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Get your investment property today with a lease-option

Sunday I was holding a open house at one of our company's condo conversion projects and was thinking to myself, how can I get one of these units for myself as an investment property?

The first thing I must tell you is that it is one particular unit that I am wanting. The reason I want that particular unit is because it is next to the model unit. My plan is to live there for one year while selling the other condos then owner-finance my unit to a new buyer.

The only problem is the unit I want has a renter and the owner is saving those units for last. He wants the rents from those units to continue while he does the conversion of the vacant units. He is also not taking reservations on occupied units and I am not willing to wait for it to be vacated - I WANT IT TODAY!

I'm presenting my proposal this next week to the owner of the project. So, I will update everyone to how it is going or if it accepted.

So here is the proposal:

The first step is, approach the owner with my idea and see if this is something that he is even willing to consider.

Then the second step that I need to do is approach the renter to see if I can pay them $500 to move out early. If they are willing to do that, then I can go back to the seller and pay him a $500 down payment / earnest money deposit and set up a lease-option for the next 6 months, setting the price of the condo to today's market prices.

This now gives me the property at the price I want and it gives the seller the income he wanted from a renter and I have a home office 15 feet from the model home. No more driving 10 miles when I get a call from the office saying they have a buyer that would like to see the model home.

It should be a win-win for everyone involved, and like I said, I will be updating everyone next week to the outcome.

 Creative Financing

Todd Clark - broker
Kastings & Associates
(503)524-9494
Todd@IFoundYourNewHome.com
www.IFoundYourNewHome.com

 

 


Todd Clark (Broker/Owner)
The Friendly Home Team
Realty Pro, Oregon LLC
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

    2011-2014

 

 

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 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

What if there was a way you could search the  MLS for FREE just like Realtors

Now you can access the MLS using similar tools as Realtors. You are in control of what you want to search for, and you can search the MLS at your leisure. The information you submit in the form below can also be used to put you on an automated system where you'll be emailed all homes that meet your search criteria. You'll get internet access to a website that includes pictures, prices, and addresses to real estate that's listed in the MLS!

  

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Comment balloon 4 commentsThe Friendly Home Team • June 28 2007 05:23PM
Get your investment property today with a lease-option
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