Lease option Money - Posted by David Hasselberg

Posted by bob on February 20, 2002 at 15:27:42:

Hopefully the $200 credit represents a rent premium (rent you are charging is $200 more then market)

Good Luck & Good Investing.

Lease option Money - Posted by David Hasselberg

Posted by David Hasselberg on February 20, 2002 at 07:53:54:

How much money should I ask for a L/O on a house for in Seattle $185,000 sale price , $5,000 option money sufficient ? I will credit $200 toward’s down payment out of the lease/payment .

Re: Lease option Money - Posted by Joe M.

Posted by Joe M. on February 21, 2002 at 20:18:59:

I might know someone interested depending on the area of Seattle and the monthly payments. He went through a bad divorce and I told him about l/o and he seemed very interested. I’d even send him to you for free if you allow me to pick your brain for a few hours. Let me know the neighborhood and monthly and I’ll ask him.
happy investing, Joe M>

Re: Lease option Money - Posted by RR

Posted by RR on February 20, 2002 at 17:44:39:

Shoot for 5% of the selling price , dont be SHY!!, IF you get a hard time getting a t/buyer ,go down .

Re: Lease option Money - Posted by Rich[FL]

Posted by Rich[FL] on February 20, 2002 at 10:27:39:

Here’s a thought…in keeping with the old addage “the first person who names a number loses”, why not say something like:

I need an option deposit to hold this purchase price for you during the contract but I’m generally flexible on the amount. How much do you have that you can pay towards your new house?

If they say something that is too low, you can reply with something like I usually get x%; is there some way you could come up with more? (If not, you could give them less of a rent credit or work out some other compensation.)

If they come in with something like 10-20%, then jump for joy! scream “YES”, laugh, etc., just not in the presence of the buyer!

Rich

My Thoughts… - Posted by Robert Aston (PA)

Posted by Robert Aston (PA) on February 20, 2002 at 09:06:09:

I think of around 3%-5% for Option Consideration. With the figures you have given, here is what I come up with:

$185,000
x .03 (3%)

$5550

I myself would propably ask for $6000, but that is my opinion.

Hope this helps

PS. The $200 (Rent Credit) looks good, give T/B insentive to buy. :O)