Basically, the seller leases you their home for an extended period of time, and you lease it out to a tenant of your own.

It's 100% legal to be a bird dog or property locator... but only if you follow one basic rule:Don't act as a real estate agent.This is a little complicated but the key word is the word agent.

I have already filed complaint with a Superior Court in the Bay Area,but have been unable to serve Kevin Geddes.

A basic real estate contract stipulates that on or before a specified date the buyer agrees to bring cash for the purchase and the seller agrees to deliver clear title to prove that they have the right to sell the property.

Originally posted by "gainesvillej":As long as you are buying the houses for far less than what they are worth....it's always a good time.This is basically what I was going to say.

So while I'm not going to say whether or not you should go through with it, I'll try to provide you with some things to consider when making your decision.Pros:You can get the payment off your booksYou can sell the property for full price, when it doesn't appear that there is much interest right nowAssuming you are requiring an option payment (which I would suggest), you will get some additional cash nowSo basically the Pros can be summed up in that you have the potential to do pretty well financiallyCons:Lease options typically require less landlord hassle, but at the end of the day you are still a landlordThey could trash the house and then not buy itThey could stop paying and make you evict them, costing you time and money (there is also the possibility with lease options if they aren't structured properly that the courts could deem them to be a sale rather than a leasing arrangement in which case you would have to foreclose instead of the less painful eviction).

Also you might want to consult with someone; I was advised by a real estate attorny in my area, not owner finance but instead lease to own which is basically the same thing but for legal issues there would be no foreclosure process.

(Not much equity if any)What I've done since this all happened is call Countrywide, got permission to Countrywide from Adam to talk to me about his accounts and have gotten them to agree to let me assume the loans by simple assumption providing I can get a letter from the bankruptcy court stating that Countrywide has permission to change the name on the loans.

I know we're missing information here but it just doesn't seem like much of a deal unless you have very deep pockets and plan to live in it for a very long time.Since you're a first home buyer, look for homes that need basic cosmetic work such as paint and carpeting.

Basically his target was retiring baby boomers on fixed annuities, pensions, etc...