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!
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.