Is there a market for sandwich leases on Long island?

7 Replies | Long Island, New York

Originally posted by @Shannon Fogarty :

Hi all, I am interested in concept of sandwich leases, but all the examples I see of people who have done them do not reside in NY state. Is it legal in NY? Is there a market for it on Long Island?

 They are legal almost everywhere (not Texas except in limited circumstances) so it is best to ask a real estate attorney in the area you want to do them. They can be very advantageous but they can also get you into trouble if you don't do them correctly. Don't rely on info from a very generalized forum like this for very specific information that you need.

Thanks Mike. Of course I would never solely on info from a forum. I was just trying to get some very basic info, before I reached out to a professional who could answer those questions. I appreciate you answering!

Originally posted by Account Closed:

 They are legal almost everywhere (not Texas except in limited circumstances) so it is best to ask a real estate attorney in the area you want to do them. 

Still legal, just not advisable.  Compliance is too much for most folks, even if a professional.

Originally posted by @Jerel Ehlert :
Originally posted by @Mike M.:

 They are legal almost everywhere (not Texas except in limited circumstances) so it is best to ask a real estate attorney in the area you want to do them. 

Still legal, just not advisable.  Compliance is too much for most folks, even if a professional.

 I guess that is why I said "(not Texas except in limited circumstances)" ;-) Since he isn't in Texas it isn't relevant to him, but since I buy and sell in Texas I want those who also intend to buy and sell in Texas to be alerted that Lease Options have to be treated differently and they are advised to seek legal counsel if they choose to do Lease Options in Texas. But, since this isn't about doing Lease Options in Texas, I didn't want to get sidetracked talking about Lease Options in Texas. ;-)

Originally posted by @Jerel Ehlert :

Listen, @Mike M., *you* brought up Texas and said something factually incorrect.  Don't get snarky about it.

 Okay, I'll bite. What exactly did I say that was factually incorrect?

[L/O's in Texas are are not legal except in limited circumstances] is factually incorrect. L/O are always 100% legal to structure in Texas.  If you can sale it, you can L/O it, just like in any other state.