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It was great to hear Danny’s take on Jack Miller’s option CDs.
I got to thinking that night after the call one thing that I and I believe all of us should do. When one sells a property, every time one souuld try to get an option to buy back. If not a buy back option then maybe a first right of refusal at maybe say 10% discount, or at least a first right of refusal.
Just try to do it each and every time.
Don Wede
Don,
I like your thought. I’ve been considering a similar option idea – though I was thinking of being a bit more generous than you by giving 1% appreciation (if they wanted a higher price for the option) of purchase price up to 10%. My idea is to capture appreciation (if there is any) over the long term.
Hank
Good thinking guys.
You can always tell people that your company requires the buy back option. If they balk at it, then the sales price is higher.
either way you win!
In the mini option course, jack talks about a wheeler dealer that would buy at foreclosure sales, then sell the house for what he paid for it to an investor or owner occupant with the buy back option. My question is, would it be better to give the buyer some of the equity down the road to give them an incentive to keep the house in good condition? also, when you record your deed of trust to secure your interest, do you need to put a specific amount for what profit is or do you need to put any number at all? this concept is unbelievable, has anyone actually completed one of these type deals with a buy back option. I am thinking about selling my houses for just above what i paid for it, to make a little money today, then keep my buy back option for appreciation in the future.
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