Posted by Brian W(IN) on March 03, 2000 at 08:28:25:
Shenesa, to answer your question, first, you don’t need a downpayment, what you really want to get is called “option consideration” money. These funds should be non-refundable and you would get these funds from your tenant and then turn around and use some of it as the “option consideration” money that you will give the seller. Make sure that the amount that you receive from your tenant is less than the amount that you offer to the seller. The money that you have left over from this is yours to keep. Hope that I answered your question.