My First Lease Purchase Deal

After a year of learning from this site, I purchased Big Profits with Lease Options. I just got home from setting up an escrow account, and I am so excited, I had to write you the details.

After calling on 121 ads in the paper on “Homes for Sale,” I finally found a seller who was a little “motivated” and met with him right away. I explained to him how a works, but he was not sure about it. After three meetings with the seller and him checking my references, he decided to go along with the program.

The way I got the sale is by really listening to what he wanted and what he needed. Once I met his needs, I had the sale. Here are the terms:

Purchase price: $70,500
Deposit: $500
Rent: $535
Term: Two years with a right to renew for one term for $500,
No rent credit
Strike price: $70,000

Sale price: $89,500 FMV Today
Rent: $675 Market Rent Today
Rent credit: $125
Term: Eighteen Months
Option consideration: $1,700
Deposit: $300
Strike price: $82,250

I followed the course, stayed focused, and did not let the rejection get to me. When all is said and done, I will receive $1,500 up front $140 cash flow per month for eighteen months, and $15,250 on the back end for a total of $19,270 over the eighteen months. I feel that I am well on my way to a new life thanks to Thank you very much.

A content contributor to the original CREOnline.com.