Need Advice On A Lease Option Situation
I have a really nice house I just rehabbed, no mortgage on it. I found a girl who wants it, her credit is bad but she has 3K to put down and 650/mo. She would prefer to buy the house right away. My question is where can i go with this to get cashed out of the deal eventually?? At what point do I switch it to a note and mortgage??
Hi LOK,
I wanted to sell to her immediately on a land Contract for 80K after the 3K down at 6% interest. The 650/mo payments would include the annual taxes. Let me know your thoughts.
I would use an attorney either way. You want to make sure that your paperwork is state specific. You can either compile your own forms from various sources and have the attorney review it or just have the attorney create forms for you (more expensive option). I always prefer to make my own forms and then have an attorney review everything. If you do a good job usually very few changes have to be made. Good luck.
Just be careful when selecting an attorney. MAKE SURE you find a real estate specialist who knows what he is doing. Attorneys are like realtors, you have to sort through the masses to find a gem.
Da non-lawyer Wiz
This is likely a lot of money....seriously consider getting a good attorney for this.
I know that view- I get it from a slightly different angle.
Or I should say "got"...
Chris