HEY GUYS
I AM IN TEXAS TRYING TO GET INVOLVED WITH LEASE OPTIONS AND I WAS WONDERING WHO PAYS THE TAXES HOA FEES. AND THE OTHER THINGS. BEING IN THE SITUATION WHERE YOU LEASE TO BUY FROM THE SELLER AND THEN TURN AROUND AND LEASE TO OWN TO ANOTHER TENNANT / BUYER. THANKS
I AM IN TEXAS TRYING TO GET INVOLVED WITH LEASE OPTIONS …
Better review some old threads on this site, because L/O’s are pretty much illegal now in the state of Texas due to a law passed last year.
Please don’t type in all caps. Thanks.
L/O are not illegal in Texas. If you own the property outright it’s not illegal. Also, several people have been challenged on L/O here but the courts so far have sympathetic to the transactions as long as all parties have acted in good faith.
There are more provisions to assist the optionee now and to protect people from unscrupulous landlords, but to say that they are outlawed all together is not correct.
That being said, the idea you are mentioning is not talking about lease options. You are talking about sub-letting because you are leasing it from the owner then leasing it out again.
L/O are not illegal in Texas.
Uh, I never said the were entirely illegal. What I said was they were pretty much illegal. Big difference there. For the average investor in Texas, how many properties do they own free-and-clear?
As of yet, they are not even ‘pretty much’ illegal. If you have a L/O of less than 3 years in duration and all parties act in good faith, the courts have yet to throw them out. So in actuality, they are closer to ‘barely’ illegal.