Please help with lease option deal - Posted by Eric - NC

Posted by Eric NC on May 10, 2004 at 20:40:38:

Thanks for the comments guys. I just got another call from somebody else who’s interested, so maybe I’ll get the full 5 out of them.
e

Please help with lease option deal - Posted by Eric - NC

Posted by Eric - NC on May 10, 2004 at 10:53:35:

Hi,

I have a buyer for my lease optioned house. I asked for $5k down (non-refundable), but she only has $2500 right now, and offered to pay the other $2500 over the course of 6 months. At first I thought I could just write the lease for the extra $416.66 per month, but then I was thinking that could get messy. Should I just leave the lease for the regular monthly amount and write a promissory note for the rest? That seems like the safest way to do it.

Can some of you let me know what you think about my plan? Thanks for your help!
e

Re: Please help with lease option deal - Posted by Sean

Posted by Sean on May 10, 2004 at 10:59:13:

DO not mix down payments with RENT payments… you will pay for that when your buyer tries to get her mortgage.

Rent is rent, down payments are down payments, do not combine or mix the two together.

Re: Please help with lease option deal - Posted by gymshoe (WA)

Posted by gymshoe (WA) on May 10, 2004 at 12:37:18:

i agree with sean, don’t mix it. Keep them clearly seperated. But, if you’re okay with $2500 down, you could consider simply increasing the rent amount for the duration of the lease, …less money up front, but more monthly cash flow.