I always enjoy talking to another investor who’s doing things in the right way – in all areas. That certainly describes Scott Ulmer. He has raised up the art of doing lease options to a new and higher standard.
Scott’s market is higher-end homes that are upside down and/or overleveraged. Their buyers have the income for a substantial down payment, and to even make monthly payments. All that’s missing is the ability to qualify for a conventional loan. These are buyers who can put down a sizeable deposit, and are serious about owning the home.
Scott and his team at Little Pink Houses of America spend quality time with the buyer at the outset to ensure they have a better-than-average chance of qualifying within months, rather than years. Hence, Scott refers to their business as lease purchase, rather than lease option. A lease option, he says is just a test drive.
The deals benefit the seller and buyer, and of course, Scott’s business as well. It’s all about helping middle Americans attain homeownership in a non-traditional way. Scott says they have created a “blueprint for success.”
You’ll be captivated as you listen to me grill Scott on each detail of how his business operates, and especially how they are set up to avoid being accused by the Real Estate Commission of operating without a license. No stone was left unturned to totally operate within the guidelines of the law.
Listen and enjoy:
- Scott’s story of how he and his father hit rock bottom in the real estate crash – and how he bounded back stronger than ever
- How Little Pink Houses of America functions to help distressed homeowners hook up with buyers who can’t get a conventional loan
- Working with buyers early on to ensure they will get qualified within a few months
- Markets via Craigslist, billboards, radio, TV, Google PPC
- How the Little Pink Houses of America office staff operates
- The importance of having a broker on-hand for credibility purposes
- Why you need a real estate agent in-house
- The importance of having attorneys close each deal
- Why a good escrow company is a must (hint: to make sure all funds are handled properly and that the paper trail is clear)
- How to be proactive with the Real Estate Commission in your state
Mentioned in this episode:
- Joe’s podcast on iTunes: Real Estate Investing Mastery Podcast
- Joe’s Coaching Program: Joe McCall Coaching
- Podcast Hotline: 636.255.8815
- Scott Ulmer’s website: Little Pink Houses of America
- Scott Ulmer’s coaching program: ABLE – Assembling Buyer Lease Estates Cashflow Mentoring and Marketing
What are you thinking?
First off, we really love feedback, so please click here to give us a quick review in iTunes! Got any thoughts on this episode? We’d love to hear ’em too. Talk to us in the comments below.