A few questions concerning "Lease Options"

Yes you can lease the property whether they have a mortgage or not. Most of us when we take over the property and the mortgage payments. If you took over the mortgage payments and it's your reponsibility. You can charge a little rent on top of the mortgage payments to make a profit.
Hope this helps !

Paul

I hope this helps ! Hopefully you will get other feedbacks besides mine.

Paul

The mortgage payment would be the responsibility and liability of the seller. However, I read about a case where a seller was not making the mortgage payments and the (lease/option) buyer was unaware of this and the selelr was in pore-foreclosure even though the buyer was making timely payments to the seller, but the selelr did not make his mortgage payments to the bank. Thus, it may be best to setup an escrow type of agent that would ensure the payments are being made. This will give you the piece of mind and the seller should also feel good because they do not have to worry and know the payments are being made.

Also, you may want to consider having your option notorized. Because if your option was signed by both parties before a notary public, you can then record your option in the public real estate records. This will give the world public notice of your interest in the property. I hope this helps. Good luck with REI. Believe and Achieve! - Joe

lease option or subject to, you can set up a bank account to have the payments made to the lender. You deposit the money into the account and have the payments made and you can be sure the payments are made.

QUESTION HOW WOULD A LEASE OPTION MAKE SENSE IF THE SELLER OF THE PROPERTY OWES 300K BUT THE HOUSE IS WORTH LIKE 280K? WOULD THIS BE A GOOD DEAL FOR A LEASE OPTION?

QUESTION HOW WOULD A LEASE OPTION MAKE SENSE IF THE SELLER OF THE PROPERTY OWES 300K BUT THE HOUSE IS WORTH LIKE 280K? WOULD THIS BE A GOOD DEAL FOR A LEASE OPTION?

Ok guys, I am interested in I believe Lease Option opposed to lease purchase. Ill tell you want I would like to try and hopefully you guys can tell me if my idea will work and if not then why and what details I need to know to get this first deal done.

Id like to lease option a duplex, triplex, or quadriplex and I am assuming the monthly lease payment will be more then the rent of one apartment but less then the mortgage payment for the whole property. So I could rent the other 1, 2, or 3, apartment out to other tenants while I live in the other one, and use the rent money I receive to pay the monthly lease option, renters insurance, and other possible fees(whatever they may be). Do that for 1 to 3 years(the length of the lease option) while using the remainder of the rent payment I receive to fix up all the units, and then assign or somehow sell the property to an invester or someone who likes to buy rentals for a close to market value as the entire property would be in great condition at the time I sell it and would already have paying tenets in place.

Do I seem like I have it right or am I missing something, how would this strategy work out and what details did I forget? Whats the best way to search for a motivated multiplex sellers? What exact paper work with what clauses do I need to make it work and protect myself?

any help would be appreciated,

Respectfully,

Will

Establish positive forward thinking and ignore the naysayers.
Green Tree Investments OR LLC
Investing in a GREENER tomorrow
http://greentreeinvestmentsor.usapropertywholesale.com/

Is that a way of telling me that lease/options are not a good idea right now?