Do I have this right ? - Posted by Don

Posted by John(NH) on April 08, 1999 at 09:26:23:

  1. Don’t get a promise, get it in writing.
  2. Don’t get $2000 down, get $2000 in non-refundable option consideration. If the seller wants money up front too, don’t give option consideration, give a ‘security deposit’ or pre-paid rent.
  3. If your tenant/buyer doesn’t exercise the option at the end of lease, you keep the $2000. If he does exercise, you apply the $2000 towards the purchase price or the down payment.
  4. Definately buy a course on lease options…

Do I have this right ? - Posted by Don

Posted by Don on April 08, 1999 at 04:47:28:

Is this correct ? I find a house that the owner is willing to lease option to me, and I get his promise that i may lease option to another tennat. I ask for $2,000 down and 650.00 a month. Say i make 150.00 dollars of this deal a month , do I at the end of the lease option period have to give the 2,000 back or is that something that you would write up in the agreement ? Thanks for any and all replys.

P.S. As you can tell i,m new at this so if this is redundant , please forgive. Don from Columbus,Ohio