I've been reading about using a real estate agent in the wholesaling lease option process and would appreciate someone with that experience giving me a brief overview of how that works.
My current simplified understanding of the wholesaling lease option process is that an investor signs a lease option agreement with the seller that contains an assignment clause. Then the investor assigns the agreement to a tenant buyer with the approval of the seller and the tenant buyer assumes the rights and obligations in the lease option agreement and the investor collects the assignment fee and moves on.
How would a real estate agent assist the investor in this process?
@Robert Burns Some lease option investors source deals from agents. Personally I've had no success with that. The other place an agent can be of use is in showing the property, you could use a leasing agent or a property manager for that task. I've never done that but plan on trying it out next time I get a lease option that's too far for me to show it myself.
Hi @Robert Burns ,
All of our agreements have the built in right to assign them. When we started doing these we mainly did assignments (we no Call them AO for Assign and then we're Out). Probably because they are so easy. However it becomes a JOB if that is the only thing that you are doing. You have to do a deal to get paid.
We now hardly do any at all. I think we've done 1 this year. The reason is that we can make so much more if we stay in (sandwich lease SW) or buy them Subject-to (ST) or Owner Financing (OF). If you're interested in learning more I can point you in the right direction. BP is strict about what I share here so just let me know privately.
Hope that helps,