Real Estate Investing, Finding Lease Option Homes, Upstate SC, Greenville SC

With the new year upon us my phone has been ringing off the hook. Why? Well I am finding that although the economy is picking up some folks are still Upside Down in their mortgage. They want to sell however with costs for selling the homes they have to sell higher than the average home is selling. This is great news for finding Lease Option Homes and making some Real Estate Investment properties available to those that do not have large amounts of cash to purchase.

Owners of homes that have to move or if the home is sitting vacant makes a great prospect. One I am working with today is upside down due to a second mortgage they took out. These again are great opportunities. Here are some great tips for finding and securing control of the home.

1.  Home Search: Look through Craigslist, For Sale By Owner Web sites and while you are out and about look for for sale signs on homes that are vacant. These are always the best options because if the homes are vacant normally the owners are extremely motivated and that is what you are looking for. Another great option is to check for properties for rent as some of those will be happy to Rent to Own.

2. Structuring the Contract: There are a few things to take into consideration when writing the contract for a Lease Option Home. The most important for your protection is including a payment clause where YOU pay the mortgage company monthly and give the difference to the owner.  This protects you so you do not have an issue where the owner does not pay the Mortgage. You will also want to include in the contract your ability to sub lease the property. This gives you the opportunity to market the property before any out of pocket expenses. Also put the closing of the contract as far out as the owner will allow, giving you more opportunity to get someone in the property and begin your cash flow.

I hope this information was helpful, if you have questions or need help structuring a contract drop me a line at agentdadams@gmail.com or just give me a call at 864-201-3960. Thanks

Greenville SC Real Estate