Posted by Rick Lewis on January 12, 2005 at 16:40:07:
Josh,
Yes you can do a refi but you need to play ball with the right lenders as not all will allow the lease option agreement to be as such. The guidelines for each lender may differ a little but you usually have to have all payments in the form of checks from the renters and be able to show their option money. Of course they need to actually qualify for a loan. The Owner financing options are sometimes if not always based on using a note buyer in a simaltenious closing. If I were you I would just call this other company and ask what Mtg Brokers and Title Companies they are using. I doubt they would not tell you. If so then just call a few yourself and ask them to see which lenders allow for the Refi of a lease purchase.
Feel free to email me if you need more info or help. Thanks, Rick Lewis
I have been investing for a while now and i am about to try and complete my first lease option. I do have a question that worrys me and was hoping for any advise. Here it goes.
#1. I have found a super motivated landlord who is tired of it all.
#2. Has agreed to do a lease option.
#3. Will sign a lease with option to buy and in the agreement the right to sublet.
#4. Put tenant buyer in property. Sign them up on a lease with option to buy for two years.
#5. Here is my question: Once they are ready to purchase at the two years or before can they just refinance the property into there own name or No. Techically i do not own the property i just control it. So if not how do the tenant buyers cash me and the old seller out. There are some investors down here in columbus ga. Ownerfinancehomes.com/prohomebuyers.com that sell with owner fianncing and rent to own and they have there tenant buyers cash them out thur the refinance method. they are very sucessuful. If anyone can help me out on this question it would be great. I searched the old post but nothing to really answer my questions. Thank you for any help