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Summary Of How We Lease Purchase Homes

First of all, a Lease Purchase is essentially a purchasing technique that combines a basic lease agreement with an option-to-purchase agreement. 

The Lease Purchase contract is the quickest, easiest and least expensive way to buy, sell or invest in real estate. It replaces the typical adversarial relationship that usually exists between buyers and sellers with a win-win method of transferring real estate ownership.

In my opinion, selling houses on a lease option is the most amazing and creative way to sell property in most situations, however, it probably should not be your first choice as far as creative buying techniques are concerned. The reason for this is simple...when you buy on a lease option you do not have full ownership of the subject property until the deed has changed hands. As you are probably aware, that does not happen until the original owner is paid in full. I believe a much better way to buy property is �subject to� an existing mortgage. 

After I have acquired a new piece of property, whether it has been purchased subject to an existing mortgage, bought outright or I have entered into a lease with option to purchase with a seller, as I mentioned above, my single most favorite way to sell property is on a lease option.  

There are several reasons why I prefer this technique of selling over others. 

1-     I retain ownership of the property while increasing my monthly cash flow without having to deal with minor maintenance issues. 

2-     I know I will get a higher price for the property than the current market value of the house.

3-     I will also receive a higher monthly rental payment than I would if I were to rent the house to a tenant.  

For discussion purposes, I will begin illustrating this technique with marketing the property and take you through moving the tenant/buyers into the home. 

I start off by running a Classified ad under the heading �Rent to Own� in the San Diego Sunday paper. (If your local newspaper does not have a �Rent to Own� section then run the ad under both the �Homes For Sale� and �Homes For Rent� section of the paper.) 

My ad will state the number of bedrooms and bathrooms, a couple of benefits (i.e. Ocean view, steps to the beach etc), the monthly rent, percent (or amount of) rent credit, and that I will carry the financing. At the bottom of the ad I put "24 Hour Recorded Message" and my voice mail number.

Sample Ad:

OCEANSIDE. 2/2 Condo Ocean Vu Steps to bch $1797 w/ 50%
 rent credit OWC 
24 Hr rec. msg 858-xxx-xxxx

After placing the ad, my phone begins to ring. I recommend using a "24 Hour Recorded Message" voice mail system to pre-qualify all callers. When an ad states "Recorded Message" the prospect is more willing to make the phone call. They are not worried about a "live" person answering the phone and trying to sell them something, therefore I get more people to call. 

On the voice mail I explain the benefits of the home. I tell them that we are reasonable, negotiable, flexible and generous with our �rent to own� terms and that we will do our very best to work within their budget. 

I then tell them the address of the property and that after they have had a chance to drive by to contact me if they are interested to set up a time to show them the inside. I always have them drive by to look at the house exterior by themselves because I do not want to waste my time showing houses to prospects all day. 

After they have seen the outside of the house, they contact me to view the inside and to discuss terms.

Gar C. May Real Estate Broker  CA DRE # 479003


What is a Lease Purchase Contract?

Who Are These People Who Are Trying To Keep The Lease Purchase Alternative From You?

Features and Benefits of Lease Purchase

Main Risks of The Lease Purchase Agreement for Tenant Buyer 

Main Risks of the Lease Purchase Agreement for the Landlord Seller 

FAQ: Lease Purchase Contract

Sandwich Lease Option

Sandwich Lease Option Insurance

What We Do And How Our Program Works  

The Secrets to Selling Your Home in 9 Days or Less


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Address Lease Purchase Solutions. Ltd Real Estate Broker
  1357 Hornblend Street Telephone Facsimile cadre#479003
  San Diego, CA 92109 858-272-5510 858-272-6135