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The Perfect Time to Consider a Lease Option Part I
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| Bryan Benson |
When you are buying is there really a perfect time to consider a lease option?
You have found the perfect house and you are being pressured to consider a lease option. If you were to ask this question to one hundred different investors you just might get one hundred different answers. The bottom line and the only answer really is no.
This is my answer (and has to be my answer), because by the time I sit down with someone and explain to him or her why I need the deed, and why I need to lease option it, it might just be too late.
Now what I mean by lease option is this. I am going to lease it myself and then I am going to lease it to somebody else who is going to come in down the road, sometime down the road, and they are going to lease it, get refinanced, and cash me out, then by the time I explain all that to them, I can quickly and easily, and make a whole lot more sense why I need the deed. And the thing is getting the deed is an easy thing.
One of the main factors when you buy a house on a lease option; you do not actually own that house. If someone were to cash you out, say you get your tenant/buyer in there, when it comes time to go ahead and cash that out and they exercise their options, you still have got to go to that original seller and say okay, now it has come time for you to sign the deed we are all going to go to closing. Hopefully you can find them, hopefully they are going to show up, and if you can't get the deed, you can't sell the house.
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| Quotes | By convention!
cussed Tom airily.
Cmon Scully... Itll be a nice trip through the woods-Fox Mulder
But what ... is it good for?
Engineer at IBM, 1968, commenting on the microchip.
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