how owner maximize profits on lease options? - Posted by steve

import · December 4, 1998, 11:18am

Posted by Dale(OH) on December 04, 1998 at 21:10:49:

Steve, you can sell either way but, not together. You either sell L/O or Land contract. If you want to lower your debt ratio sell land contract and have it recorded at the court house. This will be a legal sale of the house and most banks and lending institutions will honor it as such. L/O is a lease with the option to buy at agreed upon price by you and the tenant/buyer. I’m sure you know that. Things to lok for in a contract for deed are who gets tax breaks, who’s responsible for maintenence and repairs ( major). If the new owner can reassign the contract to any one else. If they can resell the property, the forclosure process if they default, late payment charges and who’s responsible for the property tax. In most states a land contract is easier to forclose on than a conventional mortgage. Hope this info helps. E-mail me to let me know where your from as I might be interested in the property. Good Luck.

import · December 4, 1998, 11:18am

Posted by steve on December 04, 1998 at 12:18:04:

i am tired of being a landlord and want to lease option my property. i am torn over whether i should just sell on contract for deed instead. is there a creative way to combine the two–l/o and contract for deed? also, as seller, what things should i make sure i include in the contracts? thanks to anyone who can help.

import · December 5, 1998, 1:10am

Re: how owner maximize profits on lease options? - Posted by John Katitus

Posted by John Katitus on December 05, 1998 at 02:10:02:

They have essentially the same effect as far as selling your property, but Lease/Option gives you all the advantages.

Lease/Option gives you a sizeable deposit, higher monthly payments, and a higher sales price, while making it far easier to get them out if they stop paying.

Email me if you need details.