This is one of the biggest reasons I don't post much anymore ... TOO BUSY!
House #1: Lease/Option?
I've had numerous people call and email about House #1 (I have it for sale and rent), but nothing seems to pan out. I even had one lady call me on St. Patrick's Day and we talked for a good 6-7 minutes about the house. The conversation was coming to a (positive) close, when I asked her her name. She said it was "Shamrock" and that her mother's name (who was going to be the actual buyer) was "Irish". She swore up-and-down that it was not a prank, but it was just TOO coincidental. Needless to say, I haven't heard from her since.
During the last couple of weeks, I also had time to repaint the exterior. The home is 3-side hardiplank, so I needed to use almost all of the 5-gallons of paint I bought. Very tiring work, but I finished this past weekend. I must say it looks 100x better now.
The good news is that I have another very interested buyer. I no longer get my hopes up until I get a signed contract, and I'm not about to do the same with this lady (even though she sounds honestly interested). I am to meet her at the house in the next couple of days, so she can view the inside. She said she wants to lease it for AT LEAST a year and then purchase it (depending on how things go in the next year). Before I could mention the words "Rent-to-Own", she did. I haven't told her yet about recent Texas legislation re: L/O's, but I plan to when we meet. I'll probably have her sign a regular 12-month lease and have her sign a 6-month option at the beginning of the lease and at the 6-month time period. The Texas Law stipulates that the contingencies are enforceable for a combined Lease w/Option to Purchase that is more than 180 days (6 months). Therefore, as long as I make the option period only 6-months, I am OK.
Business Ideas
I finally had enough seeing my ideas on a scrap of paper instead of on a store shelf, so I decided to be a little more proactive. I put some "feelers" out and am starting to get some positive feedback. One of the things I found out is that I can license my ideas, instead of going traditional route of bringing my idea to market by myself. Basically, I submit what is known as a Provisional Patent Application (PPA), which protects my idea for up to 12 months. I then license my idea to a manufacturer who will take the idea to market (i.e., manufacturing and distribution). They make money off of my idea, while I get a percentage of the sales (along with an upfront fee). Just one of the things I'm considering.
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2 comments:
Hey, that's good news on the House #1! The other lady, Irish Shamrock--come on, who did she think she was kidding. People are weird.
I think you should do the PPA thing! And, tell us about it as you go. I'd really be interested. I have too many ideas sometimes--more ideas than I have energy to do anything with right now.
Trisha. I know - weird people. Wasted 6-7 minutes of my life with that phone call. The strange thing is that it sounded SO legit. Even after she told me her cockeyed name, she still kept a civil tone and asked a few more questions. She even said she worked for an insurance company once and had to use her middle name on St. Patrick's day when someone would ask her her name.
As far as the PPA thing goes, we'll have to see. I haven't done much else to be honest, and have some "to-do's" on my plate. It sounds interesting, legal, and soemthing to check in to. Basically, the idea came from someone who saw it here. There is more information about Stephen Key here as well. As one person mentioned in the comment section, if it is so wonderful and you've made millions, why is the course being sold for several $100's? Of course, the same can be said of Kiyosaki and a 1,000 other people.
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