Updated over 9 years ago on . Most recent reply
First Deal, Lease Option
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!!