:welcome: to BP.We might want to discuss the L/O deal a bit.

How I work it in my L/O contracts with the option money is 2-3% of the purchase price.

I purchased the house and did a 1 year L/O deal with the previous owner 4 months back and here are the numbers:-sold comps show the house being a quick sale at 130,000-purchased the house for 105,000-7,000 non-refundable lease option fee paid up front-1,400 month rent payment-my mortgage payment is $850 (including taxes and ins)-option to purchase price of $125,000I just found these forums and was interested in getting feedback for theterms of this deal...God Bless,Steven

I do LO's in TX and did a more in depth post here:http://www.biggerpockets.com/forums/83/topics/67303-branching-out-into-tx-w-lease-options Of course, it ended up in more exciting things such as tequila and TX made vodka....

Any suggestions on how I can renew the contract for rent.Also our other property has been up on the market and the agent has suggested a L/O.

Lo and behold it went to auction with a private firm repping the bank.

The LO knowns the law and will know what to answer and what not to answer.

Took 9 days to find a tenant/buyer and assigned my L/O for $5k.3.

Then start talking the idea of a L/O or Sub 2.I have had some success with this, about half will be interested in selling so .... some will - some wont.Try it and remember they posted the ad so they are looking to have people talk to them about their property and situation for "renting"Good luck :idea:

All the neighbors will call and many of them will know someone wanting to live in the area.You can always have a sign rider with your cell phone also.When I had them they were 50-60 a month so it sounds like a good deal.If you are an LO then dont believe the crap about giving it to your RE agents so they can be loyal to you.