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My First Lease Purchase Deal

by Vince Lanza   

After a year of learning from this site, I purchased Bill Bronchick's 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 lease purchase 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 Creative Real Estate Online. Thank you very much.

 
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