Lease Purchase Contract Needed

11 Replies

I have a tenant who came to me and said they love the house so much and they want to buy it. They are amazing renters and this SFH cashflows to me $450/month. I see homes of my type selling for $100k+ and only have $71k in the deal with ARV and improvements. My plan is to get 5% of the price we agree upon and then with the contract it will give them a 1-3yr window of finding conventional financing. The 5% will come off the total of the house price.

I need a contract(looked in the file place) and cant find a lease purchase option contract. Does anyone have something like what I am describing above?

Hey @Justin K. , if your tenant is local to you, then you should definitely check out this thread on lease-purchase (and lease-options) in Texas before proceeding:

https://www.biggerpockets.com/...

Now, I do love me some lease-options in Georgia, where it's safe, but the penalties for doing it even a little wrong in Texas seem to border on the biblical...

Originally posted by @Mitch Messer :

Hey @Justin K., if your tenant is local to you, then you should definitely check out this thread on lease-purchase (and lease-options) in Texas before proceeding:

https://www.biggerpockets.com/...

Now, I do love me some lease-options in Georgia, where it's safe, but the penalties for doing it even a little wrong in Texas seem to border on the biblical...

Thank you for the link!

 

I used a lawyer down in San Antonio Tipton Law Firm PLLC. She set up everything. She also provides all the contracts on her website. 

Originally posted by @Michael Mullins :

I used a lawyer down in San Antonio Tipton Law Firm PLLC. She set up everything. She also provides all the contracts on her website. 

Sorry I did not see this earlier. Thank you for the reply and information.