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! Read more...

Buy a House Using a Lease Option Summary


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Contents: Ebook
Author: Don Mayer
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My Buy a House Using a Lease Option Review

Highly Recommended

The writer presents a well detailed summery of the major headings. As a professional in this field, I must say that the points shared in this book are precise.

When compared to other ebooks and paper publications I have read, I consider this to be the bible for this topic. Get this and you will never regret the decision.

Lease Purchase Agreements versus Lease Purchase Options

Although some people use these two terms interchangeably, technically they differ. A lease-purchase agreement commits you to buy the property. Your lease period provides time to build up cash or rent credits for a down payment, or perhaps time to shape up your financial fitness. With a lease purchase-option, more frequently called a lease option, you can walk away from the property at the end of the lease. You forfeit the option money or rent credits you have paid, but the sellers cannot require you to buy the property if you choose not to.

How Does the Lease Purchase Work

New Cities found buyers for its homes, yet they lacked money for a down payment. These buyers were counseled about home ownership. Next, Suburban Federal qualified them for a mortgage. The buyers then signed a lease-purchase agreement for their homes, moved in, and began making rental payments large enough to cover their future PITI plus 100 to 200 a month extra. After these extra payments (called rent credits) had built up

Why Sellers Are Willing

Should the buyers default, the installment contract may provide the sellers a relatively quick and inexpensive right to repossess the property. Some states have enacted laws that make repossession more difficult than it used to be. That's one reason why many investors now prefer to sell their OWC properties via a lease option agreements. In my view, lease options shift risk from the sellers to the buyers. As a buyer, I would prefer a contract-for-deed.

Try it before you buy it

The try it before you buy it technique is called the lease option. It combines a lease agreement for a home, a townhouse, or apartment with an option (a contractual right) to buy that property at a later date. In the early 1980s, Robert Brass called lease options the most overlooked and underused property finance possibility. At that time, most homebuyers, home sellers, and real estate agents remained clueless about this technique. Times have changed. Wherever I travel throughout the United States, I always check through the local real estate classifieds. In most cities, real estate agents regularly handle lease options and other low-down-payment property finance plans. I have also seen lease options promoted by home builders and developers of new condominiums and townhouses. In San Francisco, one ad from Bay Crest Condominiums boldly announced, If You Can Afford to Rent, You Can Now Afford to Own Exciting New Lease Purchase Option. No question, lease options can bring ownership...

Several Key Issues

To buy or sell a property through a lease-purchase or lease-option agreement, you and your lawyer need to negotiate and resolve several issues Move-in cash. Whether you lease-purchase or lease-option a property, you'll negotiate the amount of your move-in money. This cash will be credited toward your purchase price if and when you buy. If you choose not to buy, the sellers will keep all or part of this money. Rent credits. Many lease-purchase lease-option sellers apply rent credits to reduce the amount you owe. These monthly credits also can count as part or all of your down payment but remember, lenders won't count rent credits without question. They count only lease amounts paid in excess of market rent levels. You pay 2,000 a month, the market's at 1,800, the lender will allow a rent credit of 200 per month. If you plan to use rent credits as part of your cash to close, make sure you understand your lender's policy. Inspections and title check. Get your property inspected by a...

Where Can I Get Buy a House Using a Lease Option

The best part is you do not have to wait for Buy a House Using a Lease Option to come in the mail, or drive to a store to get it. You can download it to your computer right now for only $27.00.

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