::)I (the buyer) need help with choosing which documents to use for a lease option contract on a single family house that needs some ($20K) work done to it before I rent or sell the property.
Do I need the following?
Lease option to purchase contract. 3-5years, purchase price $26,000.00. Pay the seller $300.00/month once the rehab is complete.
Contract with the seller for the work to be done by the buyer.
Record a lein on the property for the work I am going to do under contract.
Rental market is $700.00/month
Sales price once completed $100K
are you going to fix it up yourself? As you probably know, putting 20K of your pocket change in a house you have no title to is a risk. try to get a contract for deed or owner financing of some sort if you havent already. if the seller is motivated, its worth proposing.
Owner financing is out! Explain what is a contract for deed and why do you reccomend it versus an lease option. The seller has a small note of $23,000.00 dollars on the building. Where can I get a copy of a contract for deed. Thanks for the information, by the way, I am a newbie. ;D