Lease Options for First Time Homebuyer
Hi Fam,
I’m a sophomore investor working in his his credit. I’m looking to do 2 things:
1. Buy my first home
2. Buy my first Rental Property
Curious to see if anyone thinks using a Lease option is a good idea for either of my life ventures? Appreciate any love or creative ideas you can give.
Most Popular Reply
I'd second the above comments. And also makes sure to close the transaction at a title company. You want the title to be in your name. Then generate a lease purchase/owner finance mortage and note with the seller that is filed with the county. Have the backing of public record in case the owner ever tries to back out of the deal. I've heard horror stories of tenants thinking they are paying down a rent-to-own mortgage based on a doc signed at the kitchen table. Then the owner sells the house out from under them.