Feel free to give me a call, i can call the agent who is leasing the property irectly and find out if they are interested in selling!

Tue Jun 10 2008, 17:10

S,
All of these are great answers with different scenarios. One other option, it to ask the seller if they would be interested in a lease with an option to buy. You determine a price that the seller will sell it to you sometime in the future. You have an agreed date that the offer to buy it expires. You pay slightly above market rent with some of the rent money going towards the down payment if you excercise the option to buy the property. If you decide that you don't want to buy the property, you just continue with the agreed lease. There are many reasons this approach is beneficial to both parties, far too many to go into here. Please feel free to contact me if you have questions or want to discuss this option. Good Luck.
-Greg

Sat Mar 1 2008, 13:01

Is it for lease thru an agency? If so, call the agency. If it is for lease thru owner, send them a letter expressing your interest. I would make it personable, and include all the reasons that you love the home. Ask them to call you to discuss. (Or if you are able to get their phone number, tell them that you will call them to discuss but wanted first to introduce yourself.) Get a conversation going with the owner.
If they too love the home, and are on the fence about selling, they are a lot more likely to sell to someone that they feel will also love the home. But you won't know where they are on this until you talk with them.

Sat Mar 1 2008, 12:49

Many people aren't motivated to sell income properties because of the capital gains they will pay when selling. I would suggest you call your Realtor or do some research on your own. How long have the current owners owned the property? What did they pay for it? What would today's market value be? You could offer them enough over market value to make the capital gains not be such an issue. I have found property for client's that was not on the market...opening dialog with the owners is the first step, then being persistant and finally getting to the point where it is so beneficialy for the owners that they just can't say no. Good luck.

Sat Mar 1 2008, 12:19

S,

We frequently encounter that problem with oceanfront properties in San Diego County. And when we cannot find a listing that matches a buyers wishes, we do one of two things:

1. We canvass unlisted homes to see if an oceanfront owner might be interested in cooperating with a private one-time showing and possible sale.

2. If this fails, we write an offer and present it to the owner(s) of the desired home(s).

We cannot force an owner to accept the offer, but you never know what might motivate someone to sell. Sometimes it's just the opportunity they've been awaiting.

Good luck with your venture!

Sat Mar 1 2008, 09:48

If you are truly in love with the property and, being that it is for lease, I would first , and immediately, secure the property by lease. By having an interest in the property from the start, you will have negotiating power possessed by no one else. Having possessory interest is always a great place to start in a situation like yours. You can offer when how and for whatever you want without worrying about another bidder swooping under you. You will certainly have much more control while residing in , or having interest in, the property.

"Money cant buy everything but, it makes misery a heck of a lot more fun"

If you decide not to secure the lease before offering, all you can do is play price roulette. If you have to have it, you truly love it and it is one of a kind, price should be no object. We all like to get the best deal but, if you have to have it, find the nearest comparable sale and add anywhere from 10-100% on top of that to get the owner interested. If you are leasing it and have more control, I would recommend starting at a much lower number. You will also have an open line of communication with the owner and, reason to contact them, every 30 days. Good luck in either case.

Sat Mar 1 2008, 08:43

Sure. Go for it. Make an offer.

The owner may or may not have considered selling. In some cases, properties that are currently for rent had been for sale. Or their owners figured that, in today's real estate market, it'd be too much time and hassle to try to sell, so they just lease. So...some owners who have properties for lease would really prefer to sell today.

Other owners haven't given it a thought, but if the price is right they'd consider it. And other owners have thought about it, but planned to sell in a few years, not right away.

And keep this in mind: Sooner or later, that property will be sold. No doubt about it. So--whether the owner wants to sell today, next year, or in 10 years--at some point he's going to sell. So why not to you?

There are two basic ways of approaching it. One way is to make an actual offer. That's kind of the "traditional" real estate approach. The other way is to talk (you, or your agent, more likely) to the owner. Find out what their situation is, what they're looking for, and really what their "can't refuse" price might be.

I've done that a lot with properties listed for rent in the newspaper. I call up, introduce myself, compliment them on the property (establish rapport), then ask whether they'd consider selling the property. You know what? Even in the hot market a couple of years ago, maybe 20% of the people would consider selling. In today's market, it's probably around 90%. But you have to find out what they want. Some of that comes down to dollars. But sometimes it's an issue of timing--whether they want to do a Starker Exchange on the property, or whether they want to sell to finance their child's college education, or something else.

If the property was recently for sale, they may have a figure in mind. But often, they don't. They'll want a fair price--usually--but they won't be sure what a fair price is. So you or your Realtor have to do some research and prepare some comps--both for yourself and to provide to the seller when making your pitch. (OK, they may be slightly different. You'll want to present comps--fair ones--that keep the price as low as possible. But they should be solid, so that the seller has confidence that the price you're offering is a good one.)

The main point, though, is to determine the seller's motivation. Do they want to sell right now? Are they tired of leasing the property? Do they want to sell in a couple of years? (If they won't sell now, but are willing to do so in a few years, then do a lease-option or lease-purchase.) Do they need every penny out of the property? All that is important to know, and is critical when you're making your offer.

Bottom line, though, is get the facts, then make an offer.

Good luck.

Sat Mar 1 2008, 07:47

S,
As you know, any thing can be bought at the right price. Let's try to understand the owner's position. In a market, such as we have today, the owner may really prefer to sell but realizing he will NOT get his price has opted to do the next best thing and minimize his "financial bleeding" and lease it.

There are a multitude of directions you could go with this sinerio but the easiest and possibly the best is to identify a good agent to do the research and leg work for you. Since the agents commission will be coming from the seller's procedes there will be a minimal affect on what it will cost you.

The consult of a skilled real estate professional could save you more than you could ever immagine and land the dream home you are seeking.

The best of luck,
The "Eckler Team"
Century 21 Almar & Associates
Venice, Fl 34285

Sat Mar 1 2008, 07:38