| Real Estate Tip: In
this tip section, I'm going to touch on rent to own deals
also know as lease options. They can be a great thing and
they can also be a nightmare, depending on the details.
There are many types or rent to own deals and there are even
more ways to structure them. If you are working with a
realtor, you want to make sure he is an absolute master of
lease options. A simple mistake will land you in court
faster than you can say “real estate blunder”. It’s all in
the contract wording. Whoever drafts the paperwork must
understand the in and outs of the deal structure and the
legal implications of each and every single clause therein.
There is no room for error here, I cannot overstate this
fact. We could be talking about possibly the largest
investment in the lives of the people involved so you should
handle rent to own deals as such. There is no limit as to how large these lease option deal can be. As a mortgage broker as well as a real estate agent, I have personally written lease option contracts and lease purchase contracts on properties valued from a few hundred thousand dollars to commercial real estate buildings valued in the several million dollar range. The potential is limitless. The main benefit is that a buyer can take possession of a property until he is ready to buy it or decide it was a bad move and opt not to buy it. It gives a buyer time to get his act together. For the seller, it makes a lot of sense because there are a lot of inherent benefits, like receiving rental income, having a buyer in place, no further maintenance to speak of and the peace of mind the real estate he was holding is taken care of. Obviously I’ve just touched the tip of the iceberg here, I could write a 300 page book about lease options. I just wanted to warn people to be careful with rent to own deals, I wouldn’t want someone to get into something that could harm them. |
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