There are so many different uses for options. Some Options produce a profit right away, others product profits many years later. See this example of a long term option deal that Jack Miller did…
The court house is full of opportunity if one looks for it. One of the prime places to find potential transactions is in the tax collector's office. In this instance we discovered a delinquent tax certificate sale on a private residence being scheduled. We sought out the owners and found that they were buying their home under anon-assumable 5%, 33 year Farm Home Loan program which called for only 11 payments per year. The 12th payment was intended for the payment of property taxes. They thought the December rent that they were allowed to skip each year was to allow them cash to spend for Christmas presents. Thus, they had ignored their taxes for several years.
Because their subsidized Farm Home loan was non-assumable, and the house was at some distance from where we lived, we didn't want to buy the house outright. To complicate matters, the homeowners wanted to continue to live there so their kids could attend a nearby school. Here's what we did:
We agreed to pay their property tax bills for the next 10 years ($5000 more or less} in return for an Option to buy their house for $1 plus taking title subject to the mortgage at the time their last child left school.
This gave them time to get all their kids through school. They continued to make their subsidized 5% payments with a high rate of amortization. At the end of 10 years, we – or our assigns – had the right to exercise the Option and buy the property at the then existing loan balance. We estimated that it would amount to about $5000 then. We secured the Option with a Mortgage to prevent any liens from impairing our rights or future profit. Over the entire period, our total cost was about $11,000.
WANT TO LEARN HOW TO USE OPTIONS???
Then you need to attend Peter Fortunato's Creative Options Strategies workshop in Costa Mesa March 8 & 9th. No one is more creative and thorough than Peter Fortunato.
At this workshop, you will learn fundamental Option concepts and the ways in which they can be applied to control and to distribute real estate benefits. You'll discover how to make a quantum leap in building a major estate.
There are thousands of owners, builders, lenders and investors who's uncomfortable circumstances can be improved when you offer an option to purchase their property.
The equities and fortunes of tomorrow will be built on the skills of those who have learned how to utilize options to create fantastic opportunities and profit. This seminar will provide you with the concepts, strategies and techniques to do just that. Make the decision today to learn how to supercharge your results in your quest for financial freedom.
MISSED OPPORTUNITIES… If you've been intending to learn about and begin utilizing the power of Options, NOW IS THE TIME! The research that has gone into the material that will be presented in this Option workshop represents almost a half a century of research and practical application by Peter Fortunato.
