All Forum Posts by: Lokesh W.

Jenkins Ramon,

No updates on this. I have heard about Conti - Norton's bad support on the internet. That's all...

Melodee Lucido,

Thanks for the update. This confirms some of the reviews from Conti - Norton's customers on the internet.

I think underwater Jumbo loans maybe a good candidate for Note Buying.

Can anyone tell me how we can get a list of Jumbo loans that are underwater??? Do list brokers have these lists??

All my contracts have been reviewed by my attorney. This is legal in Wisconsin. Adam's course has "15 questions for pre-qualifying a tenant buyer", which is helpful. In addition, there is a step for "credit/background check" for the tenant buyer.

I bought Adam's course. So far so good. He replies my emails. I don't believe in lease option courses that cost 1000s of $$$$$!!!!

I have one property under lease option contract and another on the way (the owner of the 2nd property asked for changes to my lease option contract). But, I am not getting good tenant buyer leads on the 1st property. One of the potential rent to own buyers even gave money for the background check and then decided not come in.

Yes, that is correct. We have to have better marketing. I will be putting an ad in the Sunday paper and see how it goes. I recently created a blog on blogspot for my rent to own properties. I might create one on Wordpress as well.

Any suggestions on finding qualified tenant buyers???

IF there are homeowners who want to do lease option with option to buy within 2 years but have the following concerns, how would you respond?

- Need some down payment money to buy their next home. What to do?

- May have down payment for their next home but need to clear their current loan on this house to be eligible for loan for their next house. What to do?

Thanks
Lokesh

How many investors open an escrow for all of their lease option deals?

I did discuss this. I put a clause in the lease that says that tenant buyer can purchase the house anytime after some date A. This should be OK.

Anyways, for this deal the owner reviewed the paperwork with her lawyer brother and decided to bring their own lease document which says that I can bring in tenant buyer if I already have one but otherwise she will not sign the lease option deal and allow me search for a tenant buyer.

One of the prospective tenant buyers visited the property and asked for higher rent credit (or seller concession). She said that she knows some people who are getting 50% of the rent credit towards the mortgage. I believe that there are some sellers and investors offering much higher rent credits. Another person told me on phone also and did not even visit the property because of low rent credit of $200 that I am offering. I think I will ask the lawyer also to put higher seller concession (work this as seller concession instead of rent credit). I think seller concession may be ok because it is a discount that the seller is offering.

One of the sellers wants to come on board with lease option but his bank does not allow that because the loan and interest rate offered was only for owner occupied homes and will not be the same if the property is rented out for lease option.

In another situation, the owner has a lot of equity but does not want to sell below market. He says he can only rent 2 years because of the capital gains tax break he will get on that home if rented for less than 2 years. Is there any solution for this? I think this is ok as I can try to find a tenant buyer who can close after 1 year.

Any suggestions?

Currently, I sent a 4-year option agreement. The seller is willing to bring in up to $4K to the closing. It will take a tenant buyer with bad credit at least over a year to improve the credit scores. But, after that period, it is a risk because the tenant buyer would want to purchase the house. I will discuss with the owner. Any suggestions on this?

Michael Lauther
I pointed the loan modification strategy and time duration it takes to the owner. She is not interested. She got back to to me and said that she is willing to bring in the money for closing after the lease period is over so I will offer what works best for 3 parties - seller, tenant buyer and I.

Bill Gulley and Steve Babiak

THanks! Yes, I pointed this out. In fact, she first came to me for short sale and her bank was not responsive and she also was not sure because she was concerned about her credit history.

Now, she has agreed to bring in some money for closing.

Yes, we could do that as well but when I assign, it is better to have all the agreements in writing at the time we sign the lease, which is now...