Dallas-Fort Worth Real Estate Investor Club

Lease-Option-ish method of purchasing?

  • 06 Sep 2014 9:16 PM
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    Message # 3094149
    Michael Mixon

    Ok, I know lease options can be illegal in texas, but I'm looking for a way I can lock up/control a house, making monthly payments to the seller, for a period of 5-10 years before obtaining financing and closing on the house.  My current line of thought is to basically setup terms to where I'm paying out the "down-payment" until my "equity" in the house is enough to easily obtain financing.


    Any thoughts?
  • 07 Sep 2014 9:56 AM
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    Reply # 3094275 on 3094149
    Deleted user

    Purchase "sub2"  
  • 07 Sep 2014 10:12 PM
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    Reply # 3094515 on 3094149
    Richard Kellett (Administrator)

    Subject 2 would be an avenue to accomplish what you want. Give me a call it I can help.

    Dick Kellett

    817-915-0122
  • 08 Sep 2014 8:28 AM
    Quote
    Reply # 3094782 on 3094149
    Tim Cook

    Michael,

    You could use a Subject-to transaction and/or Owner Finance WRAP if they have mortgages, or an Owner Enabled Tranaction.  I do not recommend a Contract for Deed or a lease to own/Lease Purchase just because of the level of effort required to do them correctly and safely.

    Call if I can help.
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