This is part 4 of my series using a lease options one-pager to take you through the steps of lease option deals. I go into detail, making several podcasts from one page of ‘how to wholesale’ information.
You probably remember that part 3 was about sending an offer. Part 4 is about getting the initial contract signed by the seller. The contract is an uncomplicated one-page document.
With lease options, you can negotiate terms if the seller won’t budge on price. Request a lower down payment, a longer rental term, etc. You can be creative with terms.
The contract I’m talking about here is preliminary. At this point, the deal is not done and the seller can still market the property. There’s additional contractual paperwork involved when I find a tenant buyer.
I’ve lost a few deals this way, but this method gives the seller peace of mind because it takes away any risk. The seller also signs the lease option agreement which spells out the rental/purchase terms with the tenant buyer.
My WLO book contains all this information and the documents you use to complete a lease option deal. You only pay shipping and handling costs for the book, so get it at WLObook.com.
Listen and learn:
- Step 4 of wholesaling is about getting the preliminary contract signed.
- The option is not activated until the lease agreement is signed by seller and tenant.
- Lease options allow you to negotiate on price and terms… be creative.
- The seller gets to approve the tenant buyer.
Mentioned in this episode:
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