Lease Options

What exactly is a lease option, and when is it a good time to use one? When would it NOT be benificial to use a lease option?

What kinda of experiences have you had using one. Good and Bad.

Comments(4)

  • MrSmooth12th March, 2002

    Most of the times a lease option would be used if you really want to sell your property or don't want the management headaches of landlording.

    There are tricks to doing lease options. Make sure you have a lease and an option to purchase on a separate sheet. You might have to go through forclosure proceeding just to do an eviction if you have everything on one paper.

  • Consultant14th March, 2002

    good advice, i will remember that. what sort of standard contracts do you use? Did you write them yourself, or did you purchase them from somewhere?

  • jfmlv195014th March, 2002

    Mr Smooth is absolutely right. SEPARATE THE CONTRACTS. With a lease you can evict in as little as 3 days depending upon your state, or you could be faced with a year long foreclosure. If they do pay on time and exercise the option, which is rare, everything is great. But if things go wrong, you must be protected.

    Good luck

    John

  • joel17th March, 2002

    If you are more interested in doing a hands off approach to real estate. "Hands off" meaning no property management. You should look into wholesaleling and constructing lease options.

    Vena Jones Cox is the only wholesaling course that I know of that deals with just lease options.

Add Comment

Login To Comment