nickdemio 0 Report post Posted April 28, 2015 Hey Guys, My name is Nick and im a pure L/O newbie from Missouri. I got the manual here recently and read it over once and then again briefly. Been back and fourth with Micheal, but i understand his time cost. So im coming to the forum for some help. The 2 things i have been getting confused on is how the rent credits or seller concessions work with the agreements (i will be using seller concessions). I understand the are credited towards the purchase price, but how is it calculated and if u agreed on one price with the seller and then another price with the T/B because of the credit, how does the work with the 1st agreement you signed with the seller. And then what order to get the contracts signed when doing a actual deal. I guess i could have asked him this, but can anybody break all this down to me in lamest terms, or better yet, give a example of a actually deal from start to finish, so i can digest it that way, which i think will better for me to understand it. Im more of a visual learner then a book learner. Share this post Link to post Share on other sites
lomax_properties 5 Report post Posted April 29, 2015 Nick, yes you are going to have two different prices. Let me try to break it down for you. You go into an agreement with a rental contract and option to purchase contract with seller = purchase price is sellers net Now you can market the property because you have an equitable interest. Once you find a perspective tenant/buyer you can assign your first agreement that you have with the seller to the new tenant buyer for a fee The purchase price that the new buyer sees is the net of the seller + your assignment fee + rent credits. Seller wants to net $100KYour fee $3KRent credits $2kBuyers purchase price $105K Make sense. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted April 29, 2015 Concise and clear explanation. Thanks, Tim. Share this post Link to post Share on other sites
nickdemio 0 Report post Posted April 29, 2015 Got it Perfectly now! Thanks Tim! Share this post Link to post Share on other sites