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Lease Option DEAL

Greg Carron

GSGL Home Buyers, LLC. in Wichita, KS
Greg Carron with Gena Carron

I received this lead from another investor whom I have a positive relationship with. He wasn't interested in the area and called me to see if I was interested. I then reached out to the seller and found that his brother was the tenant. I coordinated a time with the tenant to visit the property. I calculated a WMAO and presented it to the seller, not expecting too much as it was pretty low. This was on the 11th of Feb. On the 3rd of March, I received a call from the seller who was ready to accept my bid and I put the property under contract that day. I was initially going to wholesale the property but I changed my strategy. I got the property under contract for such a discount I could afford to hold on to the property for a bit. I was also confident in my strategy change due to the fact I had my buyer already. The brother tenant wanted to the buy the house but didn't have the funds immediately to purchase. He needed about 6 to 8 months to get his financing in order. We agreed on a purchase price of $13,000 which was a fair offer and I didn't have to do any of the repairs during the time of holding. Plus with the option to buy at $13,000 the brother tenant could feel confident in fixing the house for himself with out losing any of his money. We closed on the 28th of March and the brother tenant was now my tenant. This was a win-win-win situation.The investor that gave me the lead, also led me to a Credit Union that was willing to provide the financing for this deal.

Lease Option Details

Property City:
Wichita
Property State:
KS
Purchase Price:
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