Posted by Bryan-CA on September 20, 2002 at 13:13:48:
Posted by Jim - VA on September 20, 2002 at 12:50:31:
In Reply to: posted by Kevin on September 20, 2002 at 09:30:19:
Is this practicing real estate without a license?
No.
I was told so many times that lease options were illegal that I called the California Department of Real Estate. They said that it is legal as long as you are doing it as a private citizen (ie in your own name) and not doing it as a corporation. Of course, I don’t know what the law is in Vriginia, but I haven’t heard of a place yet in the US where lease options are illegal. In fact, some of the forms and publications I’ve come across equate a lease option with a straight sale by a licensed broker.
Posted by Kevin on September 20, 2002 at 09:30:19:
Any thoughts on attempting to pre-qualify T/Bs for L/O deals? Waste of time? Good idea? What I mean is actually trying to find T/Bs before finding a property to match them up with. I was thinking of running an ad for a “rent-to-own program” rather than on a specific property. After compiling a list of prospective T/Bs, I would go out and try to find suitable properties for them in terms of location, price, # of bedrooms, etc. Any problems with that?
Re: “Pre-Qualifying” Tenant/Buyers - Posted by Kevin
Posted by Kevin on September 20, 2002 at 13:57:54:
I don’t think so. First of all, I’m not offering any properties for sale (at this juncture), just looking for people who are interested in my “rent-to-own program.” When I do go out and look for properties, I’ll be dealing with sellers as a principal–meaning that I, personally, am interested in buying (or controlling then buying) those properties for my own benefit. That I intend to offer those properties on L/O to my “pre-qualified” T/Bs shouldn’t matter…right? Please correct me if I’m wrong.