Posted by MaryEllen on February 22, 1999 at 03:04:30:
John Boy is right. You need to have the correct paperwork before you do this. Have you purchased any material on doing lease options?
LEASE OPTION HESITANCIES - Posted by JASON
Posted by JASON on February 22, 1999 at 24:43:43:
I have been reading in my local online newspapers’ real estate and rental sections and have found many FSBO homes in which the seller are willing to do a L/O.
Some of these deals sound too good to pass up, but that is exactly what i’m doing. My biggest fear is that i won’t be able to get a home rented after i sign the contract with the seller.
My questions to those of you who have successfully executed a L/O is…How long does it usually take to get the place rented once you have taken control of the property, and how do you find good prospective tenants?
jason
Re: LEASE OPTION HESITANCIES - Posted by Rob
Posted by Rob on February 22, 1999 at 23:52:42:
Hey I think I am in the same boat so if you find any good information let me know where you got it. I think lease options are a great idea its just taking that first step.
Re: LEASE OPTION HESITANCIES - Posted by Sean
Posted by Sean on February 22, 1999 at 19:03:31:
I think most people on here put a clause in the contract saying the they will have the right to show the property to potential tenants. I downloaded some form from www.legalwiz.com that also stipulated that you wouldn’t start making payments until you had someone lined up to move in. Not a bad idea.
It’s definitely worth checking into, but sometimes the sellers have their own ideas about how a lease-option must be. I suggest you give them a call and ask a leading question like, “I’m curious… why are you selling this way?”
The biggest problem you’re likely to run into on deals like this is people that don’t want to permit you to sublet the property. I mean, for all you know it could be JPiper running that ad to lease-option the unit. 
He don’t permit assignment without his express, prior written consent.
I once looked at a property advertised for lease-option but they wouldn’t permit subletting, had no credit of your payment towards the final price, wanted to set the exercise option through appraisal at the end and wanted only to let you exercise your option in month 22, 23 or 24 of the 2-year option. I wonder if they ever got any takers.