OfflineOn Friday I closed on one of my rent to own properties. 20 months ago I bought a house and put a tenant buyer in it (the same day) have been collecting rent and cash flowing $295/mo. She worked on her credit and on September 21st she bought the property. A little over 18k was wired to my bank account! She was very appreciative of the opportunity and I was happy with the result! It was definitely a win/win.
I am going to miss the monthly rent check though....
__________________
Cathy B
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Great work on that one. Posts like yours are keeping me on my excitement high while I finish going through the materials. $295 a month is great, but $18k in the bank is awesome and motivation to get that next property!
Ryan E. Deyette
Congrats Cathy! Thanks for sharing!
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Dawn H
One of those bittersweet moments!
Karen
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Cathy,nice one,way to knock it out of the park.All the best, Chuck
Very cool Cathy...CONGRATS! Was this a sandwich lease or did you buy it upfront?
Lenee
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Way to go Cathy, not a bad swap though, $295 a month for $18k lump sum!
SEMPER FI
GET SOME!
Congratulations Cathy! That is an awesome amount!
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everyone for all the kudos. I bought the house with my home equity line of credit then did a no season cash out refi on it, just like Dean teaches us!
Cathy B
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Congratulations, Cathy!
Your patience PAID off! Two lives were positively changed! Nice deal!
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Cathy,
Glad to hear the nice positive exit that you did on that property. Now you have the $18K euivalent to over 5 years of $295 payments... plus you get your cash back into the HELOC for your next big venture!
Roger
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Thanks, Roger!
Cathy B
Follow my progress at:
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long time since ive spoken to you. Hope all is well and congrats on the deal closing.
Keep going!!!!
Richie
I LOVE great stories!
This is a GREAT story!
(You read a great story and you just cannot stop yourself from smiling!) 
Great Story, Great Job!
Congratulations!
Angela
Hi Richie, thanks for your comments it does feel pretty good to cash that check.
Angela, glad I could make you smile.
Cathy B
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Way to go. You provided the new homeowner with a great opportunity and made a nice profit.
Joe
Think less, Do more, Get results. - Dean Graziosi
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Hey Cathy WAY TO GO! it feels so good! YOu are just a rockin!!!
Also thanks for sharing your story. You are aninspiration me. Way to go!
"Don't tell me I can't, Tell me how I can."
Congratulations on your fully executed LO Deal, Cathy! This site just blows my mind with excitement reading that people are out there making deals happen. So, no one's having trouble with the DOS Clause? Anyway, I obviously know very little about LO (pretty much nothing), so if you could, would you mind informing me where you learned about them? I've read Profit from Real Estate Now twice and I'm currently 105 pages into 30 days to RE Cash. However, there hasn't been any talk about Lease Options in either of those books. Is there another one which goes over Lease Options? If dean doesn't have a book that goes over them, do you think it would be ill advised to buy and read the LO book by Wendy Patton? I'd much rather read Dean's, if he has one.
Any information would be greatly appreciated,
Atom
(Oh, yeah. Sorry if my posts are "noobish")
Congratulations on your fully executed LO Deal, Cathy! This site just blows my mind with excitement reading that people are out there making deals happen. So, no one's having trouble with the DOS Clause? Anyway, I obviously know very little about LO (pretty much nothing), so if you could, would you mind informing me where you learned about them? I've read Profit from Real Estate Now twice and I'm currently 105 pages into 30 days to RE Cash. However, there hasn't been any talk about Lease Options in either of those books. Is there another one which goes over Lease Options? If dean doesn't have a book that goes over them, do you think it would be ill advised to buy and read the LO book by Wendy Patton? I'd much rather read Dean's, if he has one.
Any information would be greatly appreciated,
Atom
(Oh, yeah. Sorry if my posts are "noobish")
I learned about LO in the success academy. But I do have Wendy Pattons books and they are great. I got alot of information from her books and would recommend them. The Due on sale clause does not come into play here because the tenant are essentially renting the property for a set period of time
until they can purchase it. There is no title changes, no issues with the bank. I personally am not to worried about the DOS. If the payment is made on time I don't think the bank is going to care who is making it. Good Luck to you.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Way to go, Cathy!
Gosh, that's great! Thank you for all of the information! I plan to sign up for the Success Academy at the beginning of next year. It's great to hear that others are finding it to be such a good investment. I look forward to your next post(s) and can't wait to hear about your future progress.
Best of luck to you, Cathy, in all of your endeavors,
JC Atom
it's great to hear about a completed L/O deal!
I currently have a tenant buyer in one of my houses, but they just moved in this past July, so I still have at least a year before they are able to get a loan with a bank.
Must be a great feeling to help someone buy their own home!!
Valerie
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lease opt are a fabulous strategy and it is sweeeet to have them pay you off with the lump sum !!i am sure these people are super excited to be the owners on paper now !! way to go
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Congrats- Cathy. Thanks for sharing. Just proof that Dean's techniques do work. If you don't mind, I have a question about the HELOC. I'm just wondering how that process worked out with the HELOC? I mean, did u have to wait a while after you acquired the property to apply for the HELOC? Also, if you don't mind me asking, what was the tenants consideration and how did you come up with how much you wanted the consideration to be? Just trying to understand LOs... Thanks, again.
Nice job Cathy! That is a very nice payday.
Ryan
you can get another 295. per month but seeing a deal to completion is sweet.
congratulations and go get another one or twelve!!
keep moving forward, rob
whether you think you can or you think you can't, you're right.- Henry Ford
keep moving forward, rob
I had the HELOC on my personal residence already in place, so that is the cash I used to buy the property. Then I did a no season re-fi with a bank and got most of my money back had about 6k of the HELOC money still in the proeprty. The tenants put down 3k for consideration, I usually do 3.5% of the purchase price for option consideration, because that is what FHA allows for down payment. I am not going to turn away more if they have more but that is what I ask for. Hope that answers your questions.
Cathy B
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Cathy,
Doesn't that feel good:) You helped them become a homeowner and made a nice profit too. Win-Win!
Keep it up
John and Julie W
John and Julie Wakefield
JCW Properties, LLC
Cathy that is so cool!! great job I know for me it felt so good for the tenant buyer to complete the deal and for me...We did it!!! Cathy you should so pround of yourself because YOU made this happen... Great job girl
Donna Doo
"Don't tell me I can't, Tell me how I can."