Lease to own option

[Michael Pierce]

Hello, I'm new to investing and I haven’t even bought my first property yet. 

Across the street from me a lease to own option has become available. I was wondering if there was anyway that I could turn that property into my first investment and how ? 

I think the property has been freshly renovated. I am open to any suggestions.

[Michael Pierce]

Quote from @Shiela R.:

@Michael Pierce hello:)  So, lease options are a whole strategy.  If you know a seller is open to it, even better.  I'm both licensed and a creative investor.

Do you plan to live in the home or lease option it out (basically a sandwich l/o)?  I would highly recommend becoming familiar with the rules on lease options in your state.  For instance, in Texas there is a limit on the length the option can run for (I think 6 months?).  But here in CO, where I am, there is no such thing. Depending on what you want to do, I would make sure the option gives you enough time to accomplish your end goal.

I don’t plan to live in it as of right now but if I have to in order to turn it into my first investment property I will. 

I will definitely look into the rules in my local area !