What Documents Needed & How Do I Tie Up This Property?

Question

Hello,

Can someone with experience help me out?? I have a situation.

So- I have a small home that the owner is wanting to sell on  lease option terms for only $200 a month. I want to tie this property up, and do rehabs etc and then resell or rent it out.

My question is, how do I make it legal by giving him my payment  of $200... then what are my rights? What can I do to make sure the work I do is worth my while? And reselling to new person etc...

My question: How do I properly take it over legally, and what documents are needed, and where do I get them?

Thanks!

Chip :)

Brian P. · Answer

Chip

Now you changed the game on us. I think its OK to suggest this here so what I would suggest is you go over to creonline.com to their mobile home forum where a bunch of people do this all the time and are familiar with the recent changes in Oregon law and mobile homes.

I only do a deal like yours to buy the land, I use the mobile as a carrier. All other leads involving mobiles I give to a friend for the price of a double whopper.

Chip Brault · Answer

This is a double-wide mobile home, does that make a difference? If not, where can I get those documents?

Thanks for your help

Scott M. · Answer

Personally I would go land contract - then you technically own the property (get the LC recorded) and your good to go - you can do what you wish with it.

Either way - make sure the LO or LC calls out your ability to rent / sell it.

John Fedro · Answer

Hey Chip.

Read Mark warda's book on lease options.  Its very complete and Lease options are a great way to leverage cost versus risk.

There is too much to cover with an email.

Happy Investing :D
-John