All Forum Posts by: Ralph Newton

@Alian Chautard  One great way to find  owner financing is to call all sellers that are trying to sell their home “for sale by owner” you would be surprised what you can find out there. you might get some seller financing through subject to the existing loan lease-option there’s any number of ways to get owner financing. There’s a couple to get you started. It would definitely have to be a motivated seller that’s in some kind of situation where you could come in and take over the payments for instants anyway that’s a couple good ways. It’s not easy but Definitely possible good luck.

@ Whitney Small, Yes it's called lease with option to purchase or Rent to buy. If you don't purchase or perform on the purchase in most cases you will loose your option money that you put up. But you can walk away with out buying.

@Pete Schmidt, if I'm understanding you right you own the property and want to lease option that property to some one, becoming the bank. That being said the only reason a buyer would enter into this this arrangement is because they can't qualify for a mortgage. They lease the property until they get their credit fixed and can get a mortgage to buy you out. If they want to put a large amount of money done that's applied to the purchase agreement at time of sale thus lowering the sales price at time of signing the lease. If something changes and they can't perform on the purchase they loose all that money. Not good! As a buyer I wouldn't enter into such an agreement to begin with. If I we're you I would not go there. Keep it simple and play by the rules of lease purchase. Take a option consideration fee of an amount of 5-10% of purchase price and if they can't perform at the agreed time say two or three years you can renew the option with another fee or find a new tenant buyer. Hope that makes sense. Good luck

@Pete Schmidt, your missing the purchase and sales agreement. Your need all three documents. Each stands on it's own. So in case you have to evict the process is much easier with the lease. Do not tie them together in one or mention one in the other. Do use a lawyer to draw this up and close with them if possible in your state.

Hi, @Tyler Blanchard

Welcome neighbor, I'm in Houma as well. I to am a newbie just getting started. The best way to get started in my humble opinion is with the podcast here on BP. You have access to all podcast as a free member. You will find them under education. You can learn tons of stuff by just listening and taking notes. Fill free to reach out as @Brett Snodgrass mentioned, there's lots of experience of all kinds here in one place. Have fun and all the best to you.

@Christopher Chunn

Welcome to BP from Newbie in the Bayou area of Houma, LA.

This is a great place to be with plenty of support and information.

Just reach out when you need help.

Great advise Brandon, will do as I'm starting to make offers today. When is the next Ring meeting you mentioned and how do I join? Thanks 

Thank you Robert, great advise! I found that BFD service company. Pretty cool, seems like an escrow company that does a little bit of everything, and legally too. Thanks a ton. Are you in any REIA's? One you might recommend. I joined NOREIA but haven't gone to a meeting yet. Kinda skeptical about doing anything in NO due to all the violence there. Anyway thanks for your help. I'll be jumping on those podcast now.

New to real estate investing, not for long I hope. Any tips for getting rid of the fear factor and actually pulling the trigger. I've been a little confused about Subject to and Bond for Deed. Is there less risk for me in doing a lease option instead. I'm a little confused about these investment strategies. I'm very grateful for any advise or tips you may have for me. Thanks,

Ralph Newton