I’m interest in purchasing with option to sell/ sublease. What type of documents do I need besides a Lease Option Agreement/Contract?
I’m in NY :-*
Lisa, it’s a little more involved than having the paperwork. Some basic education and know how about lease options is a must. Then, depending upon the type of lease purchase deal, the paperwork will vary.
You are talking about a sandwich lease. So you will need a lease and option agreement between you and the seller. You’ll also need some sort of document to protect your position in the deal: either a performance mortgage or a memorandum of option.
Then, on the exit side of the deal you will need a lease and option agreement between you and your tenant/buyers. Due to necessity these will be quite different than the paperwork between you and the homeowner.
For a complete overview on lease purchasing and access to the required paperwork, check out www.naked-investor.com
Good luck.
I have the lease / option course from www.naked-investor.com. It is very lean and straight forward. As a matter of fact, I have put my first deal together with it already.