First Time posting on BP!!! Is this all I need?!? Thanks in advance for any feedback!

[Larry Feacher II]

First time positing on BP!!! I've Been a member for about a week or so, but been an observer for about a month... This place is like REI heaven! I have a contract Im getting ready to secure this coming weekend from a motivated seller and going to market the crap out of it and lease option it to a buyer... I know this is the kindergarten stage of REI but I do need anything for resources other than a lease-option contract, a real estate attorney to review the verbiage a title company to switch the names and a bank to put the money in: This will be my 1st deal and I feel like Im missing a lot more resources, not sure what though!

[Brian Gibbons]

Welcome @Larry Feacher II!

As Bill said, checking borrowability of the tenant buyer is important to success. A Credit Improvement FICO coach can access credit and put a plan together to raise FICO scores.

Larry, are you doing a Lease Option Assignment? I use a Letter of Intent that discloses many things to a prospective seller:

SAMPLE -

----------------------------------------------------

LETTER OF INTENT TO LEASE REAL ESTATE

RE: Notice of Intent to enter into a Rental Agreement and Option to Purchase Agreement for the real property known as
_______________________________________________________________

To Property Owner:

Please be advised that the undersigned is interested into entering into a Rental Agreement and Option to Purchase Agreement. Please be advised that I am a real estate investor that intends to enter into the agreements contemplated for the purpose of investing in real estate as a going business concern. I now provide you with this Letter of Intent.

This letter is intended to summarize in the separately numbered paragraphs below the terms by which I desire to lease your property located at _______________________________________________________ (the "Property"). For purposes of identification, ________________________________________ (husband and wife) (whoever is on the deed) shall be referred to herein as "Landlord", and XYZ PROPERTY GROUP LLC shall be referred to herein as "Tenant".

1. Property to be Rented.

2. Term.

3. Rental Rate.

4. Security Deposit.

5. Possession Date.

6. Option.

7. Option Money.

8. Representations, Warranties, Covenants, and Indemnification.

9. Legal Effect.


I hope that framework helps you!

I bring the signed LOI to the attorney, the attorney drafts the agreements, the seller signs, then I market for the Tenant Buyer.

I do not market for the tenant buyer until I have a legal right to the property, that is 1) a signed lease and 2) a signed option in my LLCs name.

I wish you every success!

Brian