Lease option/Principal residence - Posted by Michel

Posted by Ed Copp (OH) on March 30, 2002 at 19:22:39:

There are a lot of things that you could do. My thinking leans toward selling your present residence outright. Since the gain is tax free if you lived in the house for two out of the last five years. A land contract, even with nothing down counts as a sale.

Then you could acquire a new residence using the L/O, or whatever means that you like. You would have the cash, or the cash flow from the previous residence to work with for your investing program.

Lease option/Principal residence - Posted by Michel

Posted by Michel on March 30, 2002 at 18:34:26:

Could anyone that is experienced with Lease Options give me some hints on how to profit from my following situation?

Back in 1999 (July) I purchased my current home for $135,000, a 4/2/2 with about 1800 sq.feet. My current mortgage balance is $118k with monthly PITI of $1,150 (30 year conventional @ 7.5%). My house is currently worth about $150,000.

Now I would like to move into a bigger home but without going through the pain of conventional financing.

Would it be possible to lease/option my current house and then also lease/option the new house?

I would appreciate any comments on how to do this and in the process also MAKE MONEY.

Thanks, this is a great site and I’m planning on starting investing in real estate. I would like to make this deal my first.

Michel from Florida.

Re: Lease option/Principal residence - Posted by Michel (TX)

Posted by Michel (TX) on March 31, 2002 at 18:52:59:

Québécois?