help the confusion

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Seller owns a property free and clear and will entertain keeping the mortgage in place for 3 years.  Seller wants tennant buyer to get a mortgage within that time.  Seller wants me to walk away once I get my deposit fee.  Is this still a subject to deal.?  Is it seller financing?  What is the correct terminology for this type of transaction?  How do I set it up ?

This could go several ways but to keep is as basic as possible, it feels like a classic 3 year Lease Option deal between the owner and the tenant buyer with you Daryl P receiving the option fee as a referral fee. The terminology I would use is Wholesale Lease Option. See the quick steps by Joe McCall. As far as getting assistance setting this deal up first thing I recommend you do is get it under contract ASAP and reach out to someone with some experience to partner with. Some solid guys right here on BP @john Jackson and @brian gibbons. 

The Quick and Dirty of Wholesaling Lease Options…

Here are the basic steps:

1) Find a motivated seller who wants to sell their house on a Lease Option…

2) Get the property under an “Option To Lease Option” contract…

3) Find a qualified tenant-buyer who has a good down payment and a good chance to get a mortgage in 6-12 months…

4) Sign the Lease Option paperwork with the Tenant-Buyer…

5) Assign the Lease Option docs back to the seller…

6) Keep the Option Consideration / Deposit and give the Seller the first month’s rent…

7) Put the Tenant-Buyer in a credit repair program with your mortgage broker…

8 ) Deposit your money & move on to the deal!

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