I Locked A 725K Lease Purchase Property With A $5040 Mnthly Payment!! Somebody Help Me Find A Tenant Buyer!!

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I Locked A 725K Lease Purchase Property With A $5040 Mnthly Payment!! Somebody Help Me Find A Tenant Buyer!!

13 posts by 8 users

Orlando Price

Real Estate Investor · Atlanta, Georgia

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Jan 24 '11, 11:18 AM

Good news is I locked a 725K Lease Purchase with the understanding that I wont execute until I find a Tenant Buyer. I'm here in Atlanta GA and really need some help. How do I find a Tenant Buyer for this beautiful house when the payment in $5040? I thought Craigslist and Backpage already but I'm going to need some high power techniques for this one please help...!!

Mitch Kronowit

SFR Investor · Orange County, California

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Jan 24 '11, 11:37 AM

Check with Coco-Cola, Delta Airlines, etc. and see if they have any executives moving to the area that want to rent a place for a little while before deciding on a purchase.

Seriously, you're going to have to contact property managers and real estate agents that have experience placing affluent tenants in upper-scale properties. I'm sure people in that price range aren't going to scan the Internet looking for a suitable home to rent, they're probably going to contact a Realtor or close associate of their's to help them find a place. Just some ideas.

Orlando Price

Real Estate Investor · Atlanta, Georgia

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Jan 24 '11, 11:46 AM

Excellent info.. I did consider that Corporate Relocation Departments and such.. Thanks for your input. Also considered Agents who've had deal fall apart because of financing in that price range.. I'm brain storming..

J Scott

Real Estate Investor · Atlanta, Georgia

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Jan 24 '11, 12:32 PM

Get it on the MLS. Most buyers/tenants in that price range are coming in from out of town, and will be working with an agent...

J Scott, Lish Properties, LLC
Telephone: 770-906-6358
Website: http://www.123flip.com
http://www.123flip.com

Orlando Price

Real Estate Investor · Atlanta, Georgia

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Jan 24 '11, 12:40 PM

In my agreement with the owner I gave her the option to list the property for sale which she has decided to pursue. How can I list the Lease Purchase on MLS while the Agent has it listed for sale on the MLS and quite possibly for Lease Purchase also?

Orlando Price

Real Estate Investor · Atlanta, Georgia

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Jan 24 '11, 12:43 PM

Actually I just viewed it on MLS, its on for a potential short sale but its not being marketed as a Lease Purchase..

J Scott

Real Estate Investor · Atlanta, Georgia

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Jan 25 '11, 06:14 AM

You'd likely need permission from the seller/listing-agent before putting the property on the MLS. Absent that, I'm not sure you have many options...

J Scott, Lish Properties, LLC
Telephone: 770-906-6358
Website: http://www.123flip.com
http://www.123flip.com

Darryl Dahlen

Commercial Loan Officer

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Jan 25 '11, 07:33 AM

I just wrote a blog on Atlanta. There is a LOT going on there with regards to business expansion.

There are a couple large companies investing many millions of dollars in Atlanta and the surrounding area. As mentioned, it might be worth doing some investigating to see if they have consultants/executives in need of a high-end rental.

Here are a couple of the companies that are investing in Atlanta;

-Gulfstream
-Juniper Networks (the are building a 100MM testing facility).
-RedPrairie is relocating their HQ to Atlanta
-T5 Partners is planning a 75MM facility.

There is a large movie production project going on as well. The company that will own that project is EUE Screen Gems.

Mat Lewczenko

Real Estate Agent · Lenexa, Kansas

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Jan 28 '11, 05:58 AM

J makes a good point. What type of listing agreement did they sign?

You may have given the home owner the right to list with a realtor, but does the listing agreement give you the right to co-market without paying the realtor?

You want to find out.

Patrick K

Residential Real Estate Agent · Austin, Select a State

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Jan 28 '11, 08:08 AM

Why would anyone with the financials and looking for this type of house product go into a lease purchase agreement for this house while it is also listed for sale at the same time?

What am I missing here?

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

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Jan 28 '11, 08:23 AM

Financials for renting are not as stringent as financials for getting a loan. So you'll have the doctor or lawyer who just came out of a divorce, or bankruptcy, or foreclosure. Income they have, but credit is tanked.

And the OP might want to re-read what I just wrote to get some ideas :wink:

Matt Mathews

Real Estate Consultant · yucaipa, California

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Jan 28 '11, 08:57 AM

You may want to try a one page property Web site with L/0 Rent to own etc or FSBO! Then send the link out over the web.

Orlando Price

Real Estate Investor · Atlanta, Georgia

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Jan 31 '11, 05:17 AM

Thanks everyone for you input.. When I negotiated this deal I asked that I be excluded in writing from the listing agreement between her and the agent. I have a lot of coals in the fire I just locked two FSBO's in Morrow GA that I'll be wholesaling and I woke up this morning to two emails stating that my REO offers are pending approval on two properties that I know I'm the only one bidding on. (Per the listing agent.) So I've put this one on autopilot. Just following the path of least resistance. You guys are the best. Thanks again everyone.