You must be logged in to reply to this topic.
-
Appreciate all your help!
I have met with the owner of a vacant 2005, 1800sf house in a nice little sub. He moved out of state for work about 6 weeks ago. He has not put it up for sale or cleared it out. He and his estranged wife are trying to decide if they should lease it or sell it.
When we met I suggested Highest Bidder Sale or Master Leasing. He wants more information on both.
They had a bad experience the last time they listed a house with a realtor ( waited for 8 months for it to sell while having to make payments) so he is excited about these alternatives.
He does have equity. It needs flooring, a new dishwasher and cleaning. We have not talked $. (I have bronchitis and I could only talk with him a short time).
He would like me to email him with scenario’s.
So, what do you think? I have done lease options ( a number of years ago) but I have not been to David Tilney’s seminar which means I have only limited knowledge on Master Leasing. It doesn’t intimidate me but I’ve never done it.
Highest Bidder looks very doable if they will agree to a low enough strike price. I would split anything over.
I don’t know which way they will lean.
Any advice on how to proceed?
Thanks in advance!
CarrieCarrie
a lease option is basically the same thing as a master lease except you do not give the buyer an option.
Personally, I’d stay clear of a master lease unless the house is ready to rent. I would not want to spend money for carpet, etc for a house I do not own. And I doubt the seller wants to spend the money on it either.
So, that makes the highest bidder sale ideal.
He realizes that he would need to replace the carpet and dishwasher whether I leased it or we did a highest bidder sale. I said I could help by letting the workers in. He also has his former neighbor right next door that could assist.
I would rather do the highest bidder sale though. Hopefully he will agree
There is a better chance the seller will say yes, if you propose two solutions. So, propose the highest bidder sale first… tell him it can be sold AS IS. If he does not like the HBS idea, be ready to propose the master lease but he needs to replace carpet and fix it up. Also tell him, your first payment to him will begin when you receive the first payment from the tenant.. and not before.
be on the conference call tonight for some additional insights for a highest bidder sale.
my daughter, Melissa, is the guest speaker
You must be logged in to reply to this topic.
