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Getting ready to move into a lease option property it needs some minor work

How can I get an loan for a property that we don't own with our credit scores not being that great.  If we are doing a lease option we are not able to qualify for a home purchase.  However the property needs a little work and the owner cannot afford the repairs either.
  • March 18 2011 - Rialto
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Answers (2)

You can not lien the property. Credit cards and personal loans are your only options. Cash call or General can get you 10K pretty easily but the terms suck. Be sure you will 100% be able to purchase that property during your option term before you make improvements.
  • March 19 2011
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For a lease Option to Purchase I would seek a Real Estate Attorney to draw the paper work.
 I would also try to get your credit worked on while you are trying the lease Option. There is a National Non Profit company called Consumer Credit Consuling Service. There is No charge for seeking help and they have online help and in person workshops. Google the name, hopefully there is one located near you. They can help with credit, home buying and budgeting monies for purchases. They can help you with your issue of trying to purchase with option.

  • March 18 2011
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