Lease Option - Sabattus, ME

[Kyle Clabby]

Investment Info:

Single-family residence buy & hold investment in Sabattus.

Purchase price: $100,000

This is a lease option I put together on April 5, 2018. This was a deal I had driven by with a FSBO sign out front. I called and chatted with the seller a little and they told me all the wanted to really do was be done with it and did not care how it got done. At the time the property needed a little work, not a whole lot but enough that a bank would not offer traditional financing on it. Luckily I found an end buyer and got a good enough down payment to bring the mortgage current, cover all expenses to make the deal happen, and get some good cash-flow going on my first lease option!

What made you interested in investing in this type of deal?

I was interested in doing a deal that was a little more creative than using a broker and traditional financing. I was able to get the buyer and seller what they wanted and make a decent cash-flow for my first one!

How did you find this deal and how did you negotiate it?

Driving for dollars! I negotiated simply by finding out what the seller's and buyer's goals were and creatively finding a way to make that happen.

How did you finance this deal?

This is a lease option with a mortgage on it, so basically I borrowed the financing already on the property to make it happen!

Lessons learned? Challenges?

Don;t overthink things, just get it done!