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Forums » Rent to Own a.k.a. Lease Purchase, Lease Options » How to Lease option a Lease Option

How to Lease option a Lease Option Subscribe to How to Lease option a Lease Option

4 posts by 3 users

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Chris C.

Real Estate Investor · Easley, South Carolina


Forum_avatar_avatar-chrisnmandy

Jun 07 '10, 09:52 AM

I purchased a mobile home park with a contract for Deed. I now have a buyer for the park who would like me to finance it. I am going to make a considerable profit on this but do not know how to structure it.

I do not own the deed so I cant do conventional owner finance and I don't think I can do a contract for deed. I do own the lease with option but for considerably less then what I am selling it for.

Any suggestions on how to "owner finance" a property that I have contract for deed on. The contract for deed is pretty liberal with option to prepay etc.

Edited: 06/26/2010 at 01:07PM


Jonathan Rexford

Real Estate Investor · Vero Beach, Florida


Forum_avatar_avatar-jr_fl

Pro

Jun 07 '10, 01:08 PM

If your current Contract for deed allows you to WRAP your existing contract that is one way. Other wise just take your contract and do a lease option. Have your attorney do this work.

But doing a wrap is not a big deal. Just be sure you have all deeds escrowed.

Edited: 06/26/2010 at 01:07PM

E-Mail: jonrexford@gmail.com


Chris C.

Real Estate Investor · Easley, South Carolina


Forum_avatar_avatar-chrisnmandy

Jun 07 '10, 11:19 PM

Thanks for the reply Jonathan.
I knew of doing a wrap on a mortgage but I don't have any experience or ever even thought of doing it with a contract for deed. I already have my attorney reviewing the contract for deed but I am sure that it does not prohibit a wrap. I had it written to give me as much flexibility as possible. I do not have the greatest of confidence in my attorney in these type of deals since he is not an investor.
Thanks again and any other opinions will be appreciated.

Edited: 06/26/2010 at 01:08PM


Bill Gulley

Real Estate Investor · Springfield, Missouri


Forum_avatar_avatar-financexaminer

Jun 08 '10, 12:00 AM

Hi, I've done deals where the seller was simply in a CFD and the contract was wraped. This can be done with a note that has two principal parts with a total payment requirement. I'd have to see your CFD to see what you oculd do. Good luck with it. Bill

Edited: 06/26/2010 at 01:08PM




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