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Forums » Rent to Own a.k.a. Lease Purchase, Lease Options » Is Lease to Own in Texas legal?

Is Lease to Own in Texas legal? Subscribe to Is Lease to Own in Texas legal?

6 posts by 3 users

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Carlos Santiago

Homeowner


Forum_avatar_avatar-carloss

Icon_minipost Feb 05 '09, 11:27 PM

I'm considering doing a lease-to-own on a property I have in Texas. I can't figure out if this is legal or not because I keep reading different things on the internet. I know -- I should just check with a RE lawyer here -- but ya'll are so much cheaper! :wink:
I was planning on a 24 mo lease -- with maybe $150 above Fair Market rent -- and that $$ would go towards the down payment in the end. Also, I planned on offering owner-financing as well.
Thoughts?

Edited: 06/26/2010 at 07:10AM


Jay Koch

Real Estate Coach · Los Lunas, New Mexico


Forum_avatar_avatar-jaykoch

Icon_minipost Feb 10 '09, 07:53 AM

Carlos,

I do not have first hand experience with lease-to-own in Texas, so I can't advise you on that.

However, I do think that spending a couple hundred bucks on an attorney is a good investment that could save you thousands of dollars.

Please find someone in your area who can take you under his/her wing. If you are going to be writing contracts and leases, you need someone helping you who has been around the block a couple of times. That could be another investor, a real estate broker, or - dare I say it? - an attorney.

If there is a law school near you, there may be a way to get free law advice. There may be a clinic where students provide law advice (under the guidance of a faculty member), or something like that.

Especially in Texas, a mistake on a real estate transaction can be very expensive.

I hope this helps...

jay

Edited: 06/26/2010 at 07:13AM


Carlos Santiago

Homeowner


Forum_avatar_avatar-carloss

Icon_minipost Feb 10 '09, 07:02 PM

Yes - thanks. Actually, I've learned that lease-to-own in Texas is not recommended -- better to look at other options.

Edited: 06/26/2010 at 07:13AM


Jon Klaus

Real Estate Investor · Dallas, Texas


Forum_avatar_avatar-jonk
DonorPro Basic

Icon_minipost Feb 17 '09, 03:39 AM

Carlos, what other options are you considering?

Edited: 06/26/2010 at 07:18AM by Jon Klaus


Carlos Santiago

Homeowner


Forum_avatar_avatar-carloss

Icon_minipost Feb 18 '09, 02:22 AM

My lender will allow me to do a wrap on the mortgage. So, I could sell with owner financing and just wrap.

Edited: 06/26/2010 at 07:18AM


Carlos Santiago

Homeowner


Forum_avatar_avatar-carloss

Icon_minipost Feb 18 '09, 02:22 AM

I'll probably just rent the place out though -- the rent more than covers expenses and frankly - this isn't the best selling market...

Edited: 06/26/2010 at 07:18AM


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