What forms to use for Lease option?

General Real Estate Investing
1

Am I using Residential Lease Agreement with Option to Purchase to do this type transaction? I found this agreement for my state at the link below.

http://www.findlegalforms.com/product/alabama-residential-lease-agreement-with-option-to-purchase/

Even if I was to do the options method, how do I advertise this to get the ball rolling immediately. If options is not the right choice to make, I can always stick with wholesale.

2

What type of lease purchase deal are you doing? That makes all the difference in the world as to what contract is appropriate for you.

3

I would like to do assignment.

4

Then you need to be sure the agreements you use allow for assigning the deal. There are a lot of little points that need to be addressed in the paperwork. It’s impossible to say whether or not that agreement you linked to is any good without reading through it in its entirety.

5

I sent word about this topic to real estate attorneys to see if they can give some of their professional advice about that form you saw.

6

hmm. i also have this question. what form is it?

7

I would not use the form packet you indicated. Instead go to AJ290’s other favorite web-site, just look. A memorandum of option would be good for the buyer and I also use a CYA form that states stuff like (buyer) I am not under the influence of alcohol, drugs plus many others. If the buyer won’t sign it, no deal.

8

Where on Naked Investor would I go about getting the lease option form if there is one? Either that or I have to come up with $97 to order the program. Do I?

9

Yes, his manual costs $97. In addition to being the most concise and clear book on the subject of lease purchasing, it also includes all the various forms used for the various types of lease option deals. Including assignments, cooperative assignments, option to purchase agreements, etc.
Most other comparable courses start at around $500 from what I have seen and can easily cost double that, which is ridiculous.

10

Are the forms state specific forms that can be used based on the state I live in? I agree $500 is unheard of. According to you his manual islike the best there is. What makes this particular manual the best of the best?

11
Are the forms state specific forms that can be used based on the state I live in?
No, it would be impossible to offer 50 varieties of contracts to meet the specifics of every state. The variances in state law would need to be addressed. That can easily be done by either having a local real estate attorney review the docs, or by visiting a local REIC and getting some feedback there about state requirements from other investors. By the way, what state do you reside in?
I agree $500 is unheard of.
You would think, but I have seen similar course for $1,000. :bs I think the difference is that course offers some shiny discs and a pretty cover. :rolleyes
According to you his manual islike the best there is. What makes this particular manual the best of the best?
Of course, that's a subjective opinion. But for me, I want to spend less time studying and analyzing and more time taking action towards putting money in my pocket. The author takes a no BS approach and simplifies matters greatly. That, plus the inclusion of all the contracts and agreements I needed made purchasing it a no brainer for me.
12

I live down here in Alabama.