TLDR: I have been researching the use of options, and there is good data, but it is scattered all over the place. This thread is a place to consolidate useful data.
So, the other day after a meeting at work, my boss started talking about how he has a prime 3 acre lot on a mountain that he is wanting to sell. He said he bought it before he had kids, and he doesn't want it anymore, and he just wants to get rid of it (even said he would even take half of what he paid for it because he hasn't even visited it in 5 years).
I emailed him after the meeting, and told him that I am interesting in doing a deal on his property. I have never dealt with Real Estate before, but I recognized a potentially great opportunity and I jumped on it. After that, I PM'ed Zen (You are the man Zen!) and asked a couple of questions and he pointed me in the right direction: optioning the property (not a lease-option, just a regular option).
I've been doing a lot of research the past few days, and am still slightly confused, so I thought I could post up good resources that I have found and experienced members here could give some insight.
The questions I still personally have that I am researching are as follows:
-So once I have an option for the lot with my co-worker, and once I find a person who wants to buy it, how exactly do I do the paperwork and what paperwork do I use? So far, it seems that there are two ways to go about it; 1) sell the option to the buyer and 2) exercise the option and get into contract with the seller, and then assign the contract to the buyer. Option 1 seems more simple, does anyone have any recommendations? What paperwork do I do, and what paperwork does at attorney do?
Feel free to post good resources and I will add them to this post!
Resources:
Option Contract form with videos: Real Estate Option Contract | Real Estate Investing Tips
Contract Assignment form with videos: Carving Up the Real Estate Assigment Contract | Real Estate Investing Tips
Finding A Contract Attorney (thanks Russ): https://www.thefastlaneforum.com/as...need-tips-getting-attorney-talk.html#post5925
How to Use Assignment of Contract and Option video: https://www.youtube.com/watch?v=24yn0-7LYd4
So, the other day after a meeting at work, my boss started talking about how he has a prime 3 acre lot on a mountain that he is wanting to sell. He said he bought it before he had kids, and he doesn't want it anymore, and he just wants to get rid of it (even said he would even take half of what he paid for it because he hasn't even visited it in 5 years).
I emailed him after the meeting, and told him that I am interesting in doing a deal on his property. I have never dealt with Real Estate before, but I recognized a potentially great opportunity and I jumped on it. After that, I PM'ed Zen (You are the man Zen!) and asked a couple of questions and he pointed me in the right direction: optioning the property (not a lease-option, just a regular option).
I've been doing a lot of research the past few days, and am still slightly confused, so I thought I could post up good resources that I have found and experienced members here could give some insight.
The questions I still personally have that I am researching are as follows:
-So once I have an option for the lot with my co-worker, and once I find a person who wants to buy it, how exactly do I do the paperwork and what paperwork do I use? So far, it seems that there are two ways to go about it; 1) sell the option to the buyer and 2) exercise the option and get into contract with the seller, and then assign the contract to the buyer. Option 1 seems more simple, does anyone have any recommendations? What paperwork do I do, and what paperwork does at attorney do?
Feel free to post good resources and I will add them to this post!
Resources:
Option Contract form with videos: Real Estate Option Contract | Real Estate Investing Tips
Contract Assignment form with videos: Carving Up the Real Estate Assigment Contract | Real Estate Investing Tips
Finding A Contract Attorney (thanks Russ): https://www.thefastlaneforum.com/as...need-tips-getting-attorney-talk.html#post5925
How to Use Assignment of Contract and Option video: https://www.youtube.com/watch?v=24yn0-7LYd4
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