Ryan Webber

I's say the first step is to go look at the property, and as Michael said figure out if it is even a deal. It sounds like you are doing quite a bit of couch thinking but not enough foot walking. Call the owner and go look at it. You have to get yourself into action or you will find yourself with analysis paralysis. You don't have to buy it just to look at it. You can also gain some valuable information about the property by contacting the owner and looking through the house. I wouldn't discredit the property just because its an investor. I have bought some great deals from other investors. I also sell quite a few to other investors (I'm primarily a wholesaler), so I wouldn't judge it because he's another investor, but definitely do your homework as Michael advised. In my business I run into this mentality quite a bit, if I'm an investor selling a property then it must not be a deal, but its just not true. I've sold properties that investors have made 20K or 30K on, and I was glad to make my quick 5 or 10 grand and go on my way. Again run your numbers and determine if its a good deal for you. I'd also agree with Michael to stay away from warzones. Now right above warzones where lower end, working class, blue collar type people live, have been a gold mine for me, but I DO NOT specialize in LO's.

I looked for the most up to date topic to post some of the LO issues in Texas, so I hope this is it. Lease options in Texas are not illegal, but they do come with some severe penalties if they are not done correctly to a "t". First off any LO over 6 months in term falls under an executory contract or contract for deed regulations in Texas. These regulations are thorough and stringent with upto $250 per day liability for violations from the day of execution of the contract. Lease options are still legal in Texas but carry very particular and extensive regulations that must be followed or the seller can become extremely liable. Everything ranging from providing a survey before closing to filing the contract at the courthouse, and that is just the beginning. Even the die hard LO investors I know have shunned away from LO's and have shifted to other creative avenues. If you are adament that you are going to do a LO in Texas, I would highly recommend you have a very competent lawyer walk you through the process and clearly outline to you the risks involved. Ryan Webber www.AmarilloHomeBuyers.com