Lease Option - Where do you get the 2nd down payment

If it is a lease/option you are looking to do, you already have a dp from the buyer. that is being used as a non-refundable security deposit. You can take a % of the monthly payment and apply it to the dp money that the bank has to see.
Say they are paying 700 per month. You could credit say 50 per month towards their dp. Hope this helps...Jan

You can also try to pm Greg Murphy and run it by him. Greg is the lease/option king on this site. Might take a bit for a response though as he is always working deals. That's why he is the king.

I found it very helpful to read and reread the chapter in your town your real estate profits book on Greg Murphy. It helps walk you through some of the ways he comes up with all of this. If you don't have the book, I think you can get chapters on line from the dean graziosi site. Good luck.

The option consideration (down payment) and a portion of the monthly rent go towards the down payment OR a reduction in the purchase price. I make copies of the rent check and put it in a log so that when the time comes I can show proof to the bank of on time payments and the amount towards purchase price. Also often times one years worth of on time payments in a lease option would be treated more like a re-finance thatn a original mortgage. That's what I've heard anyway

Thanks for the help everyone. I did PM Greg Murphy also so hopefully I'll get more info from him as well. This is kind of what we had been discussing but just wanted to make sure!