Steven Fleet 0 Report post Posted January 24, 2003 Have just started to inquire about the whole lease-purchasing process, and after speaking with Michael, had a question: Usually you try and look for situations in which you won't have to pay a month's rent up front or anything, but say this sort of situation were to occur? Is it uncommon? Also, any helpful information you could give me regarding just starting this process would help me decide whether or not this would work for me. Thanks again Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 24, 2003 Steven, I know we spoke about this at some length, but I wanted to reply for the good of all the members here.Typically, most of the deals I do will require nothing down, literally. In some cases, I'm willing to pay the equivalent of up to one month's rent as nonrefundable option money. More than that, and you really need to question the motivation of the seller, and who is in control of the deal. There are exceptions, of course, but the scenario above is a general overview of the approach I take, and the way I teach my students to do so. Share this post Link to post Share on other sites
Guest -Tony- Report post Posted January 27, 2003 Steven,if the seller does ask for option money, and you decide that the deal will work with that, put a contingency clause in your contract stating that the money will be paid when t/b if put into place. collect the option from t/b, use that to pay your option. Hence no money down (which to me means at least not out of my pocket). -Tony- Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 27, 2003 Ditto what Tony said. BTW, Tony, why not register and hang out awhile? It's clear you have info and insights to share. Share this post Link to post Share on other sites
