Quick Start – Part 11

Okay the home buying season is starting and I just want to ask everybody

are you ready to go talk to Sellers?

In this thread is marketing ideas for expired listings, for listed houses, for landlords, for FSBOs, for we buy houses people that have thin leads

In this post I’m going to keep it really simple

Step one you need a good attorney

Step two you need a good Rmlo (Registered Mortgage Loan Originator)

Step three you need access to the MLS

Step four you need a letter of intent to talk to Sellers about entering into a lease and option or subject to or wraparound mortgage

Step five you need to know the basics of talking to sellers that have little equity

Step six is you need to close on a letter of intent, and follow through to get the seller to sign either a lease with an option, a wrap around mortgage sale, or a subject to existing financing sale

Step seven depends on whether or not you have a lease with option or sub two or wrap

If it’s a lease with option, you want to enter into a lease with option with the seller and your LLC. Then get the keys and place a large sign on their front yard

If it’s a sub to or a wrap, you want to take possession and have 30 days paid on the house upfront so that you can either rented out as an owner or lease purchase the property

Hope that brings clarity to this process, on the seller side