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How I Bought My Own House on Christmas Eve

by C. Baker, Johnson City, NY   

On Christmas Eve, I did my first lease option deal on a beautiful single family that I will be living in myself. I gave them Bill Bronchick's contract, and they signed it, no problem. They were actually happy that I saved them the attorneys' fees! The deal worked out like this:

$37,000 sale price
$450/month for one year
$225/month of that toward the down payment
$2,700 down payment ($225 rent credit x 12 months = $2,700)
$34,300 financed for 15 years @ 7% interest (I can't even get a credit union to give me that!)
$308.30 monthly payment

 
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