893 Common Mistakes When Dealing with Sellers
It\u2019s no secret that I love lease options and what they can do for your real estate portfolio. But there are some common mistakes that every investor makes that I want you to avoid. I want your lease option experience to be hassle-free, so listen close while I unload my years of wisdom on you.\nFirst of all, do not pay too much option deposit money! A lot of times when I\u2019m negotiating with a seller, I\u2019ll offer a thousand dollar option deposit money. Remember, you want to put yourself in the best position possible, that\u2019s why you also never want to personally guarantee a long term lease.\nIn your hurry to get a tenant in a house, don\u2019t forget to pre-screen the seller too. You\u2019ll want to ask questions like:\n\u2014Do you have any judgments or lawsuits filed against you?\n\u2014Do you owe any back payments?\n\u2014Do you owe any back taxes?\n\u2014Are you going through a bankruptcy?\nOne of your most powerful tools in your negotiating toolbox is the phrase \u201cI\u2019ll get back to you\u201d. I show you how I use it to buy some time and make certain about my numbers.\nIf you\u2019d like to dive more deeply into lease options, my webinar Simple Lease Options gives away all of my tools, like my one-page contract, my calculator, my proposals, and so much more. It\u2019s free, and it\u2019s available at SLOClass.com.\nWhat\u2019s Inside:\n\u2014What kind of repairs you should do on a lease option property.\n\u2014Why you should prescreen the sellers, not just the tenants!\n\u2014The rule of thumb for buying awkward and weird properties.\n\u2014The only time I would work within a short timeframe.
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