Lease Purchase Options In Texas

General Real Estate Investing
1

I a new investor west of Austin and I heard there were new laws regarding, “Lease Purchases”?

Since, I want to help a family member out and unload a mobile home in Llano, Tx by Lase/Purchase, as it hasn’t sold with a realtor, I didn’t want to fowl things up out of the gate.

Thanks,
Juan2know
aka John

2

u can still do LP in TX, but you can not ask for more than 1 mo dep from your lessee, and they have to be able to cancel anytime. those are the 2 main paint that make all the difference in the world.

you are best to buy this property from them subject to and sell it on a wrap if you are going to sell it. if u are going to live there, buy it subject 2 and leave it at that. u become responsible for the loan.

3

Tony,

Thanks for the advice. Boy your right, L/O are not a good deal for the investor as there is not as much security…it’s like renting from what you say.

Thanks,
John
aka Juan2know

4

I read somewhere that L/O in texas is now leasee friendlier …they can back out whenever they want and you can only charge them 1 month lease upfront…

I might have read that here on the boards…anyway it makes subject 2 a more attractive way of doing things

5

Just1yana,

you probably read that in my initial response to this post.

6

Duh…sorry

I have been going thru everything for the last 24 hrs or so on a mirage of boards, working on my first deal and just trying to take it all in!!!

sorry I wasted everyone’s time!