How would you prevent the seller from taking out a HELOC or other lein during your 3 year option period that would cloud title and prevent a future sale? Do you, when giving your option premium/ down payment, cloud the title to protect your interest?
This will be stated in the contract, so the seller cannot take out a HELOC that would exceed the contract price you have with them. Clouding the title with an affidavit is always a smart thing to do. We have the contract and affidavit in REIPro Software. Hope this helps and appreciate the comment.
Chris would you do this if they don’t agree to a sub to ? Also it seems like a lot to manage do you have someone like a property manager that will manage everything like payments, complaints repairs?
I generally don't seller finance properties with little to no equity, and that is the reason I would do a lease option. You can have management companies manage these for you, but it's not as difficult as it may seem. Hope this helps!
If the property is listed, you should go through the agent, but will need to explain your offer. A great way to explain this is that you work with buyers looking for Lease Option opportunities. Would the seller consider this option? Especially if the property doesn’t sell.
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Thank you, and I'm glad I've helped!
How would you prevent the seller from taking out a HELOC or other lein during your 3 year option period that would cloud title and prevent a future sale? Do you, when giving your option premium/ down payment, cloud the title to protect your interest?
BTW, thank you for all of the helpful information that you have shared!
This will be stated in the contract, so the seller cannot take out a HELOC that would exceed the contract price you have with them. Clouding the title with an affidavit is always a smart thing to do. We have the contract and affidavit in REIPro Software. Hope this helps and appreciate the comment.
@@ChrisGoff thank you for your reply, that makes sense. Your software looks like a good value…especially if it has contracts
Thank you so much Chris
Is lease to own a subject to deal? Or are they both different that could be combine?
These are 2 completely different strategies. I have several training videos on seller financing/Sub-2 so be sure to check them out. Hope this helps!
Chris would you do this if they don’t agree to a sub to ? Also it seems like a lot to manage do you have someone like a property manager that will manage everything like payments, complaints repairs?
I generally don't seller finance properties with little to no equity, and that is the reason I would do a lease option. You can have management companies manage these for you, but it's not as difficult as it may seem. Hope this helps!
Hello, do you need to be a licensed agent to work with tenant buyers and assign an option?
In most states, no. Some states will require a license. Check with your state requirements in regard to assignments.
What contracts are needed and who gets what contract?
A Lease Option contract is all you need. You can find ours at: www.myreipro.com/
How would i pitch a lease option with a listing agent involved? Would i go straight to the seller or go through their agent?
If the property is listed, you should go through the agent, but will need to explain your offer. A great way to explain this is that you work with buyers looking for Lease Option opportunities. Would the seller consider this option? Especially if the property doesn’t sell.