Close

$5,000 in Cash and Jewelry on My First Lease Option

by Kevin Cobb, Baltimore, MD   

A few months ago, I purchased Ron Legrand's, Quick-Turn, Fast-Cash Real Estate, course from this site. I studied it, then tried to apply it. After a short time, I gave up. It wasn't until about a month ago that I gave it another try. This time, I struck gold (literally and figuratively). I completed my first lease option deal. Here are the terms...

I acquired a house worth $125,000 at the loan balance of $113,000. I agreed to make monthly payments of $1,080.00 once I have it rented. Contract for two years.

I sold it under contract for $125,000 with $5,000 non-refundable option consideration. Buyers did not have all cash. They own a jewelry store, so we settled on $3,000 in cash and a brand new .97 karat diamond ring for the other $2,000. My wife is so pleased. (This ring is actually worth a bit more.) Moreover, the monthly lease agreement between me and the buyer is $1,200.

Lets see:

My Down Payment: $0
Deposit from Buyer: $5,000 cash & jewelry
Monthly spread: $120
Back End Profit: $7,000

This is fun! I am pleased with this business.

 
Loading subscribe form...