OfflineMy daughter is trying to get into real estate by fliping houses I asked her why not lease options, she said that lease options are being outlawed in Texas is this true? I live in Amarillo, Tx does anybody know?
Thank you Gloria
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My daughter is trying to get into real estate by fliping houses I asked her why not lease options, she said that lease options are being outlawed in Texas is this true? I live in Amarillo, Tx does anybody know?
Thank you Gloria
Texas lease option law-HB1823
It is not a good idea to do lease-options in Texas. I don't know all the details but i do know if there is any financing taking place you will most likely be in violation of Texas law. Go on Google and type in are lease options legal in Texas and you will find more info on this.
I believe that the reason L/Os are 'not allowed' in Texas is because of the way they have been drafted to take advantage of the buyer...
You need to consult with a real estate attorney if you're planning on doing L/Os.
here's a good article
http://www.nuwireinvestor.com/articles/texas-lease-options-52598.aspx
wishing you success,
Valerie
Valerie
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L/Os are not illegal in TX. TX has cracked down on them very hard, so you must know what you are doing.
There is a man by the name of John Jackson who is in Ft Worth who has a thriving L/O business and has been doing them for the last eight years. He does a four day class where he teaches how to set up your business, how to market for them and gives you the contracts that are legal to use in TX. He has spent thousands of dollars having his TX RE attorneys draft them so that they are LEGAL in TX.
I have attended his class and it is EXCELLENT! I would highly recommend it to anyone wanting to do L/Os anywhere in the country.
His website is LeaseOptionClasses.com
Karen
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there are different methods of doing Lease Options in Texas. I personally know of 5 individuals who have a thriving L/O business based on the RTO concept. The TX bill was drafted years ago because of the high concentration of Realtors as elcted officials in the TX government. It was their way of attempting to stop business that circumvented real estate brokers. A short sighted process but it makes them feel good at the time.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
That was a very good info. re: lease/option laws in Texas.
I'm trying to get into "wholesaling" in San Diego - but
was told that this would not worked very well in CA.
Do you know anything about this?
Regards-
Alex B.
Alex B.
Rich people choose to get paid based on results.
Poor people choose to get paid based on time.
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So Alex.....who told you it wouldn't work and what reasons did they give for it not working?