All Forum Posts by: Kumar Chin

Thanks for all your suggestions guys.

I have a real nice Spanish couple that like to buy one of our properties with rent to own we are offering. 

Is it legal to sell the house to someone without SSN? Has anyone faced this situation before? Please tell me the possible problems we might run into. Thanks in advance for any suggestions.

So everyone agrees if its a lease option with less than 3 year term, it should be OK. As long as there is no financing and credits towards the purchase price, we are good. 

One final question. Is there a limit I can charge for the lease option? I have prospects that are willing to pay up to $8K on a house that has tax value of $50K but Im selling it for $45K. Its almost 18% option fee. Is that cool?

I meant jack up the down payment by a couple of grand. 

Strategy 1: Short term lease option (<2 years??). Since this is not financing by the seller, it should be ok?

Strategy 2: Wholesale the deal, put it under contract and assign with a small profit margin on owner financing offered by the seller. You might not make much but a couple grand.

Just ideas. I could be totally wrong. Please advice.

I have been doing a lot of research regarding the Dodd Frank act. I have a couple of ideas that might help avoid legal issues with Dodd Frank. I spoke with my attorney yesterday and he said on one knows if rent to own still comes under Dodd Frank. There was nothing mentioned about it. But he insisted that land contract, lease option, owner financing, etc. all are covered. 

Please PM me to discuss about the act. I think we can come up with a solution for this.

I am buying a house with all cash, which is supposed to close soon, title search is being done now. Im trying to sell it for a lease option. Is it OK to accept the down payment from the end buyer if they like the house and want to buy it?

I found another great deal for which Im short of money. If I accept the down payment, I should be able to buy the other deal too. Im nervous that someone else might pick it if I delay. The end buyer really liked the house but i havent closed it yet. 

What is the best way to deal with the situation and protect myself without getting into trouble? Any feedback is really appreciated.

Thanks for the feedback guys. Phil, I have been using Carolinahome.com for Charlotte market. I needed to cover the surrounding markets like Raleigh, Greenville and Atlanta. 

I have been trying to figure out how to do a keyword search on Realtor.com. When it says, signup to see your searches and favorite homes, I thought maybe if I signup, I can do keyword searches. I signed up and still cant do any keyword searches. If all you can do is  search by city, I seriously think they shouldnt be in business anymore. LOL. 

Is there any other site that allows keyword search of MLS listings? I know zillow has that option but the MLS listings are not updated there fast enough or sometimes not at all.