So what is the lease option market about? Well, I don’t know everything, but I can tell you that it works! I found a seller who was marketing his gorgeous $1.3 million house for $1.2 million. He was not able to sell if after three months and was making payments on a vacant house.
I knew this had the makings of a great deal. I asked him if he would be open to a lease option, and what do you know–he was! The only problem was that he wanted $10,000 down, and I was not willing to risk that kind of money. We agreed on a $1.1 million dollar price, and anything I sold the house over that we would split, no down payment required.
I spent $400 on advertising, and within a week I found a buyer for the house. He gave me a large chunk of money as option consideration, and within thirty days we got a loan for them to move into the house. The appraisal came back at $1.4 million. The new buyers were elated!
I probably could have gotten more for the house, but I did not want to be greedy. This was a true win/win/win situation. Of course, the buyers were happy, The original seller got his price, plus additional profit, and I netted $68,000 in thirty days with about 20 hours worth of work. Boooh yah! and God Bless.