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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Nothing wrong with your deal, do it again. Posted by Ward-CA- on October 05, 2001 at 3:48 PM In Reply to: Is it leagal to lease to own using the leasee's money? posted by Gene on October 05, 2001 at 12:35 AM : Hello Ward, : I'm from Whitier CA. And what I'm asking is if it's leagal to purchase a foreclosed home by borrowing say toms money who could not get in to a home because of credit issues or ignorance. I them turn around and sell him the property at market value with a rent to own contract. What I did is tell Tom I can get him a home with say $10,000.00. Turn around purchase a forclosed home(Tom does not know of this), I hold the deed but I rent the property to Tom with a contrat that will give Tom Ownership of the property after paying say $100,000 in a 20 years. Is this leagal? : If not, what would be leagal? I don't have money and my credit is bad. But unlike Tom I'm searching for a way to help my self and help others along the way! : Thanks, : Gene =•=•=•=•=•=•=•=•=•=•=•=•=• Gene, I don’t see anything illegal with what you’re doing, according to the information in your post. My only comment is that generally, a payor on a contract for deed, would get the deed to the property upon paying in 20% of the contract purchase price rather than waiting until it’s completely paid for to get the deed. I applaud your ingenuity and hustle. Do it over and over until you work your way out of the hole you’re in. Say, what state are you in and whose contract form are you using? Good luck. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hello Ward, : : I'm from Whitier CA. And what I'm asking is if it's leagal to purchase a foreclosed home by borrowing say toms money who could not get in to a home because of credit issues or ignorance. I them turn around and sell him the property at market value with a rent to own contract. What I did is tell Tom I can get him a home with say $10,000.00. Turn around purchase a forclosed home(Tom does not know of this), I hold the deed but I rent the property to Tom with a contrat that will give Tom Ownership of the property after paying say $100,000 in a 20 years. Is this leagal? : : If not, what would be leagal? I don't have money and my credit is bad. But unlike Tom I'm searching for a way to help my self and help others along the way! : : Thanks, : : Gene : =•=•=•=•=•=•=•=•=•=•=•=•=• : Gene, I don’t see anything illegal with what you’re doing, according to the information in your post. My only comment is that generally, a payor on a contract for deed, would get the deed to the property upon paying in 20% of the contract purchase price rather than waiting until it’s completely paid for to get the deed. I applaud your ingenuity and hustle. Do it over and over until you work your way out of the hole you’re in. : Say, what state are you in and whose contract form are you using? : : Good luck. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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