Posted by banks on July 15, 2002 at 20:34:03:
I have a Lease Purchase Evaluation for which came from Claude Diamond(l/O GURU) it asks various questions aboout what buyer is looking for and what they can afford etc…At the top corner it has a line that says Enrollment Fee:______________
Collecting enrollment fees from buyers - Posted by Scott
Posted by Scott on July 14, 2002 at 09:21:30:
I am not set up as a legal business yet. Is it illegal for me to collect enrollment fees from potential buyers for my L/O deals. I was planning on setting everything up after I do my first deal so I could use that money. I Just started but I havent had 1 person think twice about giving $50.00 for an enrollment fee. This money and pay for advertising etc. Maybe even setting the business up.
Re: Collecting enrollment fees from buyers - Posted by JoeS
Posted by JoeS on July 16, 2002 at 22:41:22:
You can try to collect “enrollment” fees if you can find people to pay them! Is it illegal? Maybe, maybe not. What are you enrolling them in? You have to disclose to them what the fees are for. Most people will not pay upfront fees to do any deals, and they should not have to.
Re: Collecting enrollment fees from buyers - Posted by Jack
Posted by Jack on July 16, 2002 at 12:08:25:
What do you collect the fee for exactly? And WHY?
Re: Collecting enrollment fees from buyers - Posted by JHyre in Ohio
Posted by JHyre in Ohio on July 16, 2002 at 08:04:52:
I don’t think collecting lease payments or option money is illeal anywhere, though I’m sure that some wag can point to an obscure exception that applied in a wierd situation, somehow, somewhere. Using an entity can have tax advantages and disadvantages, along with potential liability protection- so it bears more detailed thought.
John Hyre
Re: Collecting enrollment fees from buyers - Posted by Helen
Posted by Helen on July 15, 2002 at 20:11:40:
Would you elaborate about how you do the enrollment fee. What do you offer. I’d rather ask a “dumb” question than be “dumb” because I didn’t ask.
Re: Collecting enrollment fees from buyers - Posted by banks
Posted by banks on July 16, 2002 at 18:23:51:
It is Claude Diamonds Lease Purchase Evaluation Form, He has an area for enrollment fee. I believe the fee is for my time spent reviewing the evaluation form.