Lease Options Forms Question
We have found a tenant for our property. This will be our first lease option. I have heard to use seperate forms for the lease and also the option. Does anyone have a website they recommend to get the best forms?
Thanks in advance
Suntzu18
The numbers depend on your market & term of the lease option. If you allow 3-5 yr option period then you can easily raise the purchase price some 15-20%.
Of course this is all negotiable & depends on you market appreciation.
On a L/p you can receive 2-5% as non-refundable option consideration. Regarding the rents, first find out what the market rent for your area is going for. You can then ask for more & make sure you explain t/b the benefits of a l/p to justify rent.
rementor76
If any less than that period
Your friend should seek a new mortgage broker.
FHA lenders wil do low interest rehab loans (section 203k) to borrowers currently in consumer credit counseling assuming they have a clean recent credit history and their income supports their obligations. There are also subprime lenders who will loan to people currently in CCC.
http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
[ Edited by dabbler on Date 02/17/2005 ]
You better stop the advertising![ Edited by JohnMichael on Date 02/23/2005 ]