OfflineOk DG Family, I need some help here. I am new to investing and am working on some things to get my first deal done. I have a question though. I currently live in an apartment that had some flood damage, and we were able to get out of our lease without penalty. I have to be out by the end of march though, and don't really want to get another apartment. I feel like i would be wasting my money that way. I think I would rather look at renting a house, or do a lease to own or something. any advice? I don't have the funds to put anything down to purchase a home, and I just missed the 640 mark to qualify, and I feel like I can apply some of the techniques I learned to speak with the owners themselves but don't really know what i should do or say. Any and all help would be much appreciated. Thank you!
LEASE TO OWN??? What Should I do??? Please Help
Posted on: Thu, 03/01/2012 - 23:29
LEASE TO OWN??? What Should I do??? Please Help
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- by rolo0207
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Kind of hard to hit the bullseye if you don't know what the target is. What do you want to accomplish in the end? Do you want to purchase a house or do you want to get into a lease option scenario where you rent for a while then assign your position to another tenant/buyer or do a sandwich lease? I think you have a good idea in the sense that if you are going to rent now anyway, it wouldn't hurt to put yourself into a position that had some potential upside in the future.
To be honest I really don't know about a sandwich lease. i would like to get in and rent it with the option to own it or assign it to someone else later. I would like to purchase a home yes, but need to repair my credit a little before i can qualify. what would you recommend me do in this situation? What would you do if you were in my shoes? Maybe the rent to buy wouldn't be bad, then after a few deals i can put my own money into the house and flip it for a bigger profit? not really sure what the best move is, but i have to decide fast.
look in the paper ads for rent to own houses or even ask the landlord if they would consider rent to own or owner financing
know the values in the area youre looking at
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Thanks for the tip. I actually drove around the area, and have checked tons of websites for rent to own homes, etc...i have one i am going to look at tomorrow, and maybe i can talk her into doing some kind of rent to own option with me.
thanks for the tip!
oh and the calculator tool is amazing!!! Thanks again
I notice you are in Texas. I am not certain but I think Texas has some wierd laws concerning lease options, classifying them as "executory contracts" and limiting them to 6 months. Might want to check it out.