it means that your buyers must start jumping through the hoops to get financing before the option expires.
So, it is super important that you have a very qualified mortgage broker at your Open Houses who can qualify people on the spot and explain to them their options for getting financing before their option expires. Some of the people who want to buy may never be able to get bank financing.
If your option is for 3 years, you need to make your tenant/buyers option for 2 years. Just in case they can’t get financing within the 2 years that gives you time to hopefully find someone else.
Let me know if you have any other questions.
Jackie
Lilia
I know a lot of people who have acquired control of a property with a lease option then when it came time to exercise their option, the “seller” backed out and refused to sign any closing docs. Don’t let this happen to you. Make sure you have all closing docs signed in advance. Get a power of attorney so you can sign for the sellers at closing. CYA CYA CYA
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