Lease 2 Purchase, good choice for my own housing? - Posted by Patrick Cosgrove

Posted by Shawn J. Dostie on August 09, 2003 at 09:41:14:

I own that course and it’s decent, just make sure you have an attorney look it (documents) over to make it state specific. The first thing I see, is you are not a banker or broker. Go see one or two of each to see whether you qualify for a mortgage or not. As to the second part of the question, nobody can answer that. What you need is a motivated… not someone that wants to sell, but NEEDS to sell, and then figure out the details and structure a deal from there. So, first, go see 2 loan officers at a LOCAL bank and see what you qualify for and their parameters and costs to you. Second, go to 2 Mortgage brokers and find out the exact same information. Then start searching for Motivated sellers. These can be spotted in classified ads, For Sale By Owner signs, Even ask your 2 local banks if they have any repo’s, they may be motivated enough to help you out. When you find the motivated seller, email me with the details, and if it’s workable, we can set up a phone consultation. (No fee)

Good Luck,

Lease 2 Purchase, good choice for my own housing? - Posted by Patrick Cosgrove

Posted by Patrick Cosgrove on August 08, 2003 at 22:12:21:

I am a complete novice RE Investor Wannabe, and I have just done some
very basic research about Lease 2 Purchase agreements. I am currently
living in a townhouse that I share with the owner. I would like to move
to a place of my own and I am wondering if a Lease 2 Purchase
agreement might be a good choice for my own housing. The amount I
could afford to put down as an option deposit could be anywhere from
$5K - $15K. Is there any way to calculate what that would get me in
terms of total dollar value or sale price of a house? I don?t need a four
or five BR house in an affluent neighborhood, just a decent two BR house
in a decent neighborhood for my dog and me. Besides, I don?t think I
would qualify for a mortgage loan based on my current salary which is
less than $35K/year. So I want to know whether a Lease 2 Purchase
Agreement would be a good way for me to move into “my own” house.
By the way, I live in the Washington, DC area, – specifically Montgomery
Country, Maryland – and I want to stay in this area.

I am going to take the advice of some experienced investors here in the
CRE Online newsgroup and register for a “Principles and Practices of Real
Estate” class soon. But I am interested in learning more about Lease 2
Purchase agreements from an investment standpoint. Especially since I
don?t believe much, if any, time will be devoted to creative investment
techniques in the class. (It?s being offered through one of the major
regional real estate companies.) Any advice on this topic will be

Patrick Cosgrove