Posted by johnman on May 31, 1999 at 07:01:11:
Thanks Jim!
L/O WITH NO MONEY OUT OF MY POCKET! hoo hooooo!! - Posted by Johnman
Posted by Johnman on May 28, 1999 at 18:53:30:
Hi everybody,
It’s been a while since I posted or responded to a post. I have been busy.
I just signed a L/O deal last week with no money out of my pocket. Are you ready for the details? Here we go!
They called no my “I buy houses” ad. This property is in Hinesville, GA about 1 hr drive south of Savannah. A military town. They told me that they are unhappy with there realtor and wanted to know what I can do for them. I explained how L/O works and WHAT ARE THE BENEFITS TO THEM. I was asked to come and see the house. The house is in good shape, in a cul de sac. Nice quiet neighborhood. I liked the house and they liked the L/O idea but of course they had some concerns and I was able to show them why they shouldn’t worry. What I said that really got the deal was “If you still have this listed for let’s say 6 months with a realtor and you are at your next base, who pays for the mortgage?” They said they do. Then I said, I would want you to pay for July and Aug mortgage payments and I will take over on Sept 1. Isn’t this better than you paying 6 months worth of payments and I’m only asking for two months? They agreed! Plus I asked for a 12 moth lease with two terms to renew, they asked if it’s OK to make it 24 months and 2 terms to renew. I SAID YEEESSSS!
Here are the terms:
Purchase price $85,000
piti $740
Access to property June 25
first payment Sept 1
Will sell for $88-90K
will rent for $825-850
length of term 24 months and 2 terms to renew
NO MONEY DOWN!!!
I’m excited!!! I hope this serves as proof to those wondering whether you can make money without any money down.
See you later fellow investors. Have a wonderful weekend!
hoo hoooooooooooo!
Johnman
Re: IS A THE CONTRACT ENFORCEABEL WITHOUT CONSIDERATION? - Posted by Bill
Posted by Bill on May 29, 1999 at 05:21:16:
I am considering doing L/O, and your deal sounds terriffic. I am a little concerned about the enforceability of a contract without consideration. If you are agreeing to pay the mortgage directly to the holder, I guess that this could be it. I doubt you will have a problem, but I am still a little cautious. If I could do it your way, I would be extreemely pleased. I wish you many many more such great deals.
Hey You Been Spieing On Me? - Posted by Scott (AK)
Posted by Scott (AK) on May 28, 1999 at 23:31:55:
Johnman,
Those are the type I do a lot…just use Bronchicks forms and don’t mention Option Money…It only comes up if I make it an issue.
Keep it up buddy, Good Job!
Scott
Now I Know Why They Call You “Johnman” - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on May 28, 1999 at 21:40:00:
Your name is John, and YOU DA MAN!
Congratulations! I can feel your excitement all the way over here in Arizona.
Go get another one.
Bill K. (AZ)
You Da Man!! Johnman! - Posted by Jim IL
Posted by Jim IL on May 28, 1999 at 21:39:38:
Johnman,
WAY TO GO!!!
Keep it up and thanks for sharing,
Jim IL
Earnest Money vs Legal Consideration - Posted by J.P. Vaughan
Posted by J.P. Vaughan on May 29, 1999 at 12:04:42:
See John Beck’s article on this topic at:
http://www.creonline.com/art-111.htm
You can have legal consideration without any earnest money.
Earnest Money vs Legal Consideration - Posted by J.P. Vaughan
Posted by J.P. Vaughan on May 29, 1999 at 12:03:47:
See John Beck’s article on this topic at:
http://www.creonline.com/art-111.htm
You can have legal consideration withjout any earnest money.
Re: Hey You Been Spieing On Me? - Posted by johnman
Posted by johnman on May 31, 1999 at 07:03:49:
Thanks Scott. I do use Bronchicks forms. I don’t mention anything about option money or deposit.
Re: Now I Know Why They Call You “Johnman” - Posted by Johnman
Posted by Johnman on May 31, 1999 at 07:02:20:
Thanks Bill! I am looking at another one. Wish me luck!