Sometimes, as real estate investors, we can have a hard time securing a mortgage from the bank. I’ve run into that situation myself in the past.
Fortunately, you can use the simple lease option as a way to buy a bigger, better house for you and your family. In my case, the first time I did this, all we had to do was put down one month’s rent as an option deposit. At the end of the three-year lease, we decided we didn’t want to buy the house, and we were able to just walk away since we hadn’t just purchased the property outright.
Sometimes, you’ll find these properties over the course of your regular marketing. And it turns out that you’re more likely to find owners who are willing to do owner-financed or creative finance deals. That’s because they often own another house, and don’t want to be a landlord. Take advantage of that, and work the lease option for a year or two.
In these cases, you’ll want to be able to put down a large down payment. You’re much more likely to get a seller to agree to a creative option if you can put down 10 or 20 percent up front.
For more information on how to do lease options, go check out my webinar at SLOclass.com.
Listen and learn:
- How to use simple lease options to buy a home for you and your family.
- How to find sellers willing to do creative deals.
- What kind of down payment to make.
- Tips for securing and protecting the title while you’re leasing.
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