Hi guys,
Just wondering if you guys can give me some ideas as to where and how to find potential investors for lease option strategy. I currently own a property in Perth, WA in which I am trying to use the lease option strategy on. I have advertised in the newspapers, but the responses have been less than ideal. Are there any other methods to attract investors. Or if any one here is interested, please let me know.
Thanx [biggrin]
Hi
Have you considered trying to market to investors who will rent the property out, or sandwich lease it?
Terryw
Discover Home Loans
Parramatta
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Hi ToothKnight,
First up, are you looking for money partners, or joint venture partners.
I know of some people who have tried both approaches in a LO situation, and they tell me they would never go down the JV partner road again as it was too complicated.
They felt is was better to offer a set % interest rate, and to make it an attractive one.
Finding money partners can be tricky, as, if you don’t have a reputation then it will be hard to gain the esteem / trust.
Therefore, if this is the case, you need to leverage off the reputation of someone who knows you. That is, you need to be ‘introduced’ rather than cold-calling.
Therefore, often a better reception is gained by going to accountants and lawyers and seeing if they have any clients who may be interested.
I would avoid using family and friends if at all possible. This lacks sustainability and compromises a personal relationship.
So, as a first step, approach your accountant and see if they know anyone. Alternatively, you could ask a lawyer if they offer second mortgage funding, or you could shop around with mortgage brokers.
I hope you find what you are looking for.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Thanx for the replies, guys.
However I may not have stated my question clearly enough in my inital post and I apologise for that.
But what I’m looking for are investors that are interested in leasing my property – whether to sublease to other tenants or for themselves to live in, with an option to buy the property at a future date.
As I have stated, I have advertised in the newspaper. I have also tried asking my accountant whether he know of any investors that might be interested – no results to date.
I have also thought of proposing this by sending mail to professionals such as dentists, or doctors to see if they are interested in this deal.
I just thought you guys might know of other ways to find potential investors that may be interested.
Thanx again. [biggrin]
Hi ToothKnight,
Okay – I’m confused.
Normally, in a lease-option, you have two prime parties:
> You have the investor who buys the property; and
> You have the homeowner who is leasing the property from the investor.
Now, the homeowner may be an investor, but that would be a rare situation. In most cases it is someone who likes this idea for various reasons.
Therefore, it seems to me you are looking for people to live in the property. That is, you are the investor and you are looking for homeowners – is that right?
If that is the case, I suggest that you approach real estate agents and let them know what service you offer. From time to time they come across buyers who do not qualify for finance, and they can refer them to you – for a commission of some sort or other.
Be very careful though, the key to a wrap or lease-option is in ensuring that the payments are affordable.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Toolkit,
If you are endeavouring to wrap in WA – (excuse me if I am incorrect, I know bugger all about wrapping and that is my excuse [exhappy]) – but you will need a finance providers licence otherwise you will be operating outside the law in WA.
Check out
http://www.docep.wa.gov.au/media/media/2004/April/Mortga.htmlIf I am on the right path and you are trying to wrap in WA get onto the phone and ring DOCEP.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958
Skype – derekjones2113
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