I am very new to REI and after doing tons of reading and research, have decided to go the route of lease optioning. Like I said, I have read a lot of information and I think I have all the basics down. I also have an extensive background in sales and I am not concerned with the selling/negotiating end of things. What I need to know is quite simple, yet I cannot seem to find a simple answer. I just need to know what forms/contracts I must use for my deals to be legal in the state of Texas. I know to use a separate lease agreement and option to purchase real estate, but is there anything else I have to have, such as disclosures, etc.? I used to be friends with a real estate agent who had a checklist of everything she needed for each sale. Something like that would be very valuable. Thanks in advance for any help that is offered.
I’m not entirely understanding what you are trying to do, I’m assuming that you are looking to sell a property on a lease option or buy a property then put people into it as a lease option. To buy you simply need the sales contract and an approval from a lender. A lease option can be as simple as something written between you and the buyer and notarized. Be sure to keep the title in your name as some sellers will transfer title which can be potential disaster down the road. Good luck!
OK, I was just concerned about what I needed to have between myself and my buyer. Thanks.
You might consider purchasing Alex Gurevich’s “Supercharge Your Cash Flow”. He is from Texas and has sample documents that you can use. If you are just looking for documents, the course is kind of pricey, but you get more than documents. I would say that the first lease option that you do will more than pay for the course.
Go to this forum and have all your questions about Lease Options answered by some of the best in the biz: www.naked-investor.com
Sounds dirty, but it’s just “bare bones” investing in Lease Options ! ;D