OfflineI know you can lease option if you own the property but as I understand Texas law, a lease option for more than 6 months is not legal here in the Lone Star State if you are financing the property. You have to use wraparounds or a trust. My bankers don't want any part of either one. First, can someone tell me if I'm understanding it right? Second, has anyone in Texas used wraps or trusts? And third, what have you used for a lease option when the property is financed? I hope I'm not duplicating a previous thread. I looked and didn't see it. Thanks to everyone that responds.
timberline
Hillsboro, Tx
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Check out Wendy Patton's blog about Texas lease options. Hope this helps.
http://www.wendypatton.com/blog/lease-options-in-texas
hi my name is Dwight, and I wanted to know how I can find the owners of an abandon property. Is there a website that I can go through because the court is not to helpful.
When posting you want to make sure you're not interfering with the TOPIC your posting on. It has to be related with the topic. But, here's a few links.
Yellow Letter Marketing (Use this to place at the property to locate owner)
http://www.deangraziosi.com/real-estate-forums/marketing-buyers-and-sell...
Search Tool for Locating Owners
http://www.deangraziosi.com/node/5654
You can use www.propertyshark.com to locate the name of the owner.
or you can do a google search: locating absentee owners, locating vacant property owners
or you can use the search field right under Dean (top left).
If you can't find it in the search then you can start a new thread. Hope this helps.
timberline
Hillsboro, Tx
This is a major misconception that L/Os are illegal in TX. They are absolutely legal. They just have to be done correctly.
John Jackson in Ft Worth has been doing them very successfully for the last eight or nine years. Check out his site LeaseOptionClasses.com. He has spent thousands of dollars with RE Attorneys drafting contracts that are legal in TX. He also offers training once or twice a yr that is exceptional.
This is a great niche to work in TX since most investors think it is illegal and do not know how to do it properly there.
Good luck!
Karen
"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!"
I had asked this question back in September and when no one responded, I thought there was no hope. I'm in the process of refinancing my first purchase and when I asked the banker about doing a wrap to sell it, he said no. I didn't understand why because I thought it would be a win-win for everyone. Anyway, I'm going to check these out. Thank you Karen and Travis. I really appreciate it.
timberline
Hillsboro, Tx
timberline
Hillsboro, Tx
No problem. You're very much welcome!