Option Your Way To No Money Down Deals
By the word “Option” we are now talking about having the right to purchase a property at a set price and terms per an “Option Agreement”. The option agreement simply states that you as the optionee have the right to buy the property from the seller who is the optionor, within a specified period of time for a specified price and terms. During the option period, you won’t be making the seller any payments other than a small one-time option fee.
Your objective when using this strategy is to get a seller to give you an option to buy their property below what the market value is. Then, resell the property to one of your buyers at market value and put the difference in your pocket.
No Real Estate License Required You are not required to have a real estate license to do this because the option agreement gives you an equitable interest in the property. In fact, none of the techniques taught in this course require a real estate license.
Control With Little Or No Money, Or Risk To You Or The Seller
By knowing how to approach a seller, you can use options to take control of beautiful houses, in beautiful neighborhoods, using virtually no money. You do not put the seller at any risk or require them to even take their house off the market, and you do not have to make monthly payments while you are trying to sell the house. The seller can retain the right to continue to try to sell the property and if the seller sells the property before you do, you simply go on to the next deal and the seller owes you nothing. If you do sell the property before the seller does, the seller simply sells the property to you at the price you both agreed on. There is no way the seller can lose and you as the investor can make huge profits with virtually no risk or costs as well.
Once you and the seller have decided on a price, you have seen the property and been given an option to buy, you will start sending your buyers by to look at the property. These buyers should be fully capable of qualifying for a bank loan, including having the necessary down payment.
Types Of Property To Invest In
When it comes to the types of property to invest in, it is best to option houses that are vacant but it is not an absolute necessity. It just makes it easier to show the property to your buyers without the possibility of the seller being present which would most likely cause the buyer to start asking questions. The only concern to the buyer should be how much they are paying for the property and the fact that at closing, they will get a clear title to the property.
The properties should be in very nice neighborhoods where qualified buyers are looking to buy in. The properties should also be in virtually excellent condition as well.
Advantages Of Using Options
Using options to invest in real estate has several advantages.
The biggest advantage is that there is virtually no risk to you or the seller, and the seller does not have to take their house off the market. On top of that, if the seller sells their house before you exercise your option, the seller owes you nothing.
Realize, because you are not even asking the seller to take their house off the market, you will only be giving them what ever the minimum option fee that is necessary to make the contract legal in your state. This usually ranges from one dollar to one hundred dollars. Even then, your option agreement can state that if the seller wishes to cancel the option because they found a buyer, they can simply refund the option fee to you.
Deal In Nice Houses And Buyers Who Can Qualify
With this technique, you can take control of very nice houses in very nice neighborhoods without absolutely any risk to you or the seller. Don’t forget, because you’ll be giving extremely small option fees to the seller, it won’t cost any more money to option a $100,000 house than it will to option a $500,000 house. And the higher the value of the property, the more money you can make.
Disadvantages Of Options
Because you have little at risk when investing using options, there aren’t really any disadvantages except one, and that is… you must find a buyer who can pay cash or qualify for a bank loan. You also might spend a lot of time trying to sell a property, only to have the owner sell the property just before you do.
When I am out at meetings, I don’t hear about anyone doing options like the old days back in the 90s. Seems most investors are using contingency clauses in their purchase agreement to wiggle out of deals if needed. Maybe options are becoming a lost art?
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