Updated almost 4 years ago on . Most recent reply
Refinancing Lease Purchase Agreement
I was wondering if anyone has ever refinanced a lease purchase agreement. I normally do subject to and then immediately wrap the mortgage. Thankfully my last deals numbers did not pan out. I was forced to do a lease purchase agreement, not to be confused with the lease option.
I went to have the leasing agreement serviced, so I could avoid the loan not being paid. (This homeowner was comIng out of bankruptcy and foreclosure). Funny question they asked was, "Are you planning to refinance."
My reply was, "This is a lease, I will have to line up financing first."
I was then told that after 3 to 6 months of on time payments and having the lease service I could refi the property, as if I was the owner. This was mind blowing and game changing. I then called my mortgage broker who confirmed what the server said.
My question is, has anyone ever successfully executed this before? And why is no one talking about the Lease Rehab Rent Refinance Repeat LRRRR method?
Here is a link to the house if you wish to check it out.