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Seller wants to use his own lease

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Sean D

Wholesaler from Chino Hills, California

Feb 17 '13, 06:13 PM


I had a couple appointments today and both sellers insisted on using their own lease contracts in the deal. I'd rather use my own lease for obvious reasons, but how do you guys get the seller, who is normally the screener, to accept your agreements instead of his?



Jon Holdman Moderator

SFR Investor from Wheat Ridge, Colorado

Feb 17 '13, 06:20 PM
1 vote


I'd say you're dealing with a savvy investor rather than just someone who's selling their house.

Think about it this way. You go to rent a house. But you tell the landlord "I want to use my lease, not yours." I don't think you would get very far.



Jon Holdman, Flying Phoenix LLC


Sean D

Wholesaler from Chino Hills, California

Feb 17 '13, 08:04 PM


Thanks, but I should add that both people were called from a list of landlords, so it makes sense that there's some friction here



Jon Holdman Moderator

SFR Investor from Wheat Ridge, Colorado

Feb 17 '13, 09:44 PM
1 vote


You're calling landlords and trying to buy with a lease/option, right? I can see where they would treat you as just any other tenant and want to use their own lease. In reality, most lease options turn out to be nothing more than regular tenants.

Are you trying to actually buy? Why not try a straight owner financed deal? E.G., a wrap or land contract? Do they realize you're trying to buy and not just rent the place?



Jon Holdman, Flying Phoenix LLC


John Jackson

Real Estate Investor from North Richland Hills, Texas

Feb 18 '13, 04:55 AM


I assume from your previous posts that you are trying to lease option then assign it, or possibly do a sandwich.
If that is the case, then the seller's docs won't be of much use to you, because their lease is likely just a regular lease, and it will likely have verbiage disallowing you from assigning or subletting, and will also put you in a full liability position.



Bill Gulley

Real Estate Investor from Springfield, Missouri

Feb 18 '13, 05:33 AM
1 vote


What in the world? I gota have more coffee! :)

Sean, you might have better luck hitting up old landlords who want to retire from landlording activities....



John Jackson

Real Estate Investor from North Richland Hills, Texas

Feb 18 '13, 08:00 AM
1 vote


I was thinking the same thing @Bill Gulley said as far as pitching to "tired" landlords, or people that became "inadvertent" landlords



Bill Gulley

Real Estate Investor from Springfield, Missouri

Feb 18 '13, 08:10 AM


Yes John, another good approach, people that couldn't sell and ended up renting to move, estate deals, see who retires at the plant maybe the spouse has been taking care of the properties, tie landlords to those events in life that motivate them to sell, otherwise you're spinning your wheels. :)



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