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Updated about 9 years ago on . Most recent reply

User Stats

64
Posts
36
Votes
Zane McLaughlin
  • Investor
  • Fayetteville, NC
36
Votes |
64
Posts

First Deal, Lease Option

Zane McLaughlin
  • Investor
  • Fayetteville, NC
Posted

So I have this deal on the table with a motivated seller. He outright owns his house, but no longer lives in it, but lives 10 hours drive away from it now. He has had a management company running it to put renters in it, but the managment company  has only put one renter in the house for the entire 2 years he's been with them and those renters left after 2 months of living in it from defaulting on the lease. 

Long story short, he's tired of the house and wants to do a lease option deal with me. I talked with him about homeowner financing, and though he doesn't think it's a bad idea, it doesn't fit his future goals. 

I intend to get the house under contract, put renters in it, and finalize the closing. 

Even though I know "what" I need to do, I don't know "how" to do it. What are all the forms I need to make this legit? What should be the first step? Please help!!

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