All Forum Posts by: Michael Carbonare

@Mike Mitchell  In theory, wholesaling is a walk in the park.  Buy a house a week for .35 on the dollar.  Quickly resell it for .55 on the dollar.  Rinse, repeat.  Before you know it you'll be rubbing elbows with Jeff Bezos.

I've done many lease option assignments.  Probably several hundred over the years.
What contracts are you using?

There are no closing costs until the option to purchase is exercised.  Until then it is only a lease agreement.

I've worked different types of lease options during my career.  26 years and multiple hundreds of deals.  I can count on one hand the times an attorney was involved.  

@Ivonne Pinedo  For starters, get another Realtor.  This one certainly doesn't have your interests in mind.  Her job is to sell your offer to the seller, not predetermine the worthiness of it.  If you're going to use a Realtor, use a Buyer's Agent.

You're putting the cart before the horse.  Get the deal first.  Then call around with a deal in hand and the attorney will be quick to reply.  And you certainly don't need an attorney to do a lease option.

@Adrian Lee Garza  "Would I t be wise to ask him to invest in me. . ."

Hell, no!  Never mix blood and money.  That's a recipe for disaster.

@Matthew Smith  The homeowner is suggesting, or in this instance, requiring a lease option.  As someone who has done hundreds of these deals, I must say I find it odd that the owner is demanding this.  Most homeowners will consider a lease option as an alternate to a traditional sale.  It may be the cynic in me, but something isn't right.  Of course, the next step is to first talk with the homeowner and find out why, followed by your due diligence on the property and neighborhood property values.

The variables of the specific deal will affect the closing costs.  Give a call to a local title company and they might be able to narrow that down for you.

LOL.  Don't forget the Walk-on-Water instructional seminars!