All Forum Posts by: Michael Carbonare

@Ararat Vardanyan  In all my years with lease options I can count on one hand when an attorney was involved.  Unless there is something unique or potentially problematic about a particular lease option deal I don't think an attorney is required.  Just my experience.
Seller financing is a different issue with quite a few moving parts and specifics.  An attorney in this matter is a good idea.

@Ararat Vardanyan  No need for an attorney for a typical lease option deal.  In fact, I would go so far to say they are a hindrance not a help for these types of deals.  Their training and their tendency is to complicate matters which, or course, keeps that billing meter churning.

@Antoinette De la Espriella  I'm in Broward and it's just as much a seller's market, in some areas even more so. than Miami.

@Christine Rodriguez  The answer to your question depends upon all the other numbers that affect this potential deal.
They've already quoted you a price of $310K.  But where is that in relation to comparable properties in the neighborhood?  Does it need repairs/updates?  What do you know about the existing tenant and lease agreement?  Etc.  More details and the approach becomes clearer.

I'm in Broward for about 21 years.  There are more wholesalers in Broward and Dade than there are gators and roaches.  I'm not trying to discourage you but rather prepare you for what you'll be up against.  An investor friend of mine is a very successful wholesaler here.  He drops 10,000 pieces of mail every month find his deals.  With the overheated real estate market we have here, favorable deals are not easy to come by as sellers know they are in control at the moment.  It'll be a grind, but be persistent and you can be successful.

Call a local title company and tell them you are buying from a FSBO. They want your business. They'll walk you through the process.

I've been investing in real estate for about 27 years.  Like most new investors my desire was fueled by my need to be in a better financial position.  20% down was a dream; hell, a bank approving me for a mortgage wasn't realistic, either.  Had to get creative.  Seller financing, when I could find a willing seller, still required 10% or more down, (I don't blame 'em).  Hard money?  They were charging exorbitant interest rates, plus points.  No, thank you.  Heh, I just had a flash back to my Uncle Tony. . .but I digress.  What clicked for me was lease options.  Specifically, a strategy called Cooperative Assignments.  Done correctly they are risk free and cash out of pocket free.  Started with that, earned some cash, and grew from there.

College is a scam, and the associated costs are a burden of debt that will take twenty years to get off your back.  There are many options at your disposal besides the traditional college path.  DiscoverPraxis is but one example.  www.DiscoverPraxis.com 

Don't do it!  Hold onto your wallet and run away.  We've reached the point where there are now more gurus selling their get-rich-quick crap than there are properties for sale in America.  Also, the myth of wholesaling does not often equal the reality of the strategy.  Sounds enticing:  buy property after property for .35 on the dollar, quickly flip it to someone else for a fast, fat profit.  Rinse and repeat. Oh, the joy!  Reality check:  how many homeowners are going to sell you their house at such a substantial discount?  What about the competition?  I have an investor friend who is a successful wholesaler and has been for many years.  We had lunch a while back, where he told me he drops 10,000 direct mail pieces each and every month.  Can you compete with that?  There are easier strategies for a n00b to start with. I'm not trying to discourage you, Jack.  I'm trying to save you $15K.

Sounds like you've got it covered, Ryan.  Good luck!