Hi everyone,
In a lease purchase how do get paid at closing seeing I don’t own the
property?
Can someone give me an outline of a sinario?
Thank you.
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Get owner to sell house to you via a lease option with the option fee being $10 and the monthly payments at such a price that you can earn at least $100-$200 per month from the spread against the monthly lease your tenant will pay. Give your self at least 2 years on the option period.
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Make sure that you don’t have to make payments for at least 6 months or until you bring in a renter.
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Advertise the property as a lease option with ads and signs
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Have the tenant deposit a non refundable option fee to YOU. Tenant signs a lease agreement with your mgt company and a purchase agreement with you
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Collect monthly rents, pay your portion of rent from the amount collected
Thank you for this great info. but I’m familiar with the lease portion but
how about when the tenant decides to purchase.
At closing as a third party how do I legally walk away with my spread?
If you mean when they get a loan, just have an invoice signed by the seller sent to closing attorney
How does the invoicing work?
Please give me details.
Basically, it’s a bill from the seller. the invoice will let the closing agent know to send money to the seller for the sales price between you and the seller.