Texas Question
I am about to do a sub to deal in texas could someone tell me about the new laws that I hear they have about LEASE OPTIONING AND LEASE PURCHASING, is it really illegal to purchase the home subject to and then lease option or lease purchase it out. If so how would I structure my deal. could I purchase it subject to then owner finance it. (NEED SOME ADVICE TODAY) I am meeting with the lady today.
thanks,
cleo
This info may help.
http://www.thecreativeinvestor.com/residential/modules.php?op=modload&name=Forum&file=viewtopic&topic=46702&forum=25
http://www.capitol.state.tx.us/cgi-bin/tlo/textframe.cmd?LEG=79&SESS=R&CHAMBER=H&BILLTYPE=B&BILLSUFFIX=01823&VERSION=5&TYPE=B
Quote:
On 2006-03-22 08:20, loon wrote:
This info may help.
http://www.thecreativeinvestor.com/residential/modules.php?op=modload&name=Forum&file=viewtopic&topic=46702&forum=25
http://www.capitol.state.tx.us/cgi-bin/tlo/textframe.cmd?LEG=79&SESS=R&CHAMBER=H&BILLTYPE=B&BILLSUFFIX=01823&VERSION=5&TYPE=B
Thanks for the info,
I was just thinking could I possibly do a wrap around motgage. what your insight on this
I think that is a good idea. That is the only method I could think of to get around these crazy Texas laws.
Nate
[addsig]
yes a wrap is the way if u r providing owner financing on the sell side
I have a house in Texas.. earning a good income, but I am looking to sell. I would like to know more about this warparound and maybe sell to an investor is a a great property ina hot area, just have too many other deals and need to work with someone to get this done..
Any interested parties, I can be contacted at **Please See My Profile**.
thanks
Theopilus Boyd
So what you are saying is that the 20k in back end profit plus your down payment and pack isn’t enough; with that 8k being a deal killer?
Is that right?
John (LV)
The devil is in the details. NEVER commit to a transaction without a preliminary title report. We live and learn.
Da Wiz
I am thinking the property would probably reallysell for around $139K after checking other listings in the area so what I am saying is the $8K a deal killer, What do others Think I am just looking for other opions
I appreciate any comments.
**Please See My Profile**
Thanks for the info, It turned out they owed other things as well, ie: insurance, etc.. I am now working on converting this to a short sale offer to try and salvage some equity if possible...