Jim Mullins- HELP! - Posted by Chalude

Posted by Chalude on November 22, 1998 at 20:11:18:

It answered great.
Here’s another one for you…
How lonng of a period of time do you give the tenant/buyer to decide on buying?
And if they DO decide do buy it, is that when you would actually be buying it from the builder (in the manner of a simultaneous closing)?
I just want to get this all straight in my head before I go forward, so thanks for answering my questions.
By the way, I am EXTREMELY impressed at how fast you went out and got going. That is some piece of work!

Jim Mullins- HELP! - Posted by Chalude

Posted by Chalude on November 22, 1998 at 14:44:07:

Just a few questions for Jim from a newbie…

First I wanted to know how you avoided having to put forth any money for your option to buy from your seller.

Am I right that you need “option money” from the people that you will be renting to or are you only renting to these people and not L/O-ing to them?

Also, isn’t this the same as sub-letting or is that something entirely different?

Sorry for all the questions, but the answers woul dbe a huge help! :slight_smile:

Congratulations on taking the ball and runing with it!

Re: Jim Mullins- HELP! - Posted by Jim_NC

Posted by Jim_NC on November 22, 1998 at 16:21:48:

The answer to your first question “How did you avoid putting any option money down.”

Basically the guy never asked me for any money down and I never offered him any.

I am L/O these homes to Tenant/Buyers and yes I am requiring them to pay me option money. Yes it the same as sub-letting. I am Leasing the homes with an option to sub-let from the builder.

Hope this answers your questions.