Posted by dknight on April 12, 1999 at 17:24:21:
I was just reading your story. I am assuming that L/O is lease with option to buy. Is this your first deal with Carlton sheets or is this on your own. Sounds like fun.let me know what happened.
Um, any help or ideas from someone who has done it? - Posted by JNA
Posted by JNA on April 11, 1999 at 18:13:59:
Little about me 1st:
Hello, i am new and have never done this before but have the utmost desire to jump right in. I have very little cash to place into RE and absolutely no credit ability. After reading thru the site here i read all articles and news groups for the last week.I have decided based on my situation the best way for me to get started is with L/O. So i ran an add and got a response. I think i am good to go but would like someone who has been theres opinion.
The Story:
My call was from a family who want a L/O with 2 or 3 bedrooms, nice area, and garage. The can put around $6k down and can handle about $1k month for the lease. The want 3 years lease with the option to buy. I did some scouting in my paper and started talking with a FSBO who i got to verbally agree on this (and it was all him giving the info).
He is willing to sell it to me on L/O under these terms:
$78,000 with $2k Dn at $1k Mo - 5 yr L/O
Full MONTHLY payments would be credited towards purchase price.This sounds good specifically if my l/o buyers couldnt exercise the option after 3 yrs, they paid my equity of $36k!
My question is does this sound good? Also how do i structure it? I l/O then turn around and l/o it to them. Do i tell the FSBO what i am upto? I just need some general headance, i dont want to folly my first deal. Any help would be apreciated!