Lease options

[Jason Hernandez]

Hey Everyone,

I wanted to hear from people in Ohio who are familiar with lease options and what their experience have been with sandwich lease options, and wholesaling lease options. I wanted to see what type of things to look up for. Do you have your tenant cover repair costs for the seller? How do you handle the option fee upfront and at the end of the contract? How do you close? Do you have the assignment fee recorded on the HUD1 and have the title company cut you a check? Do you assign the contract before close? Do you double close using a transactional lender? What has your experience been with tenant buyers who have used conventional lenders or FHA or VA loans when purchasing these properties? Also with the Dodd Frank legislation that came in this year I understand that rent credits are no longer allowed. Are you allowed to have a separate escrow account set up for the tenant buyer for them to pay into separately to make sure they are prepared for downpayment and closing costs? What kind of laws do I need to be aware of, and how can I protect myself and my LLC? Any and all suggestions are helpful.

Thanks,

Jason Hernandez