1st Lease Option
Hello all And Much respect to Creative Investors Site. have been following this site fo a few weeks now and decided to stop out of the norm and post something.I am about to do my first lease on my first home and I cant decide If I want to do a lease purchase or a section 8 tenant. I need the down payment to help me with my next deal and I am in the process but I really would like the security of nothing that the rent will be paid on its due date . Any suggestions? 
You say that you need the option $$ for your next deal.
Does section 8 give you down$$.
Yeah lease option would be the best . Thanks
No problem, not that renting is a bad way to go. But if you want cash go with the deal that will provide the cash.
Now I read somewhere that section 8 has a home purchase program. I do not remember the details but if you check the hud site you might find the info.
James
Thanks for the advice i have a section 8 meeting to attend this week in my area so i will inquire.
If you have had any houses you have sold that you have not been paid in full on. I would be more than happy to buy the promissory notes/trustdeeds and, cash you out of those.
Thank You,
Tara Callegari
Note Management Solutions
(850) 932-5068
it depends, if the property sells for over $85000, then the lease option would be the deal. If the property for sale for under $50,000 then Hud would be the better deal. You could put it in your porfolio under Rent Paid For 12 Months, and go on to your next property with $0 down.
Ron
(601) 906-6891
Lornadawn,
If it's the bucks you need then a L/O would be best for that upfront down payment. You will not get this with section 8.
Sounds like you want to keep your subject property, if not set a quick sale price and move on.
I deal with several rentals under section 8 and I love the on time rent, but 98% of my renter's pay on time. I run my rentals a little different, if they are late they owe me a $50 rent fee or a days work on one of my rehabs or they are evicted.
[addsig]
I would suggest that you go with the L/O.. You can get some fast upfront money, and if you have a contract that is spelled out to the 'T' ... You will be risk free. You will also make a good back end if the house in your area are appreciating at all..... Good Luck