OfflineCan you believe this? After all the time I have been on here and all the times I have gabbed, this is the first time besides my journal (be sure to visit it and say "Hello") 
that I have actually STARTED a new thread.
Lease Options are getting to be a very popular subject so since that is what I am also specializing in, I have bookmarked many of them on here and compiled a number of sources that I thought I would share. It will just make it a little more simple. I am sure that there are some that I have missed, so be sure to add anything you would like. It will be appreciated by many.
http://www.deangraziosi.com/real-estate-forums/local-networking-and-disc...
http://www.deangraziosi.com/real-estate-forums/local-networking-and-disc...
http://www.deangraziosi.com/node/12463
http://www.deangraziosi.com/real-estate-forums/marketing-buyers-and-sell...
http://www.deangraziosi.com/node/10010
http://www.deangraziosi.com/real-estate-forums/title-searching-and-other...
http://www.deangraziosi.com/real-estate-forums/marketing-buyers-and-sell...
http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...
http://www.deangraziosi.com/real-estate-forums/rental-and-cashflow-prope...
http://www.deangraziosi.com/real-estate-forums/contracts-and-offers/6905...
http://www.deangraziosi.com/real-estate-forums/financing-and-credit/1446...
http://www.deangraziosi.com/real-estate-forums/financing-and-credit/1446...
http://www.deangraziosi.com/real-estate-forums/financing-and-credit/1446...
http://www.deangraziosi.com/real-estate-forums/financing-and-credit/6550...
OK, you asked for it! LOL!
Now the best contracts I have found are on this site: www.ilrg.com They are state specific and really not very expensive. I am going to try to attach the ones I got (save you some money). Mine are for CA. But the main reason is I have added some good clauses that you may want to add even if you are in a different state.
Be sure to use the lead disclosure form and get it signed. Federal law.
And the Owner's Disclosure Form- owner is legally obligated to tell you about any problems with the house.
Besides your Lease With Option to Purchase form you want to have a separate Residential Rental form that does not mention L/O. This is in case you ever have to evict your T/B (tenant/buyer)--much easier and cheaper than a foreclosure.
I have also put some ads that I have run on CL for buyers in my journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/59128/... Please do not use them in Los Angeles. I am more than happy to help you but please don't use "my" ads on my home turf.
A very good book to get more in depth info is Wendy Patton's "Investing in Real Estate With Lease Options and Subject To Deals". I got mine on Amazon used. Also if you go to wendypatton.com she has a lot of free articles that give you lots of great info.
That's all I can think of right now. This should keep you busy for awhile.
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thomas,
I bet since Karen originally got the deal on a lease option, she basically turned it into an assignment, aka Cooperative Lease Option. She's not representing anyone on the deal, except herself, and she still has equitable interest in the deal. As long as she represents herself with the equitable interest, she is ok.
There are a some videos on Youtube, that go into Cooperative Lease Options / Lease Option Assignment in depth, and answer the majority of your questions. Here they are below:
http://www.youtube.com/watch?v=cb8hhLSxcJY
http://www.youtube.com/watch?NR=1&v=uNxQkcY2va8
http://www.youtube.com/watch?v=ryhP0Xst1mM&feature=related
http://www.youtube.com/watch?v=kj4lyHG_KzQ&feature=mfu_in_order&list=UL
http://www.youtube.com/watch?v=uJVRaWv5ers&feature=related
If I can find any other info to help you, I'll post it. I hope this helps you.
"They know you are selling the contract (deal) to a buyer – it is usually for the option fee."
"Say I get the house for $100K. When I find my buyer, I make a new contract between seller and buyer with price of house @ $105K (I charge 5% option fee) showing $5K down payment."
...so in essence you are not assigning a contract, you are creating a new one, between the seller of the home and the tenant/buyer, correct? Doesn't this make you more of an agent rather than a principal in the transaction? What protects your interests in the deal? Not trying to be difficult, just trying to understand the concept and the flow. On the surface, it appears to me that the T/B would have trouble getting credit for the down payment in this scenario, but then again, I'm not giving any seminars either. Just my opinion and I may be wrong.
Okay Karen I signed up for John Jackson program...I am so excited. I still want to do the DG program going to plan for it in the fall.
Thanks for all the good information you post. I have to get over and read up on your journal
Erika, REI
Brownstone Investment Group
405.748.0734
www.facebook.com/Erika.Coleman
www.twitter.com/brownstoneREIgr
Job 22:21 Submit to God, and you will have peace; then things will go well for you.
Job 22:28 You will succeed in whatever you choose to do, and light will shine on the road ahead of you.
Deut 28:8 The Lord will guarantee a blessing on everything yo do and will fill your storehouses with grain. The Lord you God will bless you in the land he is giving you.
Then if they don't end up buying the property that is all you have to return since the option fee in non-refundable.
hello my friend !! r u back from vacation ??