Lease Option Pitfall Number 5
Now this is a very important Pitfall to avoid. You need to make money in this business or don’t do it. You can’t afford mistakes. This is a big one.
In our paperwork, we have a weasel Clause that says if we don’t get a tenant buyer that’s suitable, the agreement is null and void. This protects us in case we can’t find the right tenant buyer that has enough money to move in. So we try to get 60 days to find the Tenon buyer and move them in especially if the house is currently vacant because the seller is paying for a vacant house. It’s painful to pay for a vacant house cuz you still have to pay the mortgage every month.
If you do only 30 days, you’re not giving the tenant enough time to move out and give 30 days notice. So we feel that 60 days from the first of next month is the best way to go when dealing with sellers.
Please give yourself enough time as a real estate investor to do lease options and lease purchase.
