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.
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?
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.