Anybody know the ins and outs of doing straight options in California? I hear my state is unique in it’s ability to stifle RE investors efforts. This is probably the only way I can get into investing right now. I plan on flipping options instead of properties and building up enough cash to start rehabbing later. Any advice or resources would be great, thanks, -Timo :banghead
I’m not in CA, so I may not be up to snuff with CA law and codes, but I can’t imagine that the use of options would be illegal. In fact, I know a few CA friends/investors who use options and lease options. To my knowledge, not a one of them has sent me a postcard from prison. :cool
Your best bet would to find an option agreement online that says the basic things you need, modify it with anything you need to change, then run it past your local investor friendly real estate attorney. If you don’t know who might be knowledgable about investing you can try going to your local REIA meeting and asking around for referrals. http://www.reiclub.com/real-estate-clubs/California.html