All Forum Posts by: Vince Petrell

Tracy,

Thanks again for the info. I am looking over all of the forms I have to ensure I have the right wording for my needs. I guess the first one is always the toughest, especially when you will be living there.

Btw, your site looks great, and I am also a Mac user as of a year ago. I'll never go back!

Vince

Thanks for the reply fortunehunter. Sounds like you got a great deal on your house. We have thought about ours and are about to make the offer. I hope ours turns out as well as yours did.

Did the Realtor forms allow you to do a sandwich lease option? Also, what is an Agreement for Deed?

Thanks,
Vince

Hello,

We are new to REI and this would be our first "deal."

We are moving to a new state, and I just went up to look for properties as our personal residence. There are few FSBO's in the area we are moving to, but I found a property that is through a Realtor. I am also working with a Realtor.

We are looking at a particular neighborhood because of schools and amenities, and that is limiting our choices. There are about 6-7 homes in our price range, and they are not moving well, although the pace seems to be picking up.

The owner has the property for sale or for lease. From the talks with our Realtor, she seems motivated to move, although I do not know how motivated. We want to go in and offer the owner a lease option.

The rent is $1600 on a $339,000 house. I thought to offer $1500 rent with a 3 year lease option at the full $339,000 price, or the full $1600 rent with a purchase price of, say $325,000. We really wanted to lower our monthly expenses, and leave room for cash flow after living there for about a year, at which time we hope to sandwich lease option it.

We are new to all of this, so my numbers and ideas may seem crazy.

What I am wondering is are my ideas solid or am I off base? Since I am working with Realtors, what forms must I use and how should I approach it with them? Are the forms different with Realtors?

Any other help would be greatly appreciated.
Vince