Hi,
I just came across the area of creative financing called Lease options, but I was told that its not done a lot in Texas because of a new law that was passed and something like 13 disclosures that need to be made. Can anyone shed some light on using this technique in texas. I intend to assign my lease option contract and also do sandwich lease options if the numbers are right. Any advice would be helpful at this point. I am thinking about purchasing Ron Le Grand’s program based on this topic so if I can find out before if this is possible in Texas it would greatly help in my purchasing decision. Thanks in advance.
All I’ve done for 10 years is lease options here in TX.
They are legal, despite what you will read.
Having said that, to be within the law, you couldn’t do a sandwich lease option because you would be the "seller"to the end buyer, and the seller of a LO must have fee simple title.
You wouldn’t have fee simple title.
Plus, I never recommend starting off with a sandwich LO.
Get a year of assignments under the belt first.
ALso, Ron has been around a long time, however, his contracts won’t do you any good in TX.
Oh boy! someone has hijacked the Lease option section of the forum!
There are lots of homes available to the sold through lease options in Texas. Contact a good realtor.
There are sites/Agents specializing in lease options that you can find online.They might be of assistance to you.
This is a good article on executory contracts law in Texas. http://www.lonestarlandlaw.com/Lease-Options.html