Lease Option 101

Hello,

My name is Jason, and I am a REI virgin and I am kind of scared. Well that’s the first step into recovery admitting my problem. I have read some basic books and some of some postings and have an idea of what to do, some things left unanswered are:

  1. Are you purchasing the lease option from a desperate sellers or are you buying a house and than selling the lease optioning?
  2. What are some good basic exit strategies and ways of protecting you and the house?
  3. If the numbers are right and the HOA allows do you do condos?

Well those are some of the ones that I can think of now, but I am sure I will have a lot more. If you can think of anything that might help me like books, tapes, classes, or any advice let me know.

1. Are you purchasing the lease option from a desperate sellers or are you buying a house and than selling the lease optioning?
You can use both approaches.
2. What are some good basic exit strategies and ways of protecting you and the house?
Your exit strategy depends upon your position in the deal, the type of lease purchase you're doing, and what your goals are with the particular property.
3. If the numbers are right and the HOA allows do you do condos?
Absolutely. [i]If[/i] the numbers are right and the HOA allows it.