My Next Purchase - Posted by Jim

Posted by Terry Bowers on January 04, 1999 at 12:04:01:

Or am I just fooling myself…

Sxxx Kxxxxxx
xyz Realty Service
City town

Dear Sxxx,

I am writing this letter of intent to you and Bxxx Cxxxx to express my
regard in purchasing her beautiful and warm property you showed me
earlier this week located at 7xx Bxxxx. I would be interested in
procuring the property under any one of two scenarios:

One, Lease with Option to Purchase at 36 months, for $380 per month,
with possession in 25 days, or;

Two, Outright purchase on a mutually agreed upon price, where I secure a
mortgage with terms that I find acceptable for 50% and Beth holds a note
on her remaining equity plus rebates for rehabilitation.

I would appreciate it if you would forward this letter directly to Beth
and, should there be any interest on her part, we can begin to finalize
the exact details of the transaction. Thank you very much for your help.


Terry Bowers

In the event that any of the two offers are acceptable to Bxxx, please
have her sign the letter and initial next to the offer she wants to
pursue. Please understand this is merely an expression of intent and not
a contract. Neither party is bound to perform under the terms of this

Agreed to this _____ day of _______________________ in the year _______.

Signature: _____________________________________

Does the RE Agent have to present this to the owner…?

My Next Purchase - Posted by Jim

Posted by Jim on January 04, 1999 at 11:36:49:

I have a beach rental property now worth 140K. Seller is holding 80K note. Small positive cash flow before taxes. My question is, how do I get into the next property without selling the current property? The conventional way says I need 50K cash for the 250K property on the water. Any tips and suggestions would be appreciated.

Jim in NJ