Hello everyone! I am new to this and i have been considering aquiring lease options. I pretty much understand most of what needs to be done but i have one important question. If i were to get a property where the owner will carry the note, how would i know that he is paying the mortgage when i give him or her monthly payment? Is there a way to keep track of something like this without offending the seller? I have a family friend who moved into a beautiful home where the owner carried back the note and after a big down payment and some months went by, they recieved a notice to vacate the home because the owner was not making the payments and the bank had to forclose on the property. Come to find out, the owner had filed for bankruptcy. I really worry about something like that. Can anyone share something with me about this?
Thanks and God bless!!