Posted by Jimmy on May 13, 2008 at 04:56:52:
In Reply to: What's the deal with Texas Lease Options? posted by Lara on May 11, 2008 at 19:49:01:
the law is still with us, and will stay with us. it did not kill lease option deals. but it did put them on similar ground with seller-financed deals. the owner in a LO deal can no longer use the quick exiction process to get rid of a defaulting LO tenant. there are notice requirements, cure periods, etc.
I sill do LO's in a way that steers clear of the new law. my LO tenants are rehabbers who will never reside in the property (contract says so, and also prohibits relatives). this takes it out of the law. that peculiar kind of dela happens to fit my biz midel very well.