Lease Option Contracts
I am looking for some reviews on the lease purchase contracts being sold on this site and by people hear on the board. If you have purchased any of these please let me know what you think of them. Are they detailed, easy to read? etc.
Thanks,
Thanks for the link. I will check it out. What I am looking for is a lease and an option contract for a residential home. I haven’t found anything on the web that has them separated. Everything I find has the lease and option written under the same contract.
You definitely want to check out LeaseOptionKing here on TCI. He has a great program that I was very pleased with and he separates the purchase and option contract like you want. He also makes himself available for mentoring and is available to answer your questions.
Thank you MtnWizard! Some one has finally clearly set out this potential problem with "lease option" sales- at least for the first time this year!
Chris
Those opinions are just that--opinions, and until the law is changed in Arizona, I would have no qualms about doing what I do there. Texas is presently the only state I consider off-limits. Those opinions have no basis in legal fact, so yes, that judge is whack. Maybe he is becoming senile.
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Now that I am totally confused I must admit that 90% of the feed back I have read hear and at another popular lease 2 purchase site is.. ...1) the contracts look good but I have yet to use them in the world. Thanks for every ones help. I am probable going to role the dice and try the lease option and just hope it doesn’t end up bad. LeaseOptionKing, what states have you used you options in? Have you ever had to evict a tenant who was under a lease option? [[ Edited by mewalker0 on Date 04/16/2006 ]
LeaseOptionKing-
, your last, more reasoned response was valuable. First, you admitted that an equitable title claim was in fact a possibility, then you explained why it was unlikely and how to avoid it. To me, this is the proper way to respond in a civilized discussion of various strategies of real estate investing.
I find it interesting that you consider your legal opinion more valid than that of a respected judge. Precedent is a powerful factor in court decisions.
As much as your first responses to MtnWizard bothered me ( "the judge is whacked!"
I would really like it if all posters would agree to disagree- responding logically and explaining why they disagree instead of attacking the poster they disagree with. In this way we can all continue to learn from a variety of perspectives, ignoring those we personally disagree with instead of chasing anyone with a minority viewpoint off of the forum so we can all echo each other, saying yes, we all agree so we must be right...
Chris
Lease option king:
You made a comment of Texas being off limits.
What actually happened with the new legislation regarding lease options in Texas?
Thanks,
**Please See My Profile**
Unfortunately, it passed.
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So what exactly was the legislation? Are Lease options now obsolite in Texas?
Thanks
Larry
Yes. The only legal lease options are available to those who own their homes free and clear. Otherwise -- no dice.
Da Wiz
Being somewhat new to this forum and having recently come across this thread, I for one really appreciate this lively debate. It shows the real world side of the RE investing environment we are here to learn about. To hear detailed opinions from respectable members of this forum is exactly the kind of education the uninitiated should hope to find. I certainly am thankful to both MTNWIZARD and LEASEOPTIONKING for their participation and look forward to more of their constructive commentary and guidance.
I have one question for mtnwizard.
If you are buying on a L/O, how are you selling these properties if not sandwich leasing them?
In response to LeaseoptionKing, and Chris I would like an example, or possible copy of the Lease/option contracts you use to bypass problems of this nature, and I would like a copy of a Land Contract, so i can use them both, I live in Michigan, and would gladly like to hear views,opinions, experiences dealing with both.
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John last lived in Vegas but now is fishing in Florida.
Da non-lawyer Wiz
Wow....
[ Edited by flyhomes on Date 08/19/2006 ]
flyhomes, that agreement is extremely biased to the advantage of the buyer
HAHAHA! Point well-made.
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Your mortgage broker is an idiot. If all you have is a Lease Option with the Seller, you have no legal right to sell under or record a Land Contract. Go to your local real estate club and use the brokers other investors are using.
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1) Record the Memorandum of Option;
2) Fire your mortgage broker
Da Wiz
Red,
This is not an answer, but I just wanted to throw in that this is what I am worried about will happen when it comes time to close and I would also appreciate any answer to this as well.
JB
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