I came across this opportunity to lease my property with purchase option but in reality I don’t know the procedure since I haven’t done any of these deals yet. I am located in Texas and my understanding is that in order to put this in place you need to know what you are doing. I use to have it as a rental property but how do I do this paper work with the option fee without complicating my live. Buyer is in place just waiting for me on the documentation.
Please I need some advice so I can fill my brain with knowledge and not mess this one up.
Despite rumors to the contrary, lease options are not dead in the great state of Texas. The law you are referring to was put into place to protect consumers from fraud. Not a bad thing. But some folks ran with this and said real estate investing is no longer. Nonsense.
What is required is some additional, specific disclosures to be written into the agreement. I’m not in TX so I don’t have access to the required paperwork. But there is a guy who does nothing but these types of deals and has been successful for many years in your state. I think he is in San Antonio, but I’m not sure.
Anyway, he can be found over on Carbonare’s site at The Naked Investor. His name is John Jackson. If you go to the board there someone will be able to put you in touch with him.
Good luck.
Get a real estate attorney to close this. Have the buyer pay the closing costs, or take it out of whatever money they’re giving you for an option fee down payment. Should be only a few hundred bucks. Well worth it.