After a few years, they fix their credit, get a new loan, exercise their option.

It’s a great way to learn more while doing other things such as exercising, driving, etc.Get involved with a local REIA groups.

It’s a great way to learn more while doing other things such as exercising, driving, etc.Get involved with a local REIA groups.

It provides creative strategies and out of the box thinking exercises to help with just this issue, because Brandon also started with no budget.  

Moreover, the note has a balloon rider to be exercised before Jan 2010.

I want to tell the seller (which is an estate attorney) they can't require a mortgage when I exercise the option.

They may have not been worth $1500, but I did find a substantial value in the exercise of researching my market and who the players are.  

Use this as an exercise anyway.  

I think what Bill is saying is that, while proformas are a great exercise, you have to know that lenders will always recast the numbers based on their own data.

If the Seller is telling you that he expects you to provide the contract, then that is a different story and you should exercise reasonable caution to insure that you are providing a fair contract.