Owner Financing | Lease-to-own
Hey everybody - I'm looking for more information on lease-to-own options out of Houston, TX. 1. for me personally as I can't secure a traditional mortgage on my own yet, and 2. as a tool in my real estate tool belt.
First off, are there specific realtors for these cases? Or is it more trying to educate and persuade regular sellers?
Second, what is important to bring to the table? Obviously credit is poor otherwise traditional mortgages would be used, so is it more based on income and work history? Somebody like myself with a good income and great work history that might have below average credit, what is recommended to get out of rental apartments where I'm not gaining any equity??
Thanks in advanced for any advise!
Most Popular Reply
Kevin,
Lease-To-Own is actually something that is highly regulated in Texas. I would recommend you speak to a real estate attorney about it first before you take any action. My understanding of it is you are only legally allowed to lease-to-own for up to six months before the buyer must execute the option. Therefore, they are often an avoided tool in Texas. Here's a website that explains the legality of it pretty well....