How to Lease Purchase a Home

Buy a House Using a Lease Option

Rent-To-Own Your Own Home! Most people will never be able to own their own home because they don't have enough cash or their credit is not enough for the bank to extend them any line of credit. However, you don't actually have to have much money at all or have a good credit score to own a home like everyone else can! If you wonder why most methods of buying a house are not working for you, then keep reading! This could be the way that you finally own the home that you deserve! This guide from Don Mayer shows you how to take advantage of Lease Purchase Advantage, where you can approach sellers directly and pay them a monthly fee to own the home eventually. You're just renting until you pay off the money! That's all that it takes to own your own home. Don takes you through all of the legal aspects to doing this for yourself You will soon be able to buy the home that you deserve! Continue reading...

Buy a House Using a Lease Option Summary

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Author: Don Mayer
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Use a Lease Option to Buy Your Personal Residence

If you don't already own your own home, you need a plan to buy one as soon as possible, and a lease option may be the best way to do that. Or if you already own a home but are looking to upgrade or downsize, depending on your needs, consider structuring the transaction as a lease option. Buying under a lease option agreement lets you avoid a substantial down payment, which means you can use that cash to buy income-generating property that in turn offsets any tax savings you may give up by renting rather than buying. If the property goes down in value before you exercise your option, you can either renegotiate the deal or walk away and find another home to buy or lease option at current market value. If the property goes up in value, you have the lower price locked in with your option. Obtaining financing for a property you have under lease option is generally easier than a straight purchase loan. Many lenders now view a lease option agreement as a home sale it's easier to get...

Traditional Renters versus Lease Option Tenants

There is absolutely nothing wrong with traditional renting. I've made a substantial portion of my own fortune, in fact, as a landlord, and in Chapter 11, I share my secrets for effectively managing property. But there are differences in how you write a lease and manage a property that is lease optioned versus one that is occupied by a tenant with no intention of buying. For example, it's common for lease option tenants to be responsible for most maintenance and repair expenses after all, they are going to own this home someday. In fact, for that reason you'll find that lease option tenants generally take better care of the property than do most traditional renters. In a majority of cases, you'll find less management is required with a lease option than with traditional renting. However, some states limit how much a landlord can require a tenant to pay per item for repairs and maintenance check to make sure your lease complies with the law. In a traditional lease, a landlord typically...

Sandwich Lease Option

With a sandwich lease option, you put yourself in the middle between the property owner and the tenant, and you make money without ever actually owning the property. Here's how it works You find a motivated owner willing to lease option a house to you for a small consideration or, if possible, no option consideration. Make your lease agreement for a period of two years make sure it permits subleasing and requires the owner to pay for any necessary repairs within the first 90 days. Then you lease option the property to a tenant. Get a nonrefundable option consideration of 3 to 5 percent and charge slightly above-market rent (certainly more than you're paying the owner). Your tenant should be responsible for repairs and maintenance. Arrange for your tenant's option to expire three months before yours does. If the tenant exercises the option, then you exercise yours, buy the house, and sell it to the tenant. If the tenant chooses not to exercise the option, you can find another tenant...

Purchase Lease Option

This is the option technique you'll probably use most often. You buy a property and then immediately lease option it to someone else. But don't wait until you own the property to start looking for a tenant have the tenant ready to move in as soon as you close. Here's how Make an offer on a property with an escape clause using one of the low or no-money-down payment techniques discussed in Chapter 3. In your offer, give yourself immediate access to the property and acquire the key. Rent to own nice 3br, 2ba, 1900 sq. ft., 1200 mo, 30 of rent If the tenant chooses to exercise the option, set up the closing, sell the property, and reinvest the profits. If he doesn't, exercise the option, he moves out at the end of the lease period, you keep the initial and monthly option consideration money, and you find another tenant who wants to rent to own.

Fixer Upper Lease Option

The solution is to lease option the house and let the tenant-buyer do the fix-up. Offer the option with nothing down (no initial option consideration) and half the rent or even no rent for six months to a year until the repairs are complete. Be sure your lease clearly states that the tenant can't El Dumpo Rent to own, 0 down, ufix. 601-222-9876. FYI

Lease Option or Lease Purchase Whats the Difference

If properly executed, the end results of lease option and lease purchase agreements are the same. But there are differences you can't afford to overlook. A lease purchase consists of two separate agreements a lease agreement and a purchase and sale agreement. Generally, this arrangement favors the lessee, so use this agreement if you are the one leasing the property. The terms should limit the money the seller can keep to the earnest money, which is the same as giving a nonrefundable option consideration. When you are the lessor, you may use this agreement when you want to require the tenant to buy. A lease option also consists of two agreements a lease agreement and an option agreement. The tenant has the right to not exercise the option, but if you are the lessor and draft your lease properly, you'll be financially protected through the nonrefundable option consideration and the above-market rent, and you'll still own the property to lease, lease option, or sell to someone else.

Multiunit Lease Option

So far, I've talked about using lease options to purchase single-family homes, but they can also be used to buy multiunit residential and commercial properties. Multiunit properties are generally more expensive than comparable single-family homes and therefore require larger down payments. A lease option lets you take control of the building and build up your down payment before you buy it while profiting from the property's cash flow. You may also want to lease option a multiunit property when it needs significant repair or has low income as a result of poor management. You can get the repairs done and improve the performance of the property during the lease period, and qualify for better financing when it comes time to close. When it's time to exercise the option, you can assign it to another investor for a fee or buy the property yourself.

Lease Option or Option to Purchase

An option to purchase, also known as a lease option, differs from a right of first refusal in that it does legally require added consideration to be a valid option. In an option contract, the landlord and the tenant agree on a purchase price, a time for execution of the option, and any other terms that may be relevant, such as credit for monies already paid as rent. At the stipulated time, the tenant has the right to exercise the option at the negotiated price and terms. However, if the tenant elects not to exercise the option, the money paid to the landlord for the right to the option is lost. Option money can be as little as 10 and other good and valuable consideration but should really be a significant sum of money. Good and valuable consideration is merely a legal term that refers to whatever else in the contract is the subject of the sale besides the stated sum of money. The phrase often appears in legal documents, and I put it in so that you will recognize it. But

Use a Lease Option Contract to Control Property

A lease option contract, also called a lease purchase contract or a land contract, allows you to take possession of a property without a credit check or in many cases a down payment. With a lease option contract, you have Full use of the property for income purposes for as long as the lease option lasts. Part of your monthly lease payment applied towards making you the eventual owner of the property when you've fulfilled the terms of the lease option. You can use the lease option to get lots of income property to build a monthly positive cash flow without ever having your credit checked out. Why Because the seller offering a lease option

The Lease Option Sandwich

The lease option sandwich truly magnifies your potential profit. Instead of buying a property, you find motivated sellers who are willing to lease-option their property to you at both a bargain rental rate and a bargain price. Typically, these sellers were not advertising their property as a lease option. In fact, they may not even have thought of the idea until you put a proposal in front of them. Ideally, through this, your lease option, you gain control of the property for two to five years. Your cash out of pocket totals less than you would probably have paid in closing costs had you immediately bought the property. Next, you spend some money on spruce-up expenses (if desirable) and readvertise the property specifically as a lease option. You find tenant-buyers and sign them up on a lease option with you as the lessor. Your tenant-buyers agree to pay you a higher monthly rental and a higher option price than you've negotiated for yourself in your role as lessee with the property...

How to Find Lease Option Buyers and Sellers

To get the best bargain on a lease option, don't look exclusively to sellers who advertise lease option. These sellers are trying to retail their properties. It will be tougher for you to find a bargain here. Instead look to motivated for-sale-by-owner (FSBO) sellers in the Homes for Sale classified ads. Or you might also try property owners who are running House for Rent ads. As previously mentioned, often the best lease option sellers will not have considered the idea until you suggest it. In your search for tenant-buyers, you will often see three classified newspaper ad categories from which to choose (1) homes for sale, (2) homes for rent, and (3) the specific category lease option that some newspapers include. Unfortunately, no one can say which ad category will work best in your market. Experiment with each of these choices. To learn which one is pulling the best responses, ask your callers to tell you in which category they saw the ad. Don't assume that any single category...

Lease Purchase Agreements

As a practical matter, the lease purchase agreement works about the same as a lease option. However, instead of gaining the right to either accept or reject a property, the lease purchaser commits to buying. As an investor, you can often persuade reluctant sellers to accept your lease purchase offer, even though they may shy away from a lease option. The lease purchase offer seems more definite because you are saying that you will buy the property but you would like to defer closing until some future date (six months to five years, more or less) that works for you and the sellers.

The Most Timeless Technique of All The Lease Option

I'm often asked which is my favorite technique for buying or selling real estate. Well, my program is filled with dozens of great techniques I have enjoyed using successfully over the years. One that has performed particularly well for both buyers and sellers, especially since the real estate meltdown that began in mid-2006, has been the lease option. TIP A lease option works in any market In simple terms, a lease option is a contract between a buyer and a seller that gives the buyer tenancy in a property, as well as the legal right to purchase the property at a predetermined price, or formula for price, on or before a specified future date. When you enter into a lease option with a seller, you promise to lease the property for a certain period of time and to make specified monthly payments. In return, the seller is obligated to sell the property to you under terms specified in the lease option agreement if you choose to exercise your option. At first glance, it appears that a lease...

Creative Beginning with Lease Options for Investors

To start building wealth fast without investing much money up front, try the lease option approach of Suzanne Brangham. Although Brangham stumbled fortuitously into her investment career, you can follow her path more purposefully. From her book Housewise (p. 39), here's her story Three months later, Brangham was on her way. She then bought her renovated condo unit at her lease option price of 40,000. Then, simultaneously, she sold the unit to a buyer for 85,000. After accounting for renovation expenses, closing costs, and Realtor's commission, she netted 23,000. Brangham no longer had a home, but she had found a career.

Lease Options

Many tenants would like to own their own homes. Yet for reasons of blemished credit, self-employment (especially those with off-the-books' income or tax-minimized income), unstable income (commissions, tips), or lack of cash, they believe that they can't qualify for a mortgage from a lending institution. For these renters, the lease option (a lease with an option to purchase) solves their dilemma. Properly structured, the lease option permits renters to acquire ownership rights. Simultaneously, it gives them time to improve their financial profile (from the perspective of a mortgage lender).

Big Gaudy Sign

There is nothing more effective than signs in the neighborhood. Go to a local art supply store and buy large sheets of florescent posterboard. Make signs that read Rent-to-Own and put one in the front lawn. Make two small ones in the shape of an arrow and hang them at the street corners high on the telephone poles

The Difference between a Straight Real Estate Option and a Lease Option

First things first There is a world of difference between the straight or naked real estate options that I am writing about in this book and the rather ubiquitous lease-options that everyone and their brother has written about over the past 10 years. For starters, the real estate option agreement that I am writing about is a stand-alone document, which is not part of a lease agreement. Second, under the terms of a lease-option agreement, the lessee-optionee takes possession of the property under lease and is legally obligated to pay a monthly lease payment. The only payment required on a real estate option is a one-time option consideration fee. And unlike real estate options, lease-options violate the loan due-on-sale clause contained in residential mortgage or deed of trust loans. In other words, in the event that a lender discovers that a property owner has entered into a lease-option agreement, the lender could call the mortgage or deed of trust loan due and foreclose if the loan...

Real Estate Option Grants Only an Irrevocable Right to Purchase Property

I want to state right from the get-go that the only thing that a straight or naked real estate option grants is an irrevocable right to purchase the property under option within the option period. Nothing more An optionee has absolutely no beneficial or equitable interest whatsoever in a property under option. Furthermore, in my professional opinion, the creation and sale of a straight or naked real estate option does not violate the due-on-sale clause contained in government-backed and conventional mortgage or deed of trust loans secured by a lien on residential property containing five or fewer units. Again, in my professional opinion, there is absolutely no way that any lender can legally exercise its option pursuant to a due-on-sale clause on discovering the creation and sale of a straight or naked real estate option. Why do I hold this opinion Because Title 12 of the Code of Federal Regulations refers specifically to lease-option contracts, but makes no mention whatsoever of...

Purchase Option Simplified

Have you ever seen a rent to own store Did you know that you could walk into that store and buy a brand new big screen TV All you need to do is make nice, easy monthly payments and in a few years, you will own that TV. of course, in the long run, you will end up paying between two and three times more for that TV than if you paid cash up front. Why would people pay more for something on a rent to own basis Because they are paying a premium for the easy financing with which they are then able to own that item. And the best part for you is that you can do the exact same thing with real estate You are going to be using the rent to own concept (which has been around for many years) in a new way with real estate. How

Financial difficulties

I went out to meet with Tom, a motivated seller, who was faced with bankruptcy in less than two months. As I sat down and talked with Tom, it became clear that he wanted to figure out a way to keep from having a foreclosure on his credit record as well. We came up with a win-win solution. I signed up a six year lease option deal on the home that would not only save him from having a foreclosure, but would also mean a healthy profit for me. When I left him that day, Tom shook my hand and said thank you for helping him make the best of a tough situation.

The Sublease Option Strategy Requires the Lessee to Become a Landlord

The standard sublease-option strategy being pushed today involves leasing a property and then subleasing it to a tenant-buyer. This requires the lessee (tenant) to become a lessor (landlord) responsible for managing the tenant-buyer. A sublease is also known as a sandwich lease, which is generally defined as A lease agreement in which the lessee (tenant) becomes a lessor (landlord) by subleasing the property under lease to a sublessee (tenant) who takes possession of the property. Under a typical sublease-option arrangement, an investor signs a lease-option agreement with a property owner and then subleases the property to a third party, known as a tenant-buyer, by using a sublease-option agreement. It is sort of the real estate equivalent of a threesome, in which the following three parties are involved in two separate lease-option transactions 1. Lessor-optionor The owner of the property being lease-optioned.

The Standard Lease Option Agreement Violates the Dueon Sale Clause in Loans

Although I know of no case nationwide where a residential mortgage or deed of trust lender has declared a loan to be in default because the borrower signed a lease-option agreement on the property securing the mortgage or deed of trust and promissory note, you need to know that the lender's discovery of a lease-option agreement can trigger the due-on-sale clause contained in residential mortgage and deed of trust loans. Section 591.2 (b) of Title 12, Banks and Banking, of the Code of Federal Regulations states Due-on-sale clause means a contract provision which authorizes the lender, at its option, to declare immediately due and payable sums secured by the lender's security instrument upon a sale or transfer of all or any part of the real property securing the loan without the lender's prior written consent. For purposes of this definition, a sale or transfer means the conveyance of real property of any right, title or interest therein, whether legal or equitable, whether voluntary or...

Many Equity Skimming Scams Involve the Use of Lease Options

You also need to know that many equity-skimming scams involve the use of lease-options. Equity skimming occurs when a property owner uses any part of the rent, assets, proceeds, income, or other funds derived from the property covered by a mortgage or deed of trust loan as personal funds. In a typical lease-option equity-skimming scam, a property owner collects an option fee and security deposit upfront and then collects lease payments for months on end without ever making a single loan payment to the lender. This goes on until the lender finally

Most Lease Option Transactions Are Really Installment Sales

Finally, the standard lease-option that everyone seems to have gone gaga over is a lease-option in name only. In the real world, this is called an installment sale. Why Because under the terms contained in a standard lease-option agreement, the relationship between the parties is that of debtor and creditor, and not that of lessee-optionee and lessor-optionor. This debtor-creditor relationship is created whenever the terms of a lease-option call for the property owner (lessor-optionor) to credit the option consideration and a fixed portion of the monthly lease payment toward the purchase price when the real estate option is exercised. Once this debtor-creditor relationship is created, the tenant (lessee-optionee) has an equitable or ownership interest instead of a leasehold interest in the property being lease-optioned. When a lease-option agreement gives the lessee-optionee an equitable interest in the property being lease-optioned, it becomes an installment sales agreement and not a...

Why You Must Always Use Separate Lease and Real Estate Option Agreements

If you do not get anything else from this chapter, please get this Always use separate lease and real estate option agreements to document your lease and option transactions. And never, ever use a standard lease-option agreement, which includes both the lease and the option to purchase in the same agreement. That is a big no-no. Why is that Because under the terms contained in a standard boilerplate lease-option agreement, once the lessee-optionee defaults on the lease and is evicted, the option agreement becomes null and void, too. However, when you use separate lease and option agreements, the option agreement will not automatically get wiped out if you default on the terms of the lease agreement and are evicted. The separate option agreement will still be valid until it is exercised or expires. And you will still have an opportunity to profit from the house under option. Also, in order to use the lease and option strategy that I am telling you about in this chapter, both your lease...

Newspapers and Other Publications

As another way to use the newspaper, read through the houses for rent, condos for rent, and apartments for rent ads. Not only will this research help you gauge rent levels, but also you'll see properties advertised as lease-option or for rent or sale. These kinds of ads generally indicate a flexible seller.

Making the Numbers Work

One of the attractive issues about a lease option is the ability to charge above-market rent because you are allowing a percentage of the rent as option consideration. Let's say the market rent on the property is 900. You charge 1,000 rent but allow 30 percent of the rent to be applied as option consideration. That means the tenants are actually paying 700 in rent, and you are setting aside 300 a month for their eventual down payment. Present the program to your prospective tenants and confidently show them the benefits they will receive, and you'll encounter few objections or attempts at negotiation. Of course, the seller is going to expect some sort of nonrefundable option consideration, just as you get when you're granting the option. Use the same option agreement you would use in a lease option deal to finalize the arrangement, and record the option in the public records.

Referrals from Key People in the Area

I remember one student who was having trouble finding a tenant for a property she had under contract. She had the property locked up as a lease purchase on a four-year term for monthly payments of 1005. She was marketing the property as a rent-to-own home with rent payments of 1195.

If One Is Good an Entire Park Is Better

Carroll and Melisa Wimett's first mobile home purchase was a single unit they bought for 6,000 and rented through a lease purchase agreement for a 1,200 initial option and 332 per month. In the meantime, the Wimetts bought a mobile home park. The mobile home tenant didn't exercise the purchase option, and when he moved out, Melisa moved that mobile home into her own park.

Renters often expect you to fix what they break

Owners on the other hand, can be seen in any nice area on a Saturday morning fixing, maintaining, and upgrading their homes. Because you'll be putting a tenant-buyer into the home (using the rent to own concept), you'll have an occupant who is going to treat the home like his own. After all, he will own the home someday.

The Golden Rule of All Your Offers

One of the best parts about the lease option is that many times you can make money even if you pay today's full price and current market rent for a property. This is because in most markets, the future appreciation of the property will let you build in a healthy back-end profit. (Just make sure you negotiate a longer lease option term to compensate for the higher price you might have agreed to pay.) There is an added benefit that after some back and forth negotiation, you just might end up with a more profitable deal. once you get good at putting together the lease option, you can move on to some of the more advanced techniques.

The Discount Technique

You've set up a Purchase Option deal using perhaps the Lease option technique. The seller of the property knows it may take up to 6 years to get paid off in full. You, however, have a tenant-buyer in the property one or two years into the deal.You make a simple phone call to the seller that is going to make you some big money. Here's what it should sound like

Benefits to Tenant Buyers An Eager Market

In recent years, the benefits of lease options to tenant-buyers have been extolled by the respected, nationally syndicated real estate columnist Robert Bruss as well as most books written for first-time homebuyers. For example, in my book Yes You Can Own the Home You Want (Wiley, 1995, p. 59), I tell hopeful homebuyers There's simply no question that lease options can bring home 1. Easier qualifying. Qualifying for a lease option may be no more difficult than qualifying for a lease (sometimes easier). Generally, your credit and employment record need meet only minimum standards. Most property owners 2. Low initial investment. Your initial investment to get into a lease option agreement can be as little as one month's rent and a security deposit of a similar amount. At the outside, move-in cash rarely exceeds 5,000 to 10,000, although I did see a home lease optioned at a price of 1.5 million that asked for 50,000 up front. 3. Forced savings. The lease option contract typically forces...

Benefits to Investors

Although you can structure lease options in many ways, they nearly always provide these benefits to investors (1) lower risk, (2) higher rents, and (3) guaranteed profits. Lower Risk. As a rule, tenants who shop for a lease option will take better care of your property than would average renters. Because they intend one day to own the house, they will treat it more like homeowners than tenants. Also, they know that to qualify for a mortgage, they will need a near perfect record of rent payments. (If your tenant-buyers don't know that fact, make sure you burn it into their consciousness.) Typically, lease option tenants expect to pay first and last month's rent, a security deposit, and, more than likely, an option fee (a payment for the right of purchase) of 1,000 to 5,000 (possibly more). Taken together, all of these up front payments create lower risk for you the property owner. Higher Rents. Lease option tenants will agree to pay higher-than-market rents because they know you will...

Amount of the Earnest Money Deposit

The real firmness of either a lease option or a lease purchase contract lies in the amount of the up-front money the seller receives regardless of whether it's called an option fee or an earnest money deposit. If you want to convince a seller that you intend to complete a lease option or a lease purchase transaction, put a larger amount of cash on the table. By the same token, to keep your options open, negotiate the smallest walkaway fee that you can, even if it means yielding more concessions in the other terms of your agreement.

Real Life Story Student Success Story No

This lease option was negotiated a number of years ago. The numbers may seem low, but the principles and the economics of the transaction are very much applicable in any market. The buyer (my student) owned a house worth roughly 100,000. There were a fair number of rental homes in the area most of them rented in the 500 to 700 range. Seeking to find a substantially nicer home, the buyer sought out a nearby upscale town where the home values exceeded 200,000. Rentals in this upscale area were fairly scarce. The buyer found a home for sale for 220,000, and it appeared to be reasonably priced. The seller was very anxious to sell since he had already moved out of state, and the home had been on the market for several months. The buyer proposed a lease option, and they ended up agreeing to a four-year option at the asking price of 220,000. The monthly rent was 900 (low for this particular house, but high in comparison to almost all other rentals in the surrounding areas), and the buyer...

Rental with performance fee Form Ipm4110 A B C D E F G

MONEY NOTE 2 I use Lease Options and Agreement For Deeds (Land Contracts) as a management tool due to the psychological effect it has on the tenant. See the Street Smart Lease Options course for the complete system of customized forms and training designed especially for when you are buying or selling using the lease option technique. All the Agreement for Deed (Land Contracts) forms and training are contained in a separate course called Street Smart OWNER FINANCING - Agreement for Deed. For more information on these concepts or tools, please contact my office for the details.

Form Ipm4109

Before you get too upset, remember, they are tenants. The average applicant's score is 65 which is why I like the lease option technique on single family homes as a management tool. Non-refundable option consideration, etc. See Street Smart Lease Option course for more details.

Just ask them

A message like this instills in their mind that they need to move quickly to take advantage of the next rent to own home you show them. This technique is a simple way to pre-program your prospective tenant-buyers to jump quickly. The next time you call them with a property, they will know that they need to make a decision and move on it. A ready reserve of tenant-buyers will help you fill your properties fast.

Chart

On August 15, we agreed to a three-year lease option on the house. I would pay him a monthly rent of 1,040 (the amount of his first mortgage payment) and he would pay the monthly 300 second mortgage payment himself. My option price was for the balance of the mortgages 139,000. I then put an ad in the Longmont newspaper, offering the house as a Rent to Own for 995 month. The ad directed readers to a voice mail box that gave all the details of the house, the offer, and the address. The tenant-buyer would have the option to buy the house anytime during the 12-month lease period for 152,900 and would need a non-refundable option payment of 3,000. Rent credits and down payment assistance were offered if the prospective tenant-buyer wanted to pay extra each month. The voice mail asked them to check out the neighborhood and the outside of the house first, then to call my direct phone number if they were seriously interested. Craig's direct phone number was on an application packet he had...

Summary

Buying, managing, and holding for increased rents and property appreciation remain the best time-tested, effective ways to build wealth in real estate. As an alternative strategy, however, you can buy, fix up, and resell your properties using a lease option purchase contract. Under the right market conditions, this technique can increase your returns two ways (2) during the rental period, your rent collections and option fee monies will exceed the monthly income you would receive from a straight rental. Once you develop a system that will work in your market, the lease option investment technique can prove to be a real moneymaker. In addition to lease option, other alternative investment strategies include the fix and flip, property conversions, TICs, master leases, and contract assignment. Although each of these techniques involves risk, specialized expertise, and market knowledge, in the right circumstances, any one of them can pay off with high profits.

Public Records

If you are writing up a lease option, lease purchase, contract for deed, or some other type of purchase offer that delays closing of title for, say, more than six months, consider a clause that permits you to record a notation of your contract in the public records. This recording serves notice to the world of your rights in the property.

The Equity Split

The Equity-Split strategy is a way for you to partner up with the seller of the property. what you do is agree on the terms of a normal lease option with one added element. This added element is an up-front agreement to share the profits made when you resell the property for a higher price than the option price you agreed to pay your seller. You can negotiate this future profit split any way you want (e.g. 50 -50 , 35 -65 , etc.) Ellen drew out of Mike that he wasn't thrilled with the idea of being a landlord. Mike was a successful professional who earned a healthy income and felt his free time with his family would suffer if he had to manage the house as a rental property. Mike's major objection to doing a lease-option with Ellen was that he was not motivated enough to Here's what they agreed to A lease-option on the property with the following terms A lease option term of at least four years. (so the long-term profits are large enough to share with the owner.) The Equity Split...

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