Neebie In Need Of Advice
When creating a lease option with the seller do you have to disclosure that you will be subleasing the property?
If you don't have the option money how can you buy time to find a tenant buyer to get the option money?
yes the right to sub-lease needs to be in your contract...
option deposit...I only pay $10... but if you pay more...get it from you tenant/buyer
Honesty always helps. When I talk to sellers I tell them:
1.) I'm a Private Investor, I do not intend to live in your house, I will put a qulaified buyer in the property.
and
2.) You will recieve your money when I get my buyer. "Mr. Seller, it's only fair for you to get paid when I get paid....you can agree with that can't you?....I'll tell you what, don't take the property off the market and if you sell it before I have a buyer lined up, sell it and we'll part as friends. You've waited this long, just work with me and wait a couple of more days and I'll get you your money when I have my buyer." (This will buy you time)
If your up front, you won't have to remember who you lied to last. Be honest and answer all their questions. If they don't want to do the deal, then don't, go find someone else. I wouldn't not disclose all the money you plan to make, but be honest with them.
Good morning! That does shed some light on the front end but what about the back end? I'm sure you have to tell your buyer that the house is not in your name. What happens if your seller does a title search and your name isn't on the house?
A title search should also turn up that you have an option on the place. That is if you recorded your Memorandum and Performance Mortgage.
You shouldn't have an issue as long as you record everything.