Lease options questions - Posted by Robert

Real Estate Investing
1

Posted by WilliamGA on December 20, 2000 at 16:46:16:

Emerson,

I got started in RE last year around August. We went full time this August. Been selling AND buying on L/O since the beginning.

WilliamGA

2

Lease options questions - Posted by Robert

Posted by Robert on December 09, 2000 at 08:37:32:

I think I understand the basics of how a lease option works. I have a couple of questions that I hope I can get answered, though.

  1. Does the money from the monthly rent credit have to be kept in any type of account during the lease period? I understand that this money is forfeited if the buyer does not follow through with the option to buy. If he/she decides to purchase the place this credit is deducted from the purchase price. It seems to me that as a seller you would not have to keep this money in an account, but my wife seems to think you do. Who is correct? BTW we live in PA

  2. Does anyone have a seller friendly lease option agreement that they have used with success? If so, would you mind sharing where you obtained it?

Thanks,
Robert

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Re: Lease options questions - Posted by WilliamGA

Posted by WilliamGA on December 09, 2000 at 09:23:34:

Robert,

to answer your questions:

  1. No, the rent credit money does not have to be kept in any account. When and if the tenant decides to buy, you just have to show that amount plus any initial option consideration as money already recieved towards the tenants purchase price.

  2. You can find forms for lease/option at Bill Bronchick’s web site, www.legalwiz.com. While you are there, you can also pick up the BEST, in my opinion, course available for Lease/Options. I have now bought and sold appx. 25 homes using his materials from this course.

Good Luck to you!

WilliamGA

4

When did you start - Posted by EmersonD

Posted by EmersonD on December 20, 2000 at 16:21:57:

When did you start doing lease options?

Emerson