All Forum Posts by: Jason Hernandez

Bill- Yes I understand the assigning of contracts and that the buyer needs to notified that it is assignable. Thanks for everyone's input. I'm also aware of not giving rent credits due to the new Dodd Frank Law that came in affect in January. My biggest question here in Ohio is unlicensed brokering which I know some attorny's feel you do when you go into this with out an agent. I have always thought if you have a home in contract and option money down, you have equitable interest, but I revisited the law and it doesn't mention anything about this. This is why I inquired about getting an agent to work with? Any thoughts or ideas?

Hey Everyone,

  I have been reading alot lately about starting out in real estate investing. Originally I was interested in doing wholesaling, and now my interest has shifted more into lease options, both doing sandwich deals and assigning your deal to the end buyer or another investor, also known as wholesaling lease options. I wanted to see if there was anyone in Ohio who is doing this. If so how successfull is this strategy? Do you use a realator or do you market the properties  yourself with our a realtor? Any and all feedback would be great.

Thnks,

Jason Hernandez

Hey Everyone,

I wanted to hear from people in Ohio who are familiar with lease options and what their experience have been with sandwich lease options, and wholesaling lease options. I wanted to see what type of things to look up for. Do you have your tenant cover repair costs for the seller? How do you handle the option fee upfront and at the end of the contract? How do you close? Do you have the assignment fee recorded on the HUD1 and have the title company cut you a check? Do you assign the contract before close? Do you double close using a transactional lender? What has your experience been with tenant buyers who have used conventional lenders or FHA or VA loans when purchasing these properties? Also with the Dodd Frank legislation that came in this year I understand that rent credits are no longer allowed. Are you allowed to have a separate escrow account set up for the tenant buyer for them to pay into separately to make sure they are prepared for downpayment and closing costs? What kind of laws do I need to be aware of, and how can I protect myself and my LLC? Any and all suggestions are helpful.

Thanks,

Jason Hernandez

Sorry for the late response. I live down in the Columbus and I am very interested in starting in lease options. I love the idea, and think you can do it in a very ethical way that can be win, win, win situation for all parties involved. I am actually trying to come up with a business plan for this type of a business. Below is a link regarding an overview of the Dodd Frank Law. This attorney breaks it down so well. He has alot of videos out there. Enjoy

http://www.youtube.com/watch?v=wBSdQRd_Pu8

Thanks,

Jason

Hey Guys,

I am looking at getting my business set up here and have been doing a ton of research here, on other sites and listening to the Guru's Ron Legrand, Joe Mccall, and others. I really like the idea of lease options and wholesaling lease options. One major change with the new Dodd Frank law is that you can't offer rental credits towards down payment. I was wondering if I have a credit challenged tenant buyer, if it would be ok to have them set up with a separate down payment program through an escrow company, so they have the money to put down in the end. Another concern I have is how difficult is it for them to get financing for an FHA, VA, or other federal loan programs if we double close due to seasoning restrictions. Any ideas or thoughts are much appreciated.

Thanks,

Jason Hernandez

Thanks Brad. That sounds like amazing service. I think I know where they are located at. 

Thanks john I live I also live in GC and that's who I closed with when I bought my own home. I think dry funding ( using buyers money to fund the AB transaction) is illegal in Ohio.

Thanks Robert for the quick response. Any good investor friendly title companies that you can refer me to?

Hi there. I am interested in starting my realestate career in wholesaling and lease options and I was wondering if any one knows of any investor friendly real estate attorneys in the Columbus Ohio area. Some who is particularly familiar with double closings and assignment fees.