Wholesale Lease Option Paperwork

[Justin Conza]

Hi, My name is Justin and I'm a newbie to REI but I am very eager to get started investing.

My background is in IT as a Systems admin and I've had my hand in a lot of other smaller business ventures. Now i am really trying to learn as much as possible about REI so i can put my best foot forward. I'm just about ready to take the next step, but i need some clarification.

I've been up and down forums, blog posts, videos and books and I am still unclear as to exactly what paperwork is needed for wholesaling lease options. 

I'm Located on Long Island, NY and want to get this all straight before i begin calling leads.

I guess my main questions are as follows...

1. Do i need a separate lease agreement and separate option to purchase, or should it just be one solid document?

2. Is the letter of intent something entirely different from the lease and option to purchase?Is it a necessary document?

3.is it possible for someone to list all of the documents thats are recommended when wholesaling lease options? 

[Brian Gibbons]

Originally posted by @Justin Conza:

Hi, My name is Justin and I'm a newbie to REI but I am very eager to get started investing.

My background is in IT as a Systems admin and I've had my hand in a lot of other smaller business ventures. Now i am really trying to learn as much as possible about REI so i can put my best foot forward. I'm just about ready to take the next step, but i need some clarification.

I've been up and down forums, blog posts, videos and books and I am still unclear as to exactly what paperwork is needed for wholesaling lease options. 

I'm Located on Long Island, NY and want to get this all straight before i begin calling leads.

I guess my main questions are as follows...

1. Do i need a separate lease agreement and separate option to purchase, or should it just be one solid document?

Separate

2. Is the letter of intent something entirely different from the lease and option to purchase?Is it a necessary document?

It is a Meeting of the Minds and acts as Escrow Instructions

Seller Side

1. Letter of Intent

2. Option 

3. Lease

4. Memorandum of Agreement

5. Release Mortgage Info

6. Option Release Doc

7. Seller's Acknowledgement

Tenant Buyer Side

1. Earnest Money for Lease Option

2. Lease

3. Option

4. Option Release Doc

5. Tenant Buyer's Acknowledgement

@Josh Caldwell