Posted by Pete Julian on July 28, 2001 at 24:17:51:
This sounds like great deal to get started with! If the house is in “move in” condition, you should easily be able to collect at least $2k down plus the first month’s rent from a lease option tenent buyer - unless of course you are in a totally distressed market. You may be able to “sell” the house at slightly higher than market value - maybe $73k, since you would be selling on terms - so you can have a nice payday when the L/O matures. Although, I almost always pay cash for the houses I buy, I do purchase about 15 or so “subject to” houses annually - if you just keep those payments coming the due on sales clause should be an issue. Filling in the blanks on a contract is not brain surgery - I am sure that if you look in the archives on this website, you can find the necessary info to prepare the contract, etc. If I can be of any assistance, free to call me during business hours toll free @ 888-844-8599 and I will be glad to help.