All Forum Posts by: Michael Lee

A real estate instructor and investor told me that you need to show the seller comps that are sold in the area, and have them initial on each. Seller needs to know that you are a licensed real estate agent, that they know the value of their property, and is willing to sell it to you for less.

I use the BP state specific leases, pretty good

Hey @Jason 

@Jason LePage welcome to BP! Im a flipper mainly for single families. My partner and I are also looking to get into more multifamily as well. Which areas in Essex county are you looking for? We are always looking to partner up with other investors if it makes sense for everyone. Lets connect!

@Ryan H. Yes that’s correct. We have the option to execute on the sale at any time at a set price. It’s a binding contract which is why we are comfortable with it. Doing it this way allow us to not have to use our own capital but have control over the asset; no down payment, the only thing we pay is the rent. Seller finance was our first choice, however the sellers attorney advised against it because the seller was not protected if we decided to walk; lease option was the 2nd best thing.

Now we just have to figure out how to smoothly exit with the end buyer.

Hello BP,

Anyone familiar with the best way to exit a lease option with a resell?

We acquired a property using a lease option. We renovated the property and is now ready for the resell. What is the best way to set up the sale to the retail end buyer? Assignment of option? Double close?

Thanks!

Hey Ronnie,

Take a look at it from this angle: one of the factors that will help push your rent in the higher range is the condition and layout of the unit. Another factor is proximity to train station. How does your unit compare with other 3br in the area? How much are they asking for the same condition?

Start by looking at what's available at the higher range, and compare yours with those. 

If the renter can get a better "deal" renting another unit that's the same price and overall better than yours, you unit won't go as fast.

Hope this helps!

Hi Brook,

I think your both your 2nd and 3rd option is good. I would “house hack” and purchase a multifamily 2-4 units. You will have the option to either live in one of the units yourself or rent it out and still have the other units pay for your mortgage and taxes. 

With a single family or condo, it’s tough because your either living in it or you have to move out first then find a renter, but mortage payment still needs to get paid. Multifamily will give you the flexibility for your scenario. 

But of course you will have to manage these tenants if you don’t use a management company.

Hope this helps!

Hi David, welcome to BP!

Don't get discouraged for not getting a deal after 3 offers, the market is still hot right now and there are a lot of competition. Also, don't get too caught up with the asking price, make sure you run your numbers and make offers for what works for you. Keep looking and keep offering, hopefully you'll get something soon.

Best of luck!

Hey all I am thinking about doing a meetup in Bergen county as well, I am in Lyndhurst. If you guys are interested let’s pick a date and make this happen!

Yep you got it