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Looking for RB in NJ for 3BR Home W/ 100% Tax Benefits – Clo

Home Forums General Deal Makers -Ground Partner Request – Investor Needs – EHT Opportunities Looking for RB in NJ for 3BR Home W/ 100% Tax Benefits – Clo

This topic contains 4 replies, has 0 voices, and was last updated by Avatar of bolieunj bolieunj 8 years, 6 months ago.

Viewing 6 posts - 1 through 6 (of 6 total)
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  • #6671
    Avatar of bolieunj
    bolieunj
    Member

    Lease 3BR Home W/ 100% Tax Benefits – Close to NYC

    We are interviewing for long/short term leasees or future homeowners for the following property:

    -Maplewood, NJ
    -3bd/1.5ba – 1345sqft
    -Formal Liv & Dining
    -Insulated, double-pane windows (26!)
    -Vinyl siding & insulation
    -New Refrigerator & dishwasher included
    -A/C units included
    -Full basement and attic
    -Washer and dryer hook-up
    -Oil heat
    -1 Car detached garage PLUS off-street parking for up to 3 cars
    -Large Front Porch
    -Large backyard
    -Beautiful wood accents
    -Quiet street
    -Close to local and mass transit (30mins to NYC or Hoboken)

    -No Down Payment
    -No Bank Qualifying
    -No Credit Qualifying
    -100% of tax deductions for property taxes
    -Opportunity to purchase at end of term
    -Pride of Ownership without the banks

    Property presently valued at $268,000 by Zillow… We’re offering it for only $220,000!
    Property taxes approx $7000/yr – Fully deductible during lease period!
    $1400/mo for entire home – less than current local rental rates!

    5% moves you in for Lease to Own with Tax Benefits!
    3-payments plus closing moves you in for Lease with Tax Benefits!
    Move in costs 100% refunded at end of term!
    View photos at photos.ownnowbuylater.com

    Happy to share with investor who brings qualified individual!

    #33487
    Avatar of bolieunj
    bolieunj
    Member

    ***Update***

    We had 30 responses in the first week and another 12 the following week. Of those 42, 8 were qualified on the terms posted and we showed the home to those 8. Of those 8, 5 submitted all information required and 3 gave 50% deposits. We accepted an RB this morning, are working on the preliminary RB agreement and will start trust input in the next day or so!

    LB

    #33488
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    Congratulations Leon!

    #33489
    Avatar of spunky
    spunky
    Participant

    Hello,
    When you say “5% moves you in for Lease to Own with Tax Benefits!”
    Are you assigning 25% or half % cobeneficial interest ?

    When you say ” 3-payments plus closing moves you in for Lease with Tax Benefits!
    what is the term of the long lease?
    If the person who is only leasing does not want to become an RB, but wants to cotinue renting only, will you refuse to continue the lease?

    #33490
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @spunky wrote:

    Hello,
    When you say “5% moves you in for Lease to Own with Tax Benefits!”
    Are you assigning 25% or half % cobeneficial interest ?

    When you say ” 3-payments plus closing moves you in for Lease with Tax Benefits!
    what is the term of the long lease?
    If the person who is only leasing does not want to become an RB, but wants to cotinue renting only, will you refuse to continue the lease?

    Here’s what I do.

    For 10% upfront, I assign the RB a 75% interest.
    For 5% upfront, I assign the RB a 50% interest
    For 3% upfront, I assign the RB a 25% interest

    I always give them an opportunity to increase their interest. All my marketing says…

    “AS LITTLE AS” (followed by)
    3% plus 1st month…
    MOVES YOU IN

    But, I want 5%. I look for a min of 5% but if they don’t have that much, I will take payments for what they don’t have. So, if they only have 3%, then I’ll create a Promissory Note for the balance of the 5%. They can pay it in the form of an addition to the regular payment or in a lump sum later.

    For example:

    I had one guy that owed me $5000 for the remaining 2%. He paid me $500 in August (that’s when he got his bonus) and $2000 in Feb from his tax return. He did over 24 months and paid me off. Once he was paid, I sold/assigned him the remaining 25% which gave him a total of 50%.

    Never, ever, ever, let someone come in with less than closing costs and two payments. If you must, set it up on a Promissory Note for the balance. Also, use a UCC1 for the amount so even if they don’t pay you back you can go take their stuff and sell it, even if they leave or you evict them. I have a camper, motorcycle, car, furniture, etc from RBs who have owed me money and not paid. One guy almost had to give me his entire Electrical Business (Truck and all equipment).

    This is a BUSINESS guys, not a handout or something we do to “help” people. You need to help yourself first. You’ve already “helped” them by letting them get in to a house and be treated as an owner with all the benefits for almost nothing and no qualifying. DO NOT make excuses or payments for them and do not carry them. Grow a pair of BIG Fuzzies and Get In Business.

    #33491
    Avatar of buzzbox
    buzzbox
    Participant

    Great job and wonderful result – how was this marketed or advertised?

    Thanks

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