Lease option buyer/investor... anyone heard of Mirror Properties? (sales, real estate)

[byogman]

I'm trying to sell my home and have only a little interest from direct buyers... most people want a rental or a lease option to buy.

I get a note from "Tasha" saying she's an investor and she wants to buy, but the way she works is that she pays a fixed amount per month from a date we set and agrees on a purchase price we set some time in the future.

In the meantime, she finds a lease option buyer who'll put something down and presumably pay her more monthly and at the end than I had contracted with her but she also takes over all the risk (maintenance and possible trouble with the tenant/buyer).

It's a great sales pitch, especially for someone like me who hasn't rented out their home before and doesn't really want to, but here the problem... I can't find out hardly anything about "Mirror Properties" or her on the web.

One of the few things I do find is this:
NC DOC Offender Public Information
I didn't get any sense that she was "African" as in from Africa (she didn't have any accent) so that may make her not a match to this record. She seemed like a steady, serious individual when I met her. This could be a weird/bad coincidence, but I don't feel like I have anything to base trust on, either, and I don't want to get my hopes up and do anything foolish.

Does anyone have experience with Mirror Properties, and Natarsha Battle? Please let me know.

Thanks,
Ben

[LoopDeLoop]

i would be very leery of any lease-to-purchase transaction in general, but especially from someone representative of a company that has no way for you to investigate the reputation. it is unfortunate that in these sorts of economic times, people will often try to take advantage of people who may be more vulnerable due to extended market-times for houses & perhaps other economic factors.

if you were to seriously consider this, i would ask for references from her. if your gut tells you something is odd, chances are that it is odd.

[OldMortgageGuy]

I agree with what Loop said. Whenever someone is making a pitch TO YOU you must complete your due diligence prior to engaging in a contract regardless of it being real estate, financial, or otherwise. I would always proceed with extreme caution when getting involved in a legal contract if this isn't my area of expertise. One thing you must assume is that Natarsha is an expert in the field and looking to get the best end of the deal.

Based on the information provided i would walk away for two primary reasons:

1. This is the sellers (Natarsha) area of expertise, not yours.
2. There may already be a red flag(s) to her and her company.

After giving more thought don't just walk, RUN!

[saturnfan]

Run away!

This is normally a scheme to pretend to buy your home as a rental.

They don't pay the mortgage but collect rent from a tenant.

The home gets foreclosed and both the owner and tenant are shafted.

A real investor BUYS the home from you and takes title after paying you IN FULL.

[Steve Nicewarner]

What you are describing is sometimes called a "sandwich lease." While it is legal, there are certain risks associated with a more complicated transaction. If you do want to explore this further, here is my two cents

1. Have your own attorney draft [preferably] or review all the documents and explain them to you.
2. Insist that you will pay the underlying mortgage. As Saturnfan mentions, a common form of fraud is for the buyer to promise to make the payments, but not do so. If you hear the words "Subject To," be very, very cautious.

What Natarsha is trying to do is buy a house without actually having any money in the deal. When her tenant/buyer decides to buy the house, she will buy the house from you using a "double-close" -- taking the end buyer's money and sending it straight to you. That way she will get a revenue stream [the difference in each monthly payment], and a big payoff down the road with virtually no risk to her.

Good luck!

[saturnfan]

Originally Posted by Steve Nicewarner

What you are describing is sometimes called a "sandwich lease." While it is legal, there are certain risks associated with a more complicated transaction. If you do want to explore this further, here is my two cents

1. Have your own attorney draft [preferably] or review all the documents and explain them to you.
2. Insist that you will pay the underlying mortgage. As Saturnfan mentions, a common form of fraud is for the buyer to promise to make the payments, but not do so. If you hear the words "Subject To," be very, very cautious.

What Natarsha is trying to do is buy a house without actually having any money in the deal. When her tenant/buyer decides to buy the house, she will buy the house from you using a "double-close" -- taking the end buyer's money and sending it straight to you. That way she will get a revenue stream [the difference in each monthly payment], and a big payoff down the road with virtually no risk to her.

Good luck!

No risk to her but a lot for you even if the "investor" is not a thief.

[oldmillrd]

Whatever happened, did you decide to go with them? Did you find anything else on mirror properties? Im on the other end i want to lease to own. I would appreciate any feed back.

[jbsax123]

I got an envelope in the mail that was postmark stamped, but no return address nor name. On the inside, was a letter stating she was interested in buying my house. She gave her telephone number & 1st name only - Zarnell. This is different from the name stated earlier in this thread - Natasha Battle. I checked with my local Register of Deeds & Both Zarnell nor Natasha/Tasha Battle are not in their system. When I talked to "Zarnell" on the phone, she stated her business name is Mirror Properties. This thread is the only hit I got when I googled Mirror Properties. I also checked it out on better business bureau & did not get any hits. This appears to be a scam all the way. PS - When I called the number, I got an automated messaging system where I had to leave a voicemail. This VM system did not state the company name nor the individual's name. "Zarnell" called me back later that day.

[Jefflaw]

I would stay far away from this. Also even for legitimate lease options that are directly with the potential buyer, I would have an attorney review everything and prepare the paperwork. There are specific statutes dealing with lease options and what must appear in them.