Help finding third party - Posted by Michael

Posted by Michael on January 28, 2001 at 18:57:56:

Jim,

I thank you all your input in answering my postings.
You have been a BIG help to me getting over my fears by answering some questions that, without knowing, might have kept me from getting into the business. I hope that I’ll be able to pass my knowledge on to someone in need when I get some deals under my belt.

Thank God for a forum like this!
Michael

Help finding third party - Posted by Michael

Posted by Michael on January 28, 2001 at 12:35:27:

I know its a good idea to set up a third party to collect your lease payments to ensure the mortgage is being on the property you are Lease Optioning. I don’t know who I should contact to set up my payments through a third party. Does anyone have any insight on the matter?

Thanks for all your help,
Michael

Re: Help finding third party - Posted by Elyce

Posted by Elyce on January 28, 2001 at 22:58:41:

Seems to me I read somewhere on this site that for $5-$10 a month a title company will do this for you.
Check it out?
Sucess to you!

Re: Help finding third party - Posted by Jim IL

Posted by Jim IL on January 28, 2001 at 16:16:24:

Michael,
When I started I was a bit confused about this as well.
Many people told me to find an “Escrow company” to do this.
I understood the concept, but could not find a single company like this.
Then I found out the real name for this is a "Contract collection company."
There are probably some local ones listed in your phone book.
If you cannot find one, call some local RE attny’s and ask them.
They may even offer this service themselves.

HTH,
Jim IL