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.
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.
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.
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.
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?
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
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.