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About Arcus

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  1. Help! I have my first T/B exercising their option. I am not sure how to write their purchase agreement. Here are the numbers: option price 89,000 option consideration 4,000 rent credits 4,800 ______ Sales Price 80,200 How do I treat the rent credits and option consideration? Are they listed as the down payment on the purchase agreement? This is a Texas purchase agreement. (if that makes any difference) I really could use any help or suggestions
  2. Arcus

    SLO Contract

    Thanks Michael for the quick reply. The closing will be done at a title company. The T/b may be making arrangements to buy with cash (rich grandmother). We are in the early stages of negotiating. This is my first l/o. I have flipped a few properties so I am familiar with the double closing. I have waited a year and will make about 12,000 profit.
  3. This is my first T/B to exercise their option. I am not sure how to do the sales contract. Do I put their total monthly rent credits and option consideration as their down payment? They have leased the house for 18 months, will there be any problems with using the above as a down payment? Any other comments or suggestions would be greatly appreciated.
  4. I have been told by other investors that a performance mortgage is not valid in Texas. I would like some other opinions and/or advice on this subject.
  5. I have a seller that I am about to do a coop assignment with. For some reason I am having a difficult time with Michael's CAAssignment contract. How can I complete the form between myself and the seller if I do not have a T/B. What do I put for the commence date of the lease? How do I know how many cars they have?etc.,etc. I have developed a mental block and I need some guidance. I believe the CA is a great tool and this is a great website. Any help is greatly appreciated Arcus
  6. I saw a post on another board about using a straight option with a clause giving the optionee the right to lease purchase the property to a t/b and then assign the agreement back to the seller. The optionee would have no risk because he would not be in a "sandwich" lease, the seller got debt relief, the T/B got in a property with no hassle. What is wrong with this concept? please feel free to tear it apart. All comments greatly appreciated. Would this be the same as an assignment??
  7. I guess my age is beginning to show. I did my first sandwich L/O and it worked out great. However, for some reason the co-op assignment is confusing me. I understand the paper work with the seller. What do you do about the dates on the contract, the payments, the option consideration amount, etc. if they change when you get your T/B. How are these changes handled, especially the dates of the L/O and Option agreements.
  8. Hello Michael and everyone, I just completed my first sandwich. Synopsis of the deal is as follows: Appraised value 83,000 L/O from seller 69,900 L/O to T/B 89,000 400/mo rent credit 4000 option consideration. When T/B exercises=$$$$$$ Now my question is if my T/B exercises in say 2-3 months, I am not sure how to handle this. I know I generate a purchase and sale agreement or do I simply assign my agreement to the T/B to avoid seasoning issue with lender? If I assign my agreement, how is this handled at closing? Thanks Arcus
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