Lease option in Illinois gone bad!

General Real Estate Investing
1

I had this person contact me, this is what she wanted:

  1. 6 month lease-option
  2. no payment of association fees [condo]
  3. small deposit [1 month rent]

This is what I told her:

  1. all expenses [including taxes from date of moving in]
  2. future appreciation is mine
  3. 2 times the security deposit [earnest money]

She said is was getting to complicated and did not want to deal with me anymore.

What can I change or Was I doing ok by protecting myself?
-Carlos

p.s. she tried to nibble me out of paying more out-of-pocket while she enjoyed renting and then buying plus gaining future appreciation.

2

Forget about it and move on to your next deal. She wasn’t motivated.

3

You did good! Stick to your guns :guns:

4

Yeah, just move on. :slight_smile:

I offered a lady who was wanting to sell her house to move out of state a L/O (she had also placed a for rent ad in the paper). She said today "we would need at least $30-40k down to move if we did this. Yet, when they leave they are planning to rent it and move with nada. Oh well. Bigger and better deals out there. :slight_smile:

Good job for not jumping on the “deal” (or lack thereof) :slight_smile:

5

Thanks for replies, Makes me feel alot better.

I am glad I did not take “any” offer.

I know I will get the good offer soon!

-Carlos