Lease Option Newbie
I am new to lease option and would like to do either a sandwich or put the home under contract and sell it to an investor.
What steps would I need to put the home under contract and then sell it to an investor for a fee?
How would I do a lease option sandwich?
Wendy Patton and Vena Jones-Cox (or Cox-Jones) both have good lease option courses. The courses would take two full days. You can learn a lot on this forum, but this forum can not replace a full 16 hours of education.
Both "gurus" have their paperwork on a CD that you can open in Word. Wendy is more into Sandwich LO. Vena does the more standard LO where she is the seller.
Brenda
I agree completely with DougON. Very well put.
Another idea might be to sell on a CFD rather than a L/O. It accomplishes basically the same thing for you, yet the T/B feels more like a buyer and not just a renter.
It may also justify a larger deposit amount. And that way they would have more of a vested interest – both psychologically and financially.
Just a thought.
Just tell the Tenant Buyers that you will need a rent amount comparable to what a mortgage payment will be for them 12 months from today to prove to the lender that they can afford the mortgage.
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