All Forum Posts by: Mark Kindy

I'm just throwing a line out there, wondering what kind of properties Florida investors (especially those of you near Gainesville) seem to be most interested in. If it's SFRs, is there a particular bed-bath combination you prefer to get? Why? Any necessities? I'm just trying to get a feel for what wholesales I should be targeting to market to investors

Hey, welcome! Good to see another Floridian :)

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Welcome to BP! Best of luck to you. Mary's right, low response rate all around. Stay persistent!

Mark

I've put together a sort of list of how I think I should approach lease-option sandwiching. I'm starting scouting tomorrow, and just wanted some feedback on this process:

1) Look for houses for sale in the area
2) Determine sales prices, what prices I'm looking for, what it should be based on the area
3) Determine which are for sale by motivated owners
4) Figure out the paperwork necessary, how to do the paperwork, necessary to structure the deal how I'd want it. (lease-option)
5) Approach motivated sellers, make offers, explain goals
6) Complete the deal(s)
7) Put out advertisements lease-optioning out the house(s)
8) Take calls, do showings (as necessary), explain requirements to rent
9) Take applications, do background checks, possible credit checks
10) Rent out the place, take non-refundable payments, etc
11) File all necessary paperwork with courthouse (maybe this should be earlier?)

Meanwhile, I also need to:
1) Find ways to help renter/buyers build credit for mortgages, find financing potential, etc
2) Possibly find a property manager to manage while I'm doing classes

Oh, and as far as credit to debt, I have student loans out, which skews that a bit, but I'm sitting about 50/50 debt to credit currently disregarding that

Mehran Kamari

Thanks, I'm just trying to do my best to get in early, and when there's such great opportunity. I'm making about $2000 a month, but I also receive extra after tuition from school loans that tack on about 10k more a year. So I'm sitting at 30-35k a year right now. My credit is around 680, but that's probably because I'm young. Checked my credit report, no late payments or anything noted, as it should be.

Unfortunately, I don't have much saved up, because I've only just recently gotten this job (bartending). And until I get a home, I'm paying 650 a month for all living expenses (housing, food, internet, utilities). I thought I should wait some to build up a nest egg, but from what I'm seeing here, I may not need to make a down payment.

I'm currently looking at the route of lease-option sandwiching to get a home. That way, I have time to save up money from the rent coming in, and I will be able to afford the terms of my lease option.

I'm assuming my tenants most likely WON'T purchase the home, though if they do, I would stand to make a tidy profit regardless, which I'm not against. Any thoughts?

Tastes of tenants are hard to gauge. My guess is some will love it, some will hate it. In the end, I'm sure it won't be a dealbreaker, and as long as it doesn't look beaten up I can't imagine it'd be a problem.

Braden C.

Thanks, that really clarifies that for me. I understand that it would be difficult to explain, and so I was having trouble wrapping my head around how I would go about that, but your solution is simple and effective.

Braden C.

So despite my number of buyers, I'd still go with the strategy of "I buy homes" ? Does it matter if they understand the concept of contract assignment?