jaydub

My T/B has told me they are ready to excercise their option to purchase. Is there a form for a written notification as per the agreement? Do you use a Standard P and S Agreement? How do you write in the rent credits and option consideration to be used as the down payment? I appreciate any help. Jeff

Michael, yes I have a Memorandum of Option recorded. I used the one in your course. Thanks for your help JayDub

Michael, I agree, I thought I was already in 2nd position but my impression was that the person on the phone was an assistant and wasn't really sure what to ask me and hoped I knew. She asked me what I needed from them, as I mentioned I don''t really know. Do I just need her to send me the subordinate agreement I sign it and send it back or should I ask for the mortgage papers to review? I never did get an authorization to release info. on his mortgage due to lack of experience, this could be a good time to rectify that. Any advice? JayDub

Hello everybody, I posted this over in legal as well, 'cause I wasn't sure where it fit. I need some advice. I have a landlord/seller who has asked me if he could refinance to get money to expand his business, I know it's not a good idea to do but he is only refinancing $20k over what he owes on his mortgage and that comes no where near the sales price we agreed upon so it really doesn't effect our agreement. His lender just called me and asked me to sign a subordinate agreement placing me in 2nd lien position behind their 1st and asked me what I needed from them to do that. I don't know. What do I do and how do I proceed and protect myself at the same time? This is moving faster than I was prepared for so any help would be greatly appreciated. Thanks, JayDub

Thanks guys, I knew it was a goverment program to help low income renters but I didn't know if it extended beyond that. She never called back anyway.

Hey everybody, Just put a house up for Lease purchase and the first person to call was a potential T/B who said my monthly rent was within her range, then she told me she was a section 8 renter and asked if I can do a L/O with a Section 8 renter. I didn't have the answer. Can I and if I can how do I go about this? I know of the program but I am not that familiar with it. I appreciate any help. JayDub

Naomi, Of course I caught this thread late but on the chance you check back once in awhile. Congratulations, and by now I'm sure you should be 95% certain. My Grandmothers middle name was Naomi and I've always loved that name her first name was Althea, don't know if thats to antique for you. My daughters name is Angela and surprisingly we don't see that many of them. Best Wishes, JayDub (Jeff)

That picture has been around for awhile and it's been proven to have been staged, but it's still funny. The flag is not necessarily backwards. Gary is right, it means moving or advancing forward. Since the stars are nearer the pole the reasoning is that when advancing the stars are leading and the stripes are flapping behind you so if the the flag was placed on the right sleeve as you would expect to see it, (reverse of the picture here) it would look as if you were retreating. Hey MC, glad Ivan missed you, hope Jeanne doesn't effect you. Take care down there. JayDub

Hello everybody, I'm sure everyone has a different opinion or formula, but when you are willing to extend a lease to a good tenant that is not quite able to excercise their option yet, how much option consideration do you normally require the 2nd time around? Thank you for your time

Thanks Michael I got 'em

MC, Glad to see the pain hasn't dulled your sense of humor, hell I fell off the roof of one my rehabs a little over a week ago sprained both my ankles and shredded my right leg getting tangled in the ladder on the way down, lucky I didn't kill myself, and by now with all my whining my wife is trying to talk me into trying again. Second times a charm. Glad to see you're back and thanks for the forms and docs.

Hey Michael, Not to add to your stress but when you're caught up, I'm still waiting anxiously for the email with the forms and docs that come with the manual. I'm meeting lots of folks and having meaningful conversations about my business and I would really like to have the right forms in my 'must have' document folder that I keep in the truck for the unexpected deal that may pop up. Thanks for your time, Jeff

Hey everybody, Can someone tell me if it's necessary to get the optionors signature on the Memo of option before recording it? I see the one in MC's manuel has a signature line but I've seen other memo's that didn't need the sellers signature or a notary. Which is more beneficial, them knowing or not knowing you are recording the option? Or does it really matter? Thanks for your time JayDub

Thanks Jason, and to all others contributing to my education. I like it. It sounds alot like wholesaleing but with the lease option method. I wondered about that kind of strategy since double closings seem like they would be a hassle. (obviously I haven't done one yet) but one is in the works. I just got back my first signed lease purchase contract from an out of state owner but the intended monthly cash flow on this one is to good to just assign away. My eyes are now wide open for a potential CA deal. Just need to do some studying.

Hey everybody, newbie here. I'm waiting on MC's manual so I don't have all the info. yet, but I've been spending alot of time here reading trying to catch up and there's one thing I have yet to be able to define. What is a CA? I keep seeing it with no real understanding of what you're talking about. Thanks