Purchase W/LO A Good Idea For New Investor?
I am looking to purchase a current rental on an l/o deal. Is this a good way to get started so that I can control a property? Any advice?
I am looking to purchase a current rental on an l/o deal. Is this a good way to get started so that I can control a property? Any advice?
Good advice. I used to have a loss payee requirement in my Contract, but no one would sign on, so I had to change it and settle for just additionally insured. You can still stipulate in the Contract that if there is damage, you can pay the Seller the agreed upon amount and collect the insurance (although it is just a contractual obligation on the part of the Seller).
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"A deal is only as good as the quality of your Contracts." --Me[ Edited by LeaseOptionKing on Date 03/14/2005 ]
Good backup plan, LOK
Glad it helped!