Comments on: Video: Real Estate Option Vs. Contract

By: Steve

Steve — Thu, 02 Sep 2010 14:57:00 +0000

Good stuff JP! Good teaching and tips!!!!

By: L

Tue, 27 Jul 2010 19:33:45 +0000

Thanks JP, for getting back to me so fast. I really appreciate it. I have learned a lot from you through your site. And, I have a feeling I am going to end up doing more with options than just getting myself a house. It is pretty cool stuff.

By: Jonathan

Jonathan — Tue, 27 Jul 2010 05:26:26 +0000

When I send an offer to buy whit a proof of funds (CASH from a transactional funder), since there is a contingency to get proper financing for the buyer to go along the contract in the contract, am I bound to buy the property? Should I put contingnecy upon getting someone to buy the property?

By: jp moses

jp moses — Tue, 27 Jul 2010 03:47:48 +0000

You're correct…you do NOT need to be an agent.

And sounds to me like you're looking to do a “plain vanilla” lease option…happens all the time!

…jp

By: L

Tue, 27 Jul 2010 03:44:27 +0000

Thanks jp,
I think I heard or read on your site that a real estate agent is not needed to buy an option. Is that true? In other words, do I need to get an agent from Coldwell Banker, for example, to do this with? Or can I just deal directly with the agent representing the seller.
BTW, the seller is also willing to rent the property. My idea is to rent the property for a year and then exercise the option to buy it in a year if I can. so the seller will be getting monthly income for his property in the meantime. I won't do this unless I am really sure I want to buy it. I figure the option price can go towards the down payment?????

By: jp moses

jp moses — Mon, 26 Jul 2010 23:29:47 +0000

Yes, technically you can do that…but you have to ask yourself, “What's in it for the seller?” In other words, how will it be in his/her better interests to give you that 1-year option you want. If you can't answer that question, then you probably can't pull it off. But if you can, then that's the crux of the case you make when you present that as your offer…

“I'd like to have a 1-year option to purchase your property…and here's why/how I think this is ideal for both of us…”

Make sense, L?

…jp

PS…Must be cool having a single letter for a first name. Nice.

By: L

Mon, 26 Jul 2010 21:57:08 +0000

My question is so basic, it is not included in your basic video. I am brand new to all this. Can I create a real estate option on a house that I want to buy for me to live in….not to flip or sell? I can not buy this house now, but I probably can in a year. How do I start? Do I just approach the seller with the idea? Do I just say “I would like to buy an option on your house for $_______” Then we must agree on the price and terms and draw up the contract?

By: jp moses

jp moses — Sat, 19 Jun 2010 20:31:48 +0000

Wow…THANKS!

By: Trisha

Trisha — Sat, 19 Jun 2010 15:31:30 +0000

J.P.,
I REALLY want to compliment you on this video – Top Notch! You really KNOW your stuff, and just your
wording alone and its flow, clearly attests to your hands-on knowledge and savvy experience! Your handle
on what works and what does not, what is right and what is NOT, what to do and what NOT to do – is communicated very clearly. In short, I think this is an excellent video for both the new investor as well as someone with field experience who possesses an open mind, seeking to both learn more, and perfect their craft! Well done my friend! Sincerely, Trisha

By: Solomon131906

Solomon131906 — Fri, 11 Jun 2010 21:18:38 +0000

Hey JP. Are you getting a title policy on option interest?