Wildomar, CA · Member since 2022 · 1 post · 0 votes
Hello everyone. I am new to this incredible group... will try to keep it concise. I do not know how else to start- so here we go.
I need to locate a property with a lease option in Riverside CA before month end. Terms for maybe 3-5 years.
I have a family that needs to move out by end of this month from their current house where they rent. I would love to secure a property with lease option and rent it to them.
I know personally they are great tenants. Desired house is 4b, 2b+, 1700+sqft living, 5000+sqft lot, single family residence....
Lease options with 3-5 year term might be difficult to find. In my experience, a Lease Option is usually done on a 1-2 year basis. That's my experience because one of my business partners specializes in lease options. Now, don't let that discourage you from looking for what you're wanting; it may be out there. And networking like you are now is a good starting point.
Alternatively, you could search for properties for sale with owner financing. You take care of the mortgage, but you put a tenant in with your own lease option. When they execute the lease option, you clear your own contract first (may take all cash to do this) and your tenant will then be waiting on financing from the bank to go through and then finalize that deal.
You can/should get with an agent and go over this and see if they can help you find what you're looking for as the local MLS may have a search filter for lease options, or just type in 'lease option' in the keywords filter for Zillow, Redfin, Realtor.com, etc. and see what comes up.