All Forum Posts by: Justin Foley
Justin Foley has started 2 posts and replied 6 times.
Post: Principle in the transaction
- Las Vegas, NV
- Posts 6
- Votes 0
@Brian Gibbons Thank you sir! Ver good looking document. Is it safe to say this will give me the "serious buyer" factor to the seller, in lieu of a down payment?
Post: Principle in the transaction
- Las Vegas, NV
- Posts 6
- Votes 0
It looks like you're the "Godfather of lease options". Im just confused as to what a not only what an LOI should look like, but how it is used to discuss the transaction. Could you point me in the right direction?
Post: Principle in the transaction
- Las Vegas, NV
- Posts 6
- Votes 0
I have done some research on the "lease option assignment" strategy, and am currently calling sellers who are interested in this. I keep on hearing the term "be a principle in the transaction", or else its not legal.
What is the name of the document (or clause in the contract, Im not too sure), that ensures I am indeed a "principle in the transaction"
Thank you for your time
I had always thought the two were synonymous. I guess that answers my question. Thank you sir
Thank you all for the replies
@Mike Smith - I am a student, so I dont have that large of a bank account. I am trying to implement low to no money down structures (such as using a money partner). But I cant really move forward without knowing the address.
Do most lenders require the address? Id imagine that they would not provide proof of funds without the address so they can do their due dilligence.
In my hometown of Las vegas, I constantly see ads on craigslist for wholesale deals. I would love to ask the agent that's been helping me out to see if they are really deals, but they don't provide the address. They require proof of funds in the email before releasing the address. I have looked online for "free instant POF letters", but they do not lend in Nevada.
Has anyone else gone through this? What is the solution?
Thank you for your time.