Updated almost 9 years ago on . Most recent reply
Wholesaling Lease Options
In reviewing how to wholesale a Lease Option, how do you get the Seller to not require an option fee from you?
You are asking the Buyer to provide you with at least a 3% Consideration Fee that you keep, yet you don't expect the Seller to ask the same of you?
What am I missing?
Most Popular Reply
Kent,
Selling lease options is actually the focus of my business. To begin with, I just tell them if they are looking for any money, it will need to be on top of my 5% assignment fee. So if they are selling a 100k house, then I get 5k so if they need 3k then we gotta find someone with 8k. Then I ask them If I should ignore a good buyer for the property that does not have at least 8k. They usually quickly come around and tell me just to get someone good.
I personally use an attorney to draw up all of my papers and close the deal at his office. I charge the buyer for this service. All checks are written to the escrow account, and checks are cut accordingly for first month rent and assignment fees.
Hope that helps. good luck!!! :mrgreen: