All Forum Posts by: Arturo Cooks

This will possibly be my first deal as I enter this new world of investing, I just wanted to get a few opinions if anyone has had any experience with similar deals. 

The deal will be structured as a lease option agreement (as I work to establish credit) the seller will cover the monthly T.I. As the buyer I will be required to pay the monthly PI. I will keep the cash flow, and be responsible for Property Management. This is a  2 family home with long term tenants. I will not reside here.

Selling Price 62k -(Seller is asking for a 5k downpayment)

Rents - $1395

PI- $499.10 (I pay)

TI -$365 (Seller pays)

Im really new to this, as a "lease option" deal would this be or a similar deal be considered good/bad...why? 

I currently do not have enough established credit for bank financing, I met a local investor willing to do a lease purchase agreement for several of his properties.

While having a conversation with my dentist, he said he was looking to also get into real estate investing and would be open to partnering. He's more establish, he would finance the deals and I would handle the property management. Has anyone had any experience with a partnership as such? Is this the best way to do this? Is an LLC required?

 John, these properties will be for income, I will not be living in them. The properties are all occupied, seller wants a down payment, an agreed upon "Rent" I handle repairs and pocket the extra monthly revenue. Im planning to start with two properties and slowly grow, all will be buy and hold.

Im just getting my feet wet with RE investing, Ive met a local investor with 12 properties he would like to sell. I went to a mortgage lender, and it turns out I do not have enough "established credit" The investor in willing to do a lease option for 6-12 months with a minimum of 5k down per property. My question would be, if I was to move forward with the lease option 6-12 months down the road when Im able to get financing...will I have to still put 3.5% down for the FHA? Do I lose my 5k spent for the lease option? Will the lease option help build my credit? What are the benefits of a lease option as opposed to waiting for financing?

I have two friends also interested in the lease option, they both have 5k as a down payment. Would it be smarter to partner and get a package deal, or keep everything separate?

My name's Arturo and I am a VERY new RE investor in New York.

My goals are to learn more about fix & flip, buy and hold, and eventually earning enough passive income to "retire" and spend more quality time with my family.

Love the website, great information and lots of nice people willing to share their knowledge and experiences.

If anyone has any advice for me it would be greatly appreciated. If any local investors have any time for a cup of coffee, that would make me love your forever. I have graphic web design and marketing experience, if I could be of assistance to anyone just let me know.