Updated over 6 years ago on . Most recent reply
Lease Option Advice
Hey everyone! I am a 20 year old investor looking for my first property.
I have recently found out about Lease Options and how that can be an opportunity for me to build some capital and acquire my first one.
I have a friend in my town who owns multiple properties and is looking to sell them off as he is getting in his upper 60s. Due to his age, he is not interested in seller financing (due to the 15 year term)
He is happy to help me in any way, and I plan on asking him to do a lease option on a couple houses.
If I can structure it to where I net $100-200 a month, and have the option to buy in 1-3 years, that would be great for me.
I am just wondering on these type of deals, who covers the property taxes and insurance? Is my name on the lease or his?
If you have had any experience in these type of deals, I’d love to hear any advice!
Most Popular Reply
Lease Options are NOT illegal in Texas, just highly disfavored.
I'm a Texas licensed attorney with background and experience in real estate, and not even *I* would do a lease option in Texas. What does that tell you?