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This is the first of two articles on purchasing and selling single family homes with lease-options. We're going to examine buying on a lease-option, selling on a lease-option, and in article # 2 how to successfully buy and sell on a lease option.

Bad Credit Credit Creditres Lease-options have spurred the imagination of would be buyers lacking the cash, and/or credit and more importantly lacking the knowledge that almost everyone can own their own home and/or investment properties. Also, promoted to those would be investors who lack the people skills or time necessary to be a landlord, but still want most of the benefits of real estate ownership without the responicabiltys!

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Bad Consolidation Credit Debt Lease-options are real estate tools used by the good and the evil among us. Most lease-options are an agreement between good and evil people. We all know far to many real estate people who believe you only get rich by taking the suckers money, most people who attempt to buy on lease options are simply donating money to these sellers.

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Bad Company Credit Repair In my book "One House At A Time /Finding And Buying Single Family Rentals" I spend a lot of time on the option scam as presented to real estate investors. I say scam because in my experience these lease-options seldom result in a new home owner. But, I've only been in lending and real estate for 35 years, may be when I get more experience I'll change my mind. Even when good people try to help each other lease-options seldom turn out that way. They can work but they must be done right from the beginning, I included instructions in the book.

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Bad Car Credit Loan "Guru," a Hindu spiritual leader or any unusual teacher. There are "Gurus" in all fields of life, but thanks to TV infomercials most of us think of real estate investment instructors. Not all "Gurus" are bad, thanks to my classes and writing I'm a real estate Guru.

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Bad Credit Loan Mortgage "Option," the purchased right to purchase property. A type of sales agreement that obligates the seller to the buyer, but not the buyer to the seller. When use properly a great and powerful real estate tool. In the book I strongly advocate the use of short term option's in lieu of sales agreements whenever possible.

Auto Bad Credit Loan "Lease," a rental agreement for any property real or personnel. Most often used with reference to rental agreements for more than one interval, i.e.,: a one year lease calling for 12 monthly payments. The most common real estate contract.

Bad Credit Mortgage Refinance "Lease-Option," a combination of the right to purchase, with a rental agreement. Like a mule it can be a powerful tool. Like a mule it's flawed lacking the sleek beauty and speed of a horse or the friendly cuteness of a surefooted donkey. All to often lease-options involve getting screwed by a jack ass.

Bad Credit Refinance "Scam," anything that purports to do one thing while obviously doing something else. Scams are normally immoral, but often not illegal. Scammers can often provide antidotal evidence that their program works, leaving out that it probably won't work as presented for you.

Bad Credit Mortgage Second "Sucker," those dreamers who think they're going to get something for nothing. Those people who buy the programs about buying on lease-options. The victims of those people who bought the programs on selling on "lease-options."

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Traditionally lease-options were offered by sellers who needed to entice a tenet to rent their property at a premium price, with or without an up-front payment to the seller. More recently lease-options are used by sellers who have to wait out a prepayment penalty. Sellers believe that a tenet with an option to purchase will take better care of a property they may someday own.

Bad Card Credit To protect yourself from being a scammer or being scammed you need to determine what's in the deal for the other guy, and what you hope to gain.

Bad Credit Financing Landlords/sellers:

Bad Credit Home Loan Mortgage 1. A better tenet is a good reason to offer a lease-option. When the lease is what, we call "triple net," where the tenet takes care of the property and pays for everything you're almost out of the landlord business.

Bad Credit Loan People 2. Sub-prime and/or adjustable rate mortgages often have "prepayment penalties," a lease-option with a good buyer, having made a sufficient up front payment can be a good way to wait out the penalty. See #1.

Bad Card Credit Credit People 3. You need money now and are willing to trade equity for the cash. You need more monthly income than the market rent will provide.

Bad Credit Guaranteed Loan 4. The down side:

Bad Credit Refinancing a; You're committed to sell the house at a fixed price.

Bad Credit Equity Home Loan b; During the term of the option you'll not normally be able to refinance or sell the property.

Bad Credit Loan Payday Tenets/buyers:

Bad Credit Repair 1. You'd like to buy the house, but for some reason you can't commit at this time. IE: You haven't sold your old house yet, your new job is tentative, in the near future you'll qualify for a much better loan.

Bad Credit Home Loan Uk 2. You want to tie up the house you're renting, so you can buy it later for whatever reason.

2nd Bad Credit Mortgage 3. You're going to, with the owners permission, substantially improve a house ( like, repairing an older home, landscaping a new home) and you want to protect your investment.

Bad Credit Loan Unsecured 5. The down side:

Bad Consolidation Credit Loan a; If the option requires a substantial up front payment, or monthly premium you're likely to lose it.

Bad Credit Home Loan New b; If you don't qualify for a mortgage today you're not likely to a year, or two, or three from now, either!

Bad Business Credit Loan c; Your lender may not recognize your equity. Don't mistake this with losing your equity, but the lender may not use the current market value of the house or your credits toward equity, when determining the loan to value.

Bad Credit Lender Mortgage d; You're committed to this house at a set price. If for any reason you don't buy this house, you lose your money!

Bad Credit Home Loan Mobile e; If you're ever late with a payment you will probably lose all your money!

Bad Cash Credit Loan Many, if not most, Gurus who advocate selling on lease options teach Landlords/sellers:

Bad Credit Loan Private 1. Take a large up-front option payment, and a large monthly premium.

Bad Card Credit Debt 2. Included a provision canceling the lease-option if the payment is received in as little as ten days late!

Bad Business Credit Loan Small 3. Demand payments in person.

Bad Bankruptcy Car Credit Loan 4. Make yourself hard to find!

Bad Credit Instant Loan 5. Evict!

Bad Credit Equity Loan 6. Resell!

Bad Credit Georgia Home Loan 7. In a good year you can sell the property twice with substantial non refundable up front payments! In a great year three times!

Application Bad Card Credit I've tried to sum up several chapters in one short article lease-options are a tool, akin to a handgun! At one time lease-options can be a great benefit, fun, even sexy. Lease-options can be great protection, for a tenet. Finally lease-options in the wrong hands can do great evil!

Bad Credit Home Loan Va Three final notes for would be tenets/buyers:

Bad Credit Home Loa 1. Never turn down a free or low cost option.

Bad Car Credit Loan New 2. Never, never, never let an option expire without getting the property appraised. What you have thought was outrageously expensive might be a real bargain near the end of the option.

Bad Credit Home Loan Really 3. If you do want to use a lease-option watch for "A Consumers Guide to Buying And Selling With a Lease-Options # 2." There are things you must do at the start of a lease-option if the lender is to recognize your equity an the time of purchase.

Bad Credit Fix Copyright 2005 William J Archambault Jr

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The author: William J Archambault Jr has been in lending and real estate since 1969. He writes about up to date RE with the wisdom of our Grandfathers.
He's a mortgage broker in Las Vegas, NV He's the author of: "One House At A Time/Finding And Buying Single Family Rentals" a book for real estate investors available at http://www.reii.org e-mail author@reii.org

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Bad Credit Home Loan Purchase William J Archambault Jr, is the author of "One House At A Time / Finding And Buying Single Family Rentals", "Get The Money / A Consumers Guide To A Successful Mortgage Application", "A Bakers' Dozen / A Real Estate Anthology" and "Flipping For Fun And Profit" Available @ http//www.reii.org He's been in lending and real estate since 1969. He writes about upto the minute real estate, sales, and personal philosophy, with the wisdom of our grandfathers. You can write him at: author@reii.org

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