New To The Lease Option
Hello all. I was directed to this forum. I have taken the RE classes but decided that I would rather invest. My credit is not good but I have a little money to invest, very little. I was told the lease option would be a good start for me. Can it be done with No MONEY!! Could you guys tell me any good literature and or info that would help me get started. And an example of how a deal would work. Thanks. I really do appreciate it.
It can be done with absolutely no money. You need to find a Seller whose main motivation is debt relief, time constraints, or both. You will agree to pay the mortgage payment amount in rent and handle your own maintenance and repairs. If the property has been on the market for a while (usually an older home), you may get it not only at today's FMV, but possibly at 90-95 percent lower. You get the appreciation AND the loan paydown equity for a year or two, find a L/O lender who treats it as a refi with 12 canceled checks, and finance the property in your own name (90 percent of appraised value) with no out-of-pocket costs (rolling mortgage broker fees and closing costs into the loan).
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