lease option.....need some answers please - Posted by gregg (fla)

Posted by David Garcia on January 28, 2002 at 13:29:24:

Make sure that you use 2 different forms, 1 for lease & 1 for option to buy. You can charge as option consideration whatever you feel is fair. 5%of the purchase is very common. You can have a specific price that you will sell to him or arrange certain % of the lease money to go towards purchase. L/O’s gives you that flexibility.

lease option…need some answers please - Posted by gregg (fla)

Posted by gregg (fla) on January 28, 2002 at 11:34:29:

I have a home with a 48,000 motgage on it, im looking to lease this to someone for a couple years, then have this person buy it from me. Do i have to pay off this mortgage first before i do a lease option? or can that be done when he pays me off in 2 years? second, what should be a good percentage of his payment that should go to the price of the house? ex., mortgage is 400/mth, im charging $950/mth, what percentage of that should go to the equity of the house for him (buyer)…please respond, i need help…im talking to a lawyer soon

Re: lease option…need some answers please - Posted by DavePA

Posted by DavePA on January 28, 2002 at 13:35:07:

If you can do it, or if your buyer doesn’t say anything, I would not offer any “rent credits”. If he insists that some of his payment go towards the purchase price I would not give more than $100!!! Depends on the spread that you are making and if you need the $$$. Good Luck, dave