How Do I Do Lease Options in Texas? What Documents Do I Need?

The way to do Joe's method in Texas is to change Lease Options to Land Contracts. There are still requirements for Land Contracts, but they are much easier to comply with.

But Joe's favorite way of doing it in Texas is...

Do a 6 month Lease Option that convert into a Land Contract IF the Buyer makes their payments on time. 

Then, put them into the Land Contract for 18 months. 

Land Contracts can be refinanced after a year (LOs cannot and require more qualifying and more downpayment and closing costs), so doing it this way makes it more likely that the buyer will exercise the option.

Here is a short video on doing deals in Texas.
http://joecrumpblog.com/are-lease-options-legal-in-all-states-including-texas/

I'm attaching the the For Rent documents modified Texas along with an example Land Contract to this email as a Zip file.

You should consider getting into Joe's Mentor Program, if you have not yet joined that program. That way Joe can help you personally with this method in Texas.

You will need to let the seller know the process too, since the contracts are between the final tenant buyer and original seller.

When you are signing up a buyer you need to let them know that the Lease Option is for 180 days only-they can buy it for that price during the first 180 days. At any time between 150-180 days the can enter into the land contract for a longer period of time-if they are current, it will change over to the land contract. If they don't exercise the option to buy or enter into the land contract, it simply reverts to just a regular lease. The land contract is not filled out for a specific deal-it is just an example-you will need to have a Land Contract that is specific for TX and filled out for the specific deal you are giving them. You would need to get one from a lawyer (make sure they send it to you in a MS WORD document so you can re-use it for other deals.

One possible source online is http://www.lawdepot.com/contracts/contract-for-deed/#.V8DTnfkrKM8


P.S. We aren't lawyers and do not provide legal advice.