The option to purchase spells out the details of the option money (which is whatever the two parties agree on in writing), and how it will be paid.

I think it's the thought of most folks who haven't participated in the self-storage industry (as was my mindset until I browsed your blogs; great writings btw!)

Just be sure you get it in writing as part of the approval.......BEFORE you close.

Originally posted by Andrew Isaacs:The default rule is that contracts ARE assignable, but the actual terms of a contract always trump the default rule.Some state contracts specifically indicate that the contract is NOT assignable, unless agreed upon in writing by both parties...in other words, the default is that the contract is not assignable for those contracts...

With all that said, there are a few gaps that we would like to fill in our repetoire, and we're hoping for your help.We're Looking for Bloggers to Write About Mortgages, Loans, and Financing!

Has anyone ever heard of or used "Freedom Soft" Software?

If the damage shall exceed such sum, Seller shall promptly notify buyer in writing of the damage and this offer may be canceled at option of buyer.

The house right next door, who happens to be late and may or may not foreclose, that bank can keep their current contract and we won't force a sale there, but you, the bank that did it's due diligence and lent to the responsible payer who could afford to buy the home and has actually kept it current through the great recession, you're screwed and your books are screwed because you'll be forced to write down losses on actual current loans in your portfolio.

Should we setup the LLC and it's relative bank accounts before purchasing anything and writing up lease agreements?

I'd like to get into the RE Wholesaling business but most of the software, courses or books out there are get-rich-quick scams.