OfflineI really enjoy working with deals in the Real Estate market. We have used Dean's ideas to pull together a team that finds homes at the right price, completes and fix up, and markets the home to any interested buyer (occupant and/or investor). Part of the program that has really been received well is our rent/option to buy program. We target families who are currently struggling to qualify for the higher required credit score, rent the home at a standard market rate with an option to work with our certified credit counselor to improve their credit score and be able to get a mortgage. So far, we are progressing well, with this, but are still working with the first couple of families to get qualified. High hopes for everyone. The program is a win/win for everyone. The investors get a nice return on their monies and the families end up getting qualified for their home.
Lease Option Consideration
When you have a lease option purchase agreement with a significant deposit ( > $ 5,000), must that deposit be held by me until the rentor/buyer exercises his/her option to buy? Or, am I able to use that nonrefundable fee after it has been initiated. Does that rely upon state law? If so, what is the law in Florida?