Renting with option to buy

[Nancy (MI)]

Okay...I'm seriously thinking of leasing with option to buy. A few years back I purchased Wendy Patton's course and it is quite a nice package but it is filled with rental agreements and how to buy property. I don't want all that as I already have all that. I just want a simple course or someone to contact to teach me how to do it and tell me what forms I need to use for Michigan. Does anyone have any recommendations.

Thanks

Nancy Neville

[Debbie]

How about contacting John Michael or Jim(FL)? They have infos!

[Jim Johnson]

Okay...I'm seriously thinking of leasing with option to buy. A few years back I purchased Wendy Patton's course and it is quite a nice package but it is filled with rental agreements and how to buy property. I don't want all that as I already have all that. I just want a simple course or someone to contact to teach me how to do it and tell me what forms I need to use for Michigan. Does anyone have any recommendations.

Thanks

Nancy Neville
Are two documents. The property type and use will dictate the 'type' of lease, and wording in the management agreement if it is something your going to do something with other than live in. The option I would hold in a LLC, with the president having the rights to exercise the option if the LLC can not qualify for any reason. That way you can sell the option... if you choose... But if you look at it as two, very different transactions, you probably have the documents right under your nose. If not... I can send you the option part... the lease is probably Michigan Law specific... if it is a residence...

[Nancy (MI)]

No I don't think I want to go into LLC's and all that stuff. All I want to do is to rent out my places with option to buy or perhaps Land Contract. If someone can explain all this to me in simple "See Jane Run" terminology it would be greatly appreciated. This is an area I have no clue about and unless you tell me in simple language, it goes right over my head.

Signed: Simple Simon
Nancy Neville LOL

[Debbie]

If someone can explain all this to me in simple "See Jane Run" terminology it would be greatly appreciated. This is an area I have no clue about and unless you tell me in simple language, it goes right over my head.


Nancy,
I definitely relate to you, especially when entities does not come into play...:SM119:
Debbie

[Jim Johnson]

No I don't think I want to go into LLC's and all that stuff. All I want to do is to rent out my places with option to buy or perhaps Land Contract. If someone can explain all this to me in simple "See Jane Run" terminology it would be greatly appreciated. This is an area I have no clue about and unless you tell me in simple language, it goes right over my head.

Signed: Simple Simon
Nancy Neville LOL

Nancy, you are FAR from simple! Lets let your husband post on such things... I am sure he would not use those words concerning all you do... I posted that thinking you were going to BUY a property... your selling so things change a bit. I am pretty sure I have a lease/option set of forms that you can have... how about shooting me off a PM with a good e-mail for you that can receive zip files and I will put a care package together for you. You a blessing to this board and I will not put up with the notion that your somehow... simple.

[Nancy (MI)]

Jim, you are too kind, for sure! But the truth of the matter is...is that I truly am a simple person. However, I am like a sponge. I view life as a gift and I want to learn and know everything. But....I have to regulate myself so that I don't get burned out wanting to learn and do everything. Until I know a topic inside and out, I consider myself a very simple person. One who cannot comment or advise anyone on that topic. And because I am a Why and How person, and because I don't have a college education and know those big fancy words, I need to be taught by someone that can teach me using my own simple language. But by golly when I learn something you can count on me knowing it 100% and then I'll give you a run for your money on that topic! LOL

But as my husband grows older I may find myself in a spot to where I cannot handle all this alone. I don't want to sell at this moment, but anything happened I would want to know (inside and out...100%) how to rent out all our properties with the option to buy. I need to start studying this now! I need to know the terminology, the paperwork, the court process, the laws, the does and the don'ts. I won't stop until I purchase every thing I can purchase regarding this matter, and am able to study it to where I know, beyond a shadow of a doubt that I know what I am doing.

This is a very serious matter to me. Not that John is going anywhere, let me clear this up. But we are not young chickens anymore and John is older than me. So I need to start planning as I am a person who has to have all her ducks in a row. Even if nothing happens to each other, as we grow older and can't handle the work load any more we must have a plan. So this topic is of the Utmost importance to me. Any help that can be given to me, books, tapes, etc., I will purchase, read, study until I become good.

Jim, I don't like taking something for nothing. I am willing to pay for the advice of others, especially if you are going to go to the time and effort to send me a package. I can't have you do that for nothing. If you don't want monetary payment for your services, perhaps I can trade you something of mine. A 2006 You Know You're a Landlord When Calendar???? The Landlord's Guide to QuickBooks CD?

My E-mail is, and I have no qualms about giving my E-mail online, is...
Nancy178@comcast.net

Thanks Jim, once again you are TOO TOO KIND!

Nancy Neville

[Dan Auito]

Look in your in box Nancy, I have a few surprises waiting for you! You do have to report back with what you learn so keep that in mind. Heh Heh Heh

[Nancy (MI)]

Thank you so much Jim and Dan for the wonderful Gifts. I'm like a little kid waiting to open my presents so I can play with them.

I love studying. (I know I'm crazy). At least about things that I want to learn. I can't wait to dig in and I will report and probably ask lots of questions. Then maybe I will be able to contribute something here on
this old site.

Thanks...I'm printing out everything right now so I can read...read...read...

You've made me very happy!

Thanks!

Nan:praise: :SM065: :kiss:

[Nancy (MI)]

Yep...you both have done it. YOu made me cry.

Thanks so much for everything. There is no words that I can express to tell you what is in my heart. Just know that what goes around comes around. You both have no idea how much your good deed is appreciated.

Nancy Neville

[Debbie]

Hey Jim/Dan,
Can I have those gift(s) in my hands too? I wanna study too!

[Jim Johnson]

Hey Jim/Dan,
Can I have those gift(s) in my hands too? I wanna study too!
you have mail....

[Nancy (MI)]

Once again Jim and Dan I realize you took time out of your schedules to e-mail the attachments and it is appreciated. I even printed them all out. So off I go to read read read.

Thanks again!

Nancy Neville

[Dan Auito]

Deb you should have it. Dan

[Debbie]

you have mail....
Yay! Thank you!

[Debbie]

Deb you should have it. Dan
Yeay, yay! Thank you too, Dan!

[Greely]

Jim/Dan. If you don't mind, I would like that also.

tregis6080@bellsouth.net

[Dan Auito]

Them Donors are reaping some rewards today folks! Enjoy.

[Jim Johnson]

Jim/Dan. If you don't mind, I would like that also.

tregis6080@bellsouth.net
you got it... have fun!

[Greely]

Thanks to both of you for your generosity.