Posted by Jim Holmes on February 16, 2000 at 24:48:55:
Brian,
I’ve got one L/O deal going. Sounds like L/Os are working for you. Can you tell me your technique. I’m finding that my taxes are going up faster than my rents and I’d like to do more L/O deals in the near future.
Thanks in advance!
-Jim from Idaho
lease/option question - Posted by Trevor
Posted by Trevor on February 14, 2000 at 17:51:52:
We are going to lease a house for 3 years, with the option to buy at the end of the term. The house is 80,000. We will build up around 10,000 towards down payment. The bank will lend money based on the appraisle and the purchase price, witch ever is lower. So they want a down payment on the purchase price of 70,000 at the end of three years. So my question is, does the seller have to give you the down payment or do they subtract the difference of the original price, if they subtract it will not work, the bank still wants the down payment at the end of the three years, so why would’nt you finance right away.
I checked around, and every bank bases there loans this way.
Re: lease/option question - Posted by steve
Posted by steve on March 08, 2000 at 24:31:37:
trevor how are you
its your wording,the original price was 80k that should not have changed.the owner has acted as your savings for your down.so when you present it to a bank it should be ,purchase price 80k the bank ask’s how much down answer —(the amount held by owner)its a vurtual down,you have already given it before the closing.good luck
Re: lease/option question - Posted by Brian S.
Posted by Brian S. on February 15, 2000 at 15:38:20:
Trevor,
Look close at this deal. You should have a lot more than 10k towards the purchase price of the home. You should have 50% to 100% of the monthly rent going to the purchase price. That amount comes off the purchase price. If the Option is to buy at 100k and you have 20k in monthly rent credit then you get to buy the home at 80k, with a value of 100k. You only need a 80% loan. I don’t a bank that would not give a 80% loan. The seller already has his down, the rent credit. Trevor I do lease options for a living. If you need help e-mail me and I will give you my phone number and walk you through this.
Good Luck,
Brian
Re: lease/option question - Posted by L. Gilbert
Posted by L. Gilbert on March 02, 2003 at 01:48:23:
Dear Sirs,
We are looking for a lease option here in western Oregon. ANy ideas?