T-Man

Thanks, Michael!

My business partner and I are wanting to use a third party escrow company on our future L/P deals. Can anyone recommend a good company in the D/FW area? Sorry about mispelling "Party" in the header...... Thanks!

If two of us are working under the same LLC and doing different deals, using the same website, can we legally separate our earnings, or must they be split equally under the same LLC? Thanks!

Thanks for the replies. A few of the homeowners who are interested in doing L/P deals with us are people that we just happened to run across that had expired listings with no luck in selling their home after about a 9 month listing with a realtor. I was hoping someone out there might know a definitive way to obtain suchs lists of homeowners.

What is the best way to find expired real estate listing in my area on the web? I am in the Dallas/Fort Worth area. Thanks!

Michael, I assume that there will be future deals exactly such as this one where I will not need to split the option fee. This person is a very good friend of mine, so I offered. I will keep you posted

Hi, Michael This house belongs to a friend of mine in our office. He is building another new home, and has not been able to lease this property. It is a beautiful home that was built in 1997. His new home will be finished in about 5 weeks. He is getting nervous about being stuck with 2 mortgage payments, so we came up with a deal to do a lease purchase on a price of about $216,000, $1595 per month rent, 45% rent credits for one year, and and option fee of about $6,000, of which I will split with him.

I am ready to advertise my first L/P deal. Since it will be a L/P with 45% rent credits, should I advertise it under "For Lease" or "For Sale" sections of the classifieds? Thanks!

I agree with Mark in St. Lois. It would put us (as being in the business of lease /purchasing) as well as the seller, in a bad position to have to give back the option money and rent credits if such an incident as fire or tornado to occur. Thanks to all for your comments.

Michael, At the Tulsa seminar in September, which was awesome, you mentioned a lady and her daughter that were working together doing L/P's and were having so much business, that she needed to hire help. Do you have the link to her website?

Thanks for the proper information, Michael. I will keep you posted on the deal.

Yes, this will be a straight consult. He has asked me to do the background check on his T/B, though. Thanks!

I am going to be doing my first deal as a consultant on a L/P. The owner has the T/B already lined up. As far as using the proper forms, are there any other forms that I should use besides the Consulting Contract and the Residential Lease with Option to Purchase Agreement? Thanks!

Can someone explain where and how the "memorandum of option" is recorded and should all L/P transactions have them?