Investing Strategies
2 Killer Exit Strategies for Lease Options
Jamel Gibbs here, coming to you Moguls with a simple strategy on how to expand your business – and that is to consider more than just one or two ways to set up your deals. In particular, in this lesson, we’re going to hone in on lease options.
In working with other investors, I find they may have heard about lease options, but have avoided them simply because they’re unsure of how to set up workable exit strategies.
That’s where we’re headed in this lesson. I want to provide you with some tools and step-by-step instructions that are going to help you to really score with lease options.
Understanding Lease Options
To grasp what a lease option is, let’s look at the complete name: “Lease with the option to purchase.”
What happens in this scenario is the property owner (or lessor) and the tenant (or lessee) agree that the tenant can enter into a rental period after which that tenant has the option to acquire financing and actually purchase the property. The tenant is not obligated to make the purchase, but the lessor can’t sell or rent the property to anyone else during the lease-option period.
When the option agreement is set up, both parties agree on price and the terms of when the option will be exercised.
The lessor and lessee must agree on the purchase price – which should be whatever is the appraised value at the time the option is exercised.
It works like this…
Let’s say you have a motivated seller who is willing to enter into a lease option agreement with you on his property. You then make the offer and agree on terms for the price.
Let’s say further, that you set up the option period to be for 2 years.
The seller’s mortgage amount is $500/month and he offers to lease it to you for $700/month.
In your research, you find that rental prices in the area are running about $900/month. This looks like a great opportunity for cash flow. Not only will you have monthly cash, but you’re buying this option at below market value – now you have a winner on your hands.
Because this seller is highly motivated to get rid of this property, he agrees to:
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Purchase price of $80k
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$700/month payments
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$100 deposit
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No payments for the first 60 days
As you can see, this is a very simple agreement and it can be a great strategy for you to use in your business. This is how you get in – now how do you get out (i.e. your exit strategy)?
Wholesaling Lease Options
Now that you have your lease option agreement all set up and signed, you want to find the right end-buyer for the property. That end-buyer will now agree to enter into a lease-option agreement with you.
Let’s look at two different ways in which you can wholesale your lease option. There are several ways, obviously, but I want to show you my two favorites.
Strategy #1
You, as the investor, can take over a distressed property with a lease option and, if needed, make improvements. You then can turn around and sell your option agreement to another buyer who is willing to pay a higher price.
Here’s a simple example: You’ve located a property where the seller is willing to enter into a lease-option agreement with you. The property only needs about $10k worth of improvements.
You get busy and do your due diligence, running the comps, and learn that the property is valued at $150,000. You make your offer to the seller to purchase the property for $95,000.
In this example, the seller’s mortgage payments are $800/month. You negotiate with the seller for $1,000/month payments. You’ve also learned that rent in the area averages out at about $1,400 per month.
You now have a property that creates $400 monthly cash flow. Because properties in the area sell for about $150k, and your price is $95k, that means you wind up with $55,000 in equity.
Here’s the how…
Step 1: Sign a Rental Agreement with the seller. In that agreement, you will want to add the right to sublease – or assign your rights in the lease to another entity. Always make sure the rents in the area are higher than what you agree to pay the seller.
Step 2: Sign the Option Agreement. In the lease-option agreement, you will set the price at whatever the appraised value of the property is at the time the option is exercised. It’s best to set the term for at least 3 years. Also state that some of the lease payments will be credited toward the purchase.
Step 3: Record the Option at the courthouse.
Step 4: Find a buyer who is looking for a lease option (rent-to-own) type of deal. Make sure this is a qualified tenant-buyer who has a good down payment and a good chance to get a mortgage within the term of the lease-option agreement.
Step 5: You enter into an agreement to sublease the property to your end-buyer. This period could be as much as 5 to 10 years. This means your tenant/buyer has 5 to 10 years to buy the house. They will buy it at whatever the loan balance is at that time. (The seller now has a potential buyer in the house who is going to treat it like it's their own home because they have a homeowner's mindset.)
Step 6: You will collect a non-refundable down payment from your end-buyer.
Step 7: Collect the rent money from your end-buyer. You can use a title company and an attorney to close the deal.
Step 8: At the point when the buyer is in a position to exercise the option, a purchase and sale agreement is created, the deal is closed and you collect the remaining amount of money after paying off the seller.
Step 9: Release notice of option at the courthouse.
Step 10: End-Buyer takes over property.
See, once you see all the steps laid out, it makes complete sense how and why this is a smart strategy. Here’s another one…
Strategy #2
Strategy #2 is similar to #1 except for one point. Instead of you remaining in the deal, you assign (or sell) the lease option. You are then totally out of the picture and can move on to the next deal. Here are the steps – the first few will be the same as Strategy #1.
Step 1: Sign a Rental Agreement with the seller. In that agreement, you will want to add the right to sublease – or assign your rights in the lease to another entity. Always make sure the rents in the area are higher than what you agree to pay the seller.
Step 2: Sign the Option Agreement. In the lease-option agreement, you will set the price at whatever the appraised value of the property is at the time the option is exercised. It’s best to set the term for at least 3 years. Also state that some of the lease payments will be credited toward the purchase.
Step 3: Record the Option at the courthouse.
Step 4: Find a buyer who is looking for a lease option (rent-to-own) type of deal. Make sure this is a qualified tenant-buyer who has a good down payment and a good chance to get a mortgage within the term of the lease-option agreement.
During the time the rent is being paid, you can use a third-party escrow service. This service will collect rent and pay the mortgage; this way there’s no doubt that the mortgage is being paid.
Step 5: Here’s when the two strategies take a different route. You will sign a Purchase and Sale Agreement with the seller.
Step 6: That lease-option agreement is assigned to the end-buyer.
Step 7: You collect a non-refundable assignment fee.
Step 8: You release notice of option at the courthouse.
Step 9: End-Buyer takes over property and you are out of the deal completely.
Safer – Easier to Sell
Lease option deals are much less risky than, say, a subject to. It’s much more appealing to the seller – they’ll be more comfortable with the lease option and will feel protected.
When all is said and done, as you can now see, it's easier to get out of a lease option than it is a subject to.
Consider adding lease options as one of your investing strategies – just simply follow these steps above and you’ll be good to go.
Your Input Is Welcome
Have you done a lease option deal before? How did it work out for you? If this is a new concept, what did you think? Are you willing to give it a go? Share below.
Do research on the details of a lease-option transaction.
Understand the ins and outs and steps involved in a lease option – noting how simple it is.
Make sure your tenant-buyer is a good prospect – having the ability to qualify for the purchase.
Choose whether you will hold the option agreement or assign it and move on to the next deal.
Jamel Gibbs
is also a mentor for other real estate investors helping them to achieve their goals. He is the owner of Mill Street Properties LLC and he invests in real estate all over the United States. Jamel's skills and drive were the winning combination to develop his efforts into a repeatable system. This system is now making him as well as many others tons of money.
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You are prohibited from using any services or facilities provided in connection with this site to compromise security or tamper with system resources and/or accounts. The use or distribution of tools designed for compromising security (e.g., password guessing programs, cracking tools or network probing tools) is strictly prohibited. If you become involved in any violation of system security, Company reserves the right to release your details to system administrators at other sites in order to assist them in resolving security incidents. Company reserves the right to investigate suspected violations of these Terms of Use.
Company reserves the right to fully cooperate with any law enforcement authorities or court order requesting or directing Company to disclose the identity of anyone posting any e-mail messages, or publishing or otherwise making available any materials that are believed to violate these Terms of Use.
BY ACCEPTING THIS AGREEMENT YOU WAIVE AND HOLD HARMLESS COMPANY FROM ANY CLAIMS RESULTING FROM ANY ACTION TAKEN BY COMPANY DURING OR AS A RESULT OF ITS INVESTIGATIONS AND/OR FROM ANY ACTIONS TAKEN AS A CONSEQUENCE OF INVESTIGATIONS BY EITHER RealEstateMogul LLC. OR LAW ENFORCEMENT AUTHORITIES.
Miscellaneous
These Terms of Use will be governed and interpreted pursuant to the laws of Florida, United States of America, notwithstanding any principles of conflicts of law. You specifically consent to personal jurisdiction in Florida in connection with any dispute between you and Company arising out of these Terms of Use or pertaining to the subject matter hereof. The parties to these Terms of Use each agree that the exclusive venue for any dispute between the parties arising out of these Terms of Use or pertaining to the subject matter of these Terms of Use will be in the state and federal courts in Tampa, Florida. If any part of these Terms of Use is unlawful, void or unenforceable, that part will be deemed severable and will not affect the validity and enforceability of any remaining provisions. These Terms of Use constitute the entire agreement among the parties relating to this subject matter. Notwithstanding the foregoing, any additional terms and conditions on this site will govern the items to which they pertain. Company may revise these Terms of Use at any time by updating this posting.
© 2024 RealEstateMogul LLC.
Your privacy is very important to us. We want to make your experience with our company as enjoyable and rewarding as possible, and we want you to use our vast array of information, tools, and opportunities with complete confidence.
This Privacy Statement explains our views and practices concerning privacy, and how they may pertain to you as a user of our website.
“You” or “Your” means you as a participant in or as a user of a Real Freedom Inc website. “We” or “Our” or “Us” means Real Freedom Inc. “Our site” means realestatemogul.com or any of our other websites on which you found this privacy policy.
All information transmitted, printed or otherwise submitted to Real Freedom Inc via this website shall be deemed to be the property of Real Freedom Inc and Real Freedom Inc shall be free to use such information for any lawful purpose as detailed herein.
This site contains links to other sites and we are not responsible for the privacy practices or the content of such sites.
We reserve the right to release such information to law enforcement or other governmental officials as we, in our sole and absolute discretion, deem necessary to comply with the law.
Section 1: Collected Information
We automatically collect and/or track the following:
- Webpage http headers (home server domain names, IP address, type of client computer, and type of Web browser);
- information knowingly provided by you through on-line forms, registration forms, surveys, and/or other entries, such as email addresses, personal, financial or demographic information;
- information, user specific or aggregate, on what pages our visitors access; and
- E-mail addresses of visitors who communicate with Real Freedom Inc via e-mail.
Section 2: Use of Data Collected
We use your personal, demographic and profile data to enhance your experience at our site and to enable us to present content we think you might be interested in. We use your contact information to send you information about our company and promotional material from our partners. We may also use your personal, demographic and profile data to improve our site, for statistical analysis, for marketing and promotional purposes (both via email and through using your email address for targeting on sites such as Facebook.com), and for editorial or feedback purposes for our advertisers. Information collected by us may be added to our databases and used for future telemarketing, SMS text-messaging, e-mails, display and native advertising or postal mailings regarding site updates, new products and services, upcoming events, and/or status of orders placed online. By using this site, you agree that you may be contacted in any manner contemplated in this section even if your number is found on a do not call registry, in-house list or similar registry.
Section 3: Disclosure of Data to Third Parties
If you choose to provide personal information, it will be used for the following purposes:
- considering you for a Real Freedom Inc product;
- as required by law; and
- for marketing products and services which we determine, in our sole judgment, that you might find of interest. We reserve the right to share, rent, sell, or otherwise disclose data we collect to third parties. Any third party we share, rent, sell, or otherwise disclose data to will be prescreened by us, determined by us to be reputable, and will use the personal data for marketing products and services which we determine, in our sole judgment, that you might find of interest.
Section 4: Your Opt-Out Rights
You may opt-out of receiving communications from us and/or our partners by not submitting your information. We also allow you to remove your information from our marketing lists. If you remove your information from our marketing lists it will no longer be used by us to send promotional correspondence to you. You can remove your information from our marketing lists by clicking on the “Unsubscribe” link at the bottom of every email we send you, or by sending your request, in writing, via email to: supportATrealestatemogulDOTcom (Please replace “AT” with @ and “DOT” with .)
Section 5: We Do Not Intend to Collect Data from Children
The information and services provided to us or our affiliates, sponsors, and advertisers are not intended to be viewed by children (under 18 years old). No information collected from children is knowingly used for any marketing or promotional purposes whatsoever, either inside or outside Real Freedom Inc. No part of Real Freedom Inc’s website is structured to attract anyone under the age of 18.
Section 6: Our Right to Contact You
We reserve the right to contact you regarding your account status and changes to subscriber agreements, privacy policy, or any other policies or agreements relevant to you.
Section 7: Our Right to Change
We reserve the right to change this policy at any time by notifying you of the existence and location of the new or revised privacy policy or by posting the changes online at our site.
Section 8: Our Contact Information
If you have any questions about this privacy statement, the practices of this site, or your dealings with this website, you can contact us via email sent to: supportATdigitalmarketerDOTcom (Please replace “AT” with @ and “DOT” with .)
Section 9: Anti Spam Policy. Can-Spam Act Compliance
Real Freedom Inc is dedicated to ensuring compliance with the ‘Can-Spam Act’, which took effect January 1, 2004. You may receive email from Real Freedom Inc in the following circumstances:
- Acknowledging your application has been received and requesting additional action
- Requests for additional information to support your current application
- Response to your inquiries regarding the status of your transactional requests
- Thanking you for your valued business
- Advertisements for our products, services, changes in services, new product availability
Advertisements for third party products and services where we have determined that such product or service may be of interest to our customers
Section 10: Information for ISPs
Real Estate Mogul LLC
5023 W. 120th Ave, #102
Broomfield, CO 80020
United States
supportATrealestatemogulDOTcom
(Please replace “AT” with @ and “DOT” with .)
Real Freedom Inc understands consumers’ concerns over the use of their personal information. We hope this information will relieve any concerns you may have regarding our email policies. Real Freedom Inc and its affiliated sites use only an “opt-in or opt out” method of obtaining customer information, and it is not our policy or desire to send unsolicited email. We obtain email addresses and personal information from third parties that follow the same set of policies. Real Freedom Inc email messages sent always include information about the origin of the emails and instructions on how recipients can unsubscribe from receiving future email messages.
From time to time, Real Freedom Inc will enter into an arrangement with a third party website to allow individuals to opt into our marketing program on those third party websites. In each case the third party websites have represented and warranted to us, among other things,
- that the data was collected voluntarily from individuals on website registrations and co-registrations,
- that the sellers have a right, under any applicable privacy statements, to transfer the data to us, and
- that Real Freedom Inc has the right to send marketing offers to the individuals.
We hope this information satisfies any questions or concerns you may have regarding the email practices of Real Freedom Inc. If you have additional questions or wish to discuss this matter further, please contact us at: supportATrealestatemogulDOTcom (Please replace “AT” with @ and “DOT” with .)
© 2024
Real Estate Mogul LLC
Real Estate Mogul LLC
5023 W. 120th Ave, #102
Broomfield, CO 80020
FROM PRESTON ELY - MY PERSONAL DISCLAIMER TO YOU
Hi - we do everything in our power to run a good, clean business and help people succeed.
We've been in business for nearly a decade. Our mission is simple: help 1,000,000 people live lives of greater freedom. That's what gives us juice and passion.
Unfortunately, there are people and companies who do bad things and make products that don't work at all or don't work as advertised. That behavior hurts everyone.
The bottom line is there is no such thing as magic. There is no magic unicorn that will appear on your doorstep and start pooping gold bars or giving you free money.
Just because people in this program have made lots of money doesn't mean or imply the same will happen to you. In business, and in life, there are no guarantees.
Any one of the people who we happen to feature in this program have a BIG WHY - they want to make a difference and help themselves, their families, their employees and customers succeed. They want more and they apply themselves, they get outside of their comfort zones, acquire new skills, work like crazy, make mistakes, and fail, BUT THEY DON'T GIVE UP.
They implement. They don't quit. They serve. They didn't blame someone or something else for their mistakes or failures - instead, they do the HARD WORK that it takes to make a difference.
They use our tools, systems, psychology, mindset, training, community and events to succeed.
If you're the type of person that isn't willing to roll up your sleeves, learn, explore, grow and focus on helping other people succeed, our programs aren't for you.
If you're a blamer, whiner, malcontent, or just downright lazy, our programs aren't for you.
But if the content is this program and our videos resonate with you - and you can see the possibility and potential that this can work for you, then WELCOME HOME. You're in the presence of REAL PEOPLE who are helping REAL BUSINESSES succeed, thrive and survive.
It would be both mine and my team's pleasure and honor to serve and support you so you can EARN MORE, LIVE MORE and GIVE MORE.
Sincerely,
Preston Ely, CEO
RealEstateMogul LLC
FULL EARNINGS DISCLOSURE:
RealEstateMogul LLC. (The Company) does not guarantee income or success, and examples shown at RealEstateMogul.com do not represent an indication of future success or earnings. The Company declares all information shared is true and accurate, and any claims made of actual earnings or examples of actual results can be verified upon request.
The earnings, revenue and profit results that a customer will generally achieve in circumstances similar to those depicted in the endorsements and testimonials on this site depend on many factors and conditions, including but not limited to, work ethic, learning ability, use of the products and services, business experience, daily practices, business opportunities, business connections, market conditions, availability of financing, and local competition, to name a few. Because of impediments due to any one or more of the foregoing and other factors, it is generally expected that no earnings, revenues or profits will be achieved with the use of any products or services advertised on this site in circumstances similar to those referenced in any endorsement or testimonial.
Each of the purchasers of our products and services who have provided their endorsement or testimonial for use on this site have received a refund in the amount of the cost of the product and service in exchange for their endorsement or testimonial.
© 2024 RealEstateMogul LLC.
