lease option benefits to seller

[Sarah Jones]

I really want to do lease option but in this market is lease option really feasible? I am contacting people that have the house rented... and no one is renting for a long time.. ofering them lease option... i dont know how to convince them to do it... if i tell them they can make 50k to 100k more... and they offer a high price and the tenant cant get an appraised value when they use their option it wont go through.. i dont know how to pitch these people... i want to contact people who are renting but no one is renting their house to do a lease option... any suggestion ?

[Bill Gulley]

Sarah, we meet again....almost the same questions;

My impression is that you are not studying here on BP and are following or trying to follow other materials, for L/Os, I suggest you ONLY study here and throw anything else you have in a closet or the trash.

As Jay mentioned, it's pretty much already been said and is on BP.

Your approach as I told you, needs to be from a position of knowledge, you must understand L/Os inside and out if you have no real money, I'm assuming again, but that's what I'm getting.

You need to be able to meet someone and fully explain the deal from start to finish without hesitation or any doubts.

You need to take command and control of the conversation, not saying don't lsiten and answer questions, but you need to be seen as the expert and establish trust. I'm pretty sure I could knock on doors of tenants and have at least one in three go for a L/O, no problem, but that does not mean they are a real buyer.

IMO, you're not prepared to be going in public yet, slow down and make a committment to yourself to learn, seek advice locally and study your market. It sounds like you're hitting up people you know, like that condo deal, I suggest you don't do that yet, there will always be deals. If you are not employed, that means you should have 10 hours a day to catch up on subjects here on BP!

We are here to help you, but not lead you every step of the way without seeing you find some answers on your own. Your desire is very clear to me, you need to consider if you can study RE on your own too, as your RE education will never end, it's a constant effort, that's just the way it is and don't get hung up on guru claims that anyone can do it, that simply is not true, you do need some skills that can keep your nose to the grind stone, it's not easy!

If you begin at the beginning of RE and understand a transaction process and know why things must fall in place along the way, you'll do fine and you can get specific questions answered right here.

Good luck....