Property Investing Secrets 4
Property Investing Secrets:
How to Sell to 100% of the Market Place Using Lease Options
When property investing, you will find if you make houses easy for people to buy, your properties will become easier to sell. Most people who are selling houses today are selling to the 80% of the population who have good enough credit to qualify for a bank loan. These buyers have choice. They have been approved for a loan and they can look at 20 or 30 properties and negotiate hard with the sellers. It's important to note when property investing that this is not necessarily your market when you sell on a lease option.
I've found when property investing that when your exit strategy is to lease option to a new buyer you're targeting people who may not immediately qualify for a bank loan. This makes up about 20% of the population. Perhaps they are investors who can't get any more bank loans or they're new to the country and haven't established a credit file that will satisfy banks. Sometimes they have a lot of cash but didn't pay their credit card or phone bills on time and they can't qualify for a loan due to these credit issues. Also a divorce will hurt credit files. Usually it is not major things, it is just credit issues that stop people from getting a bank loan today, but they can probably qualify in a year or two.
And what you're going to find is when you're property investing is that by offering a lease option to new buyers you will appeal to 100% of the market place who are looking to buy a property, not just the 80%. Later down the track after you buyers have made payments to you they will probably want to refinance and pay you off in a couple of years.
A fundamental rule of property investing is when you lease option you are attracting a lot more people because you don't have the same guidelines as a bank. You make it a lot easier for people to get in-to purchase a property. And the benefit to you is that you've made your property easier to sell.
Rick Otton is the director of We Buy Houses Pty Ltd. He has been property investing full time for 14 years. Rick has completed over 351 property transactions in Australia and the United States.
Rick specialises in creating positive cash flow through a variety of strategies he perfected in the United States and adapted to Australian conditions. He sells home study courses on vendor finance, one year mentoring program as well as a yearly 3 day boot camp on the Gold Coast. Go to http://www.rickotton.com for more property investing information ring 1800 003 588 in Australia.
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