L/O Agreement - Posted by Karen (NY)


#1

Posted by Karen (NY) on December 10, 1998 at 14:01:14:

Of course you guys are right. I didn’t think I was ready, but am probably not even as close as I thought!
I’ll keep reading and asking questions and saving $ for the courses.

Thanks for saving my butt!
Karen


#2

L/O Agreement - Posted by Karen (NY)

Posted by Karen (NY) on December 09, 1998 at 20:21:57:

Where can I find a good l/o agreement (pro-lessee) for free or nominal cost? I’ve looked at over 50 legal and real estate sites with forms. I have picked up some real goodies for free (sale-purchase, purchase-sale, lease, etc.) but this item seems to be elusive. I would love to buy one of the courses, but our finances just won’t allow it now. After our first deal–definitely. I just want to protect myself. Thanks in advance.
Karen


#3

Re: L/O Agreement - Posted by DanM(OR)

Posted by DanM(OR) on December 10, 1998 at 18:33:25:

Karen,

Use the concept of Creativity to help you get what you want. Right now you want one of these courses pretty bad. Use that motivation and start thinking about creatuve ways you can make the extra money to buy one. Being creative and forcing yourself to think of ways to get what you really want is the groundwork of every deal here.
What can you sell or make to sell or who can you help in your spare time (I know you may THINK you have none). If you were to get up 1/2 hour earlier everyday and spend it thinking of ideas and performing steps toward your goal, what could you do? I bet a ton!!!

Good luck!

Dan

PS:To tell you a secret! One of the courses I wanted, not the LO one we are talking about, I actually worked out an agreement to help edit some coursework for an author in exchange for a discount. I thought that was pretty creative. I had the assets, my experience and time, and thought of ways I could get what I wanted. Go for it!


#4

Thanks & another ? - Posted by Karen (NY)

Posted by Karen (NY) on December 10, 1998 at 10:59:38:

Brad and Dan–

Thanks for your help. I found Mr. Bronchick’s site and his forms are great. I learned a lot just reading them.

Two more questions. He leaves blanks to fill in “Terms of Purchase” in the Lease Purchase Option and “Payable as Follows” in the Residential Lease-Purchase Agreement. What sort of info gets inputed here? Also, in the same RL-PA, #2 under additional provisions is about putting the title in escrow and securing a deed of trust or mortgage. I realize the extreme importance of doing this. How do I?

Dan, I couldn’t agree more. Unfortunately, the course costs the same as a month’s worth of groceries or 1/2 a month’s mortgage. I’m putting away a little here and there and have been reading here for months, visited other sites, borrowed numerous books from the library, etc. With the $ going up, I really hope to purchase the course soon, otherwise, it’ll be a long time. :frowning:

Thanks again.
Karen


#5

Re: You can’t afford not to. - Posted by DanM(OR)

Posted by DanM(OR) on December 10, 1998 at 10:21:05:

Karen,

I have been through Bill Bronchicks course several times and have started the L/O business that will take me out of the corporate world.

Soon after buying the course and going through it I realized that this is a tricky business. Sure you may be able to do a few deals with out the knowledge of the course. You may even have them go without a hitch. However, just one thing has to fall through the cracks and a couple years down the road you might find yourself sued. Can you really afford not buying? I am sure that one hour saved with a defense lawyer would apy for the course.

Just my opinion! It is better to have the know how and Cover Your Assets!

Good luck!

Dan


#6

Re: L/O Agreement - Posted by Brad Crouch

Posted by Brad Crouch on December 09, 1998 at 21:18:12:

Karen,

Try www.legalwiz.com Click on “forms” when you get there. You’ll have to download and install the free Acrobat Reader to see the files.

Brad


#7

Re: Thanks & another ? - Posted by Brad Crouch

Posted by Brad Crouch on December 10, 1998 at 13:41:17:

Karen,

I hate to have to tell you this, but if you don’t know what to put in the blank spaces of the contract, you’re simply not ready yet.

A mistake here could be costly and have some long term effects. Study this site. Read everything you have time to read. Save money and buy the courses that interest you.

Placing a deed in escrow and securing a performance mortgage are not difficult concepts. These things protect your position in a deal and if you don’t know how to use them yet, you are definitly not yet ready for “prime time”.

Sorry to be so blunt, but I hope I just saved your butt.

Brad