[Tim T]

Tim T

Yes, that’s a more and more common story in my experience too. In your opinion, is there a way to help them AND do good business at the same time? Or are they sunk? I’ll let that question float out there for others who are interested, but we can talk it through on a call too, in case the only answer is “it depends.” Thanks again for engaging this discussion.

[Tim T]

Tim T

Bill thanks for the verbal spanking! I may follow up with a call but for those who may be interested in this question later, the Sellers bought right when rates started to rise. They definitely bought with STR income in mind, and then just recetnly legislation happened that is more extreme than what we’ve seen elsewhere (no grandfather clause). Great idea on the loan modification. I’ll look into that. I may follow up with a call as well. Thanks again for the input!

[Tim T]

Tim T

Just reporting back for anyone else who may be searching for a similar resource. I ended up using a standard NOLA Deed of Trust, and attaching a “Performance Rider” to make it relevant to the option.

Since I am in Colorado:
https://dre.colorado.gov/resources-supportlicensees/real-estate-broker-contracts-and-forms
https://drive.google.com/file/d/0B1QWwFfpPTbkcktmYzRDamMtMG8/view

There are probably similar resources for other states.

Thanks Dan for the input! I downloaded one of Jack’s Options courses to help me on my next deal. 🙂

[Tim T]

Tim T

Thanks Dan, greatly appreciated!

[Tim T]

Tim T

Jackie, thanks for your quick response. I looked but am unsure what document to start from. To be clear, I have the option paperwork complete; I just need the deed Of trust to file.