I was hoping this community could help guide me in the right direction. There is a lot of great resources on sites like YouTube and a lot of crap ones too. Trying to differentiate can be difficult. Anyway I have always wanted to get into investing into real estate. I think the two things I am interested in are either renting out or doing lease to purchase agreements.
1). Do a lot of people only use resources to locate real estate they can buy directly off an owner, rather than dealing with a real estate agent?
2.) Is all the talk true that this year could be a big year to invest into real estate? I have been seeing this all over the place.
So can anyone lead me to a resource that can help walk me through lease to purchase agreements? I hope I am using the right term. It is where you get a down payment (say $10,000) from a potential buyer as an agreement to buy the house at the end of the agreement. Up until that time, they are renting the property out until they either back out of the agreement or purchase the property. Is that correct? Then certainly if they back out you take the $10,000 and use it to restore the house get it ready for the market and whatever is left over is yours, plus the equity the house built up? I have seen this all over too, is this a good method?
See my thread about “Owner Financing”. I believe something like owner financing may work for you (if you can find such an opportunity). Want my SF SFH? (lol)
Yes, many people prefer to use resources to locate real estate they can buy directly from the owner without involving a real estate agent. This is commonly known as a “For Sale By Owner” or FSBO property. This is because they can potentially save money, have more control over the buying process, and find unique properties. However, it’s important to consider potential drawbacks, such as the seller’s lack of experience in pricing and negotiating, and the absence of guidance from a real estate agent.
Uh, frankly from a buyer’s perspective, why on earth would I care about that? Cheaper the better. Sure, I would want to make sure that the place is otherwise sound or that I know what I am buying too.
I have purchased a home directly from the seller and it was perfectly fine. The seller was retiring and had too much money to care. She wanted X for the Fremont property. I check it out, and said, cool, I’ll take it. Boom, done. We both happy, and no RE agent. Tell me what is wrong with this scenario.
I understand that as a buyer, you may be looking to minimize costs, but it’s important to remember that purchasing a property is a significant investment that comes with legal and financial responsibilities. While it’s great that you had a positive experience buying directly from the seller, not all transactions may be as smooth. Real estate agents and legal and financial precautions can help ensure that all aspects of the transaction are properly addressed, protecting your investment in the long run. Ultimately, the decision is yours, but it’s always better to be cautious and take the necessary precautions.
So I do not want to start an argument here, but this has got to be coming from a real estate agent lol. I think people should do local buyer to seller direct deals whenever possible. I think you have to make sure you are protected in any case whether or not you are dealing with the original owner or an agent.
Generally speaking, I am on your side. However, let’s not just say that any John or Mary who puts on a RE Agent hat is automatically so knowledgeable and helpful. Often times, frankly, they do not know sheet or more than the average Joe/Jane.
Here, a minor quibble really, but speaks to the above. Big Bro tells me about a mult unit building that is on the market that resembles our family building in Chinatown. Ok, I go on Redfin and Zillow and of course get the listing agent’s information. One thing that I hate the most about some agents is that they do not return calls!!! And then, I find out that this agent’s contact information was WRONG! OMG, don’t you check your information especially your contact info??? Once I got a hold of her, I told her, yeah, you might want to change the phone number that is out there.