Special offer

Get your investment property today with a lease-option

By
Real Estate Agent with eXp Realty LLC 200311024

Sunday I was holding a open house at one of our company's condo conversion projects and was thinking to myself, how can I get one of these units for myself as an investment property?

The first thing I must tell you is that it is one particular unit that I am wanting. The reason I want that particular unit is because it is next to the model unit. My plan is to live there for one year while selling the other condos then owner-finance my unit to a new buyer.

The only problem is the unit I want has a renter and the owner is saving those units for last. He wants the rents from those units to continue while he does the conversion of the vacant units. He is also not taking reservations on occupied units and I am not willing to wait for it to be vacated - I WANT IT TODAY!

I'm presenting my proposal this next week to the owner of the project. So, I will update everyone to how it is going or if it accepted.

So here is the proposal:

The first step is, approach the owner with my idea and see if this is something that he is even willing to consider.

Then the second step that I need to do is approach the renter to see if I can pay them $500 to move out early. If they are willing to do that, then I can go back to the seller and pay him a $500 down payment / earnest money deposit and set up a lease-option for the next 6 months, setting the price of the condo to today's market prices.

This now gives me the property at the price I want and it gives the seller the income he wanted from a renter and I have a home office 15 feet from the model home. No more driving 10 miles when I get a call from the office saying they have a buyer that would like to see the model home.

It should be a win-win for everyone involved, and like I said, I will be updating everyone next week to the outcome.

Comments(4)

Wayne and Lynda Gomillion
Real Living Hagan Realtors | Pinehurst ~ Southern Pines, NC - Pinehurst, NC
Great Idea!... Please keep us posted.
Jun 28, 2007 10:44 AM
Scott Hoag
FBC Mortgage - Clearwater, FL
Preferred Lender / Mortgage Company
Hey Todd- I don't know if the renter is going to move out early for $500...if you pay for or help them move might be better incentive cause NO one likes moving. Make it easy for them!
Jun 28, 2007 04:44 PM
Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

I'm curious to see how it goes.  Keep us posted.

Jun 28, 2007 11:54 PM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

Wayne and Lynda - I'm happy to say this worked and I've been doing this for almost two years.

Scott - Well, it worked and I moved in 43 days later.

Kate - I hope to purchase this property later this year. I actually made it 3 year lease with market adjustments because I saw what the housing market was starting to do. I will now save even more than I would have originally.

Mar 11, 2009 08:01 AM