All Forum Posts by: Neil Aggarwal

Reading their web site, HomePartners buys the home from me.  That seems like it would be a standard purchase and no problem from my standpoint. Whatever they do with the house after buying it would be irrelevant to me.

The guy who called me said the buyer would sign a lease with me for a year.  So, I would be the landlord, not his company.  Seems like a different animal.  

So, they are expecting me to offer financing?  I thought he said the buyer will bring their own financing.

The phone number had an 817 area code, so I guess it is the company you are thinking about.

I think you are right on that.  He has to have a benefit for being so helpful and if the buyer can't get a loan today, nothing is going to change quickly.

How would it affect me?  If they can't buy at the end of the lease, they can renew the lease or move out, right?

I have a house available for rent.

I got a call from an investor that says he has a buyers pool and they can buy the house from me on a lease purchase. The buyer will pay my full asking price, I collect rent for 12 months and then the buyer closes on the house with their own financing so I get paid in full.

This seems too easy so it has to be a scam.

Can someone explain what they are doing?

Welcome to the madness!!

Since this is such a short time frame, if you are going to buy it, I think you should do it subject-to.  You take over the deed to the house leaving her loan in place.  You pay the existing lender what is owed to them, make the loan current, and keep making the payments going forward.

You will own the house, you can rent it to your cousin or anyone else.  You can also sell it on an owner finance and wrap the existing mortgage or just sell it outright.

Welcome to the madness, good luck!

I use SmartMove to screen tenants.  It give you a lot of good information. For collecting rent, I allow the tenants to use Zelle, PayPal, or deposit directly to my account.  I do not want to use a third party collector because I don't know what would happen if they steal the money.

500-600 credit scores don't bother me.  I look at the whole picture.  Some people have low scores because of other things, like medical bills. As long as there are no evictions and most of their bills are paid on time, I am OK with it.  I use TransUnion SmartMove which gives me a lot of data.

3 months rent as security deposit would be impossible to get. 2 months would be max and that is mostly a deal breaker.  People who rent don't have money lying around.  If they did, they would buy something.

I use TransUnion SmartMove.  It gives me the application and tenant screening all in one.  It seems to be a good system.

I set up a Texas series LLC to hold my rentals. Each property goes into its own sub.

What I worry about holding properties in a single entity is a lawsuit can tie up your entire business. With the series LLC they should be insulated from each other. Unfortunately right now, that is theoretical since Texas series LLCs have not been tested in court yet.