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In response to Don Dutton's statement on Lease Options..."Don't pay a penny more than market rent because you'll never be buying that home anyway. Any rental credit is a waste of your money. And don't get involved in any property where the seller doesn't have at least 20% equity. There's lots of tenants out there right now moving because the house they're renting is in foreclosure.".........That is a very narrow point of view.

Just because someone got into a car accident because the other driver didn't use their turn signal doesn't mean that NONE of us should EVER drive again for fear someone else might not use their turn signal.

Structured correctly by a PROFESSIONAL who understands the in's and out's of Lease Options IS the most important part of a deal. That's why many Real Estate Agents don't do them. It's outside their scope of knowledge. If you do your homework and learn the correct way to do something it becomes easier to do...........Would you stick a person in a car who had never seen one before or had never learned how to drive.......No.

The Investors we work with DO charge the appropriate amount for the monthly lease..........
We DO offer rent credits to our tenant buyer so that when they make their payments ON TIME, they have some equity in the deal at the time of closing (it can be looked at as forced savings).......
We DO offer to credit the tenant/buyer's upfront non-refundable option consideration when they decide to exercise their option at closing......
We DO work WITH our tenant/buyers to assist them to rebuild their credit......
We DO realize that some tenant/buyers do not exercise their option to buy. That's why we screen them prior to them moving in to make sure they have a good chance at buying in the future. Otherwise we generally refer to them as "Renters".......
We DO set the purchase price for them in the beginning and let them know that if, at the end of their lease, they don't want to buy the house because it's valued less than the price we had agreed to, then they don't have to buy. BUT, if the house is valued at more than the price we agreed to, then they buy the house with extra and instant equity.......
We DO also suggest setting up the deal where all monthly payments from the tenant/buyers go into an escrow account set up by an KNOWLEDGABLE attorney so that they and the sellers know the payments are being made directly to the bank/mortgage lender and the house won't fall into foreclosure. They should also have their Option on the house recorded so that the seller doen't try to sell it out from under them.

It's virtually the same as Leasing a CAR! You can BUY it for $300 per month for X years which it will thenbe yours....OR you can LEASE with the OPTION to buy for $400 per month and at the end of 3 years, give it back to them or BUY IT! I wonder how many of the people that SLAM Real Estate Lease Options actually Lease their cars from the dealer?

And to respond to Rob Grahams statement...."I respect that people are trying to be creative in how they take posession of a home, but lets keep in mind that creativity got us into this mess in the first place.".........Is he aware that WAYYYYYYYY back in the 70's, people were doing Lease Options and Contracts for Deed when they had difficulties obtaining mortgages?

"A pessimist is one who makes difficulties of his opportunities and an optimist is one who makes opportunities of his difficulties" ~ Harry S. Truman

ALSO in my experience, re agents do not want to help For Sale By Owners or Lease-Options. It takes away the buyer pool, and their commissions. It's very stressful for them.

 
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