Yes, I’m in my car and we’re talking about lease options, using a one-page guide I wrote. I enjoy talking to people while I’m driving, so I hope you’ll bear with me if the sound’s not as good as you’d like.
I produced this a while ago while attending a real estate investing convention. The speaker before me had a general fix and flip course that had 20+ videos and 30+ notebooks of info.
I was overwhelmed, so imagine how a student who ordered all that would feel. The experience led me to challenge myself to come up with the shortest possible document about making lease options deals.
I know that education materials are important, but they have to be actionable. Students have to be able to turn the knowledge into a deal or 2 in a reasonable amount of time or they get discouraged.
The first step to closing a lease option deal is to find motivated sellers. It’s marketing. I like to send texts, emails and voice messages to people listing property on Zillow and Craigslist. I have VAs do it for me.
That’s right. I don’t like cold calling, so my VAs do it by asking the sellers 1 simple question. After doing this for a couple of months, you have a database of landlords, property managers, and wholesalers, etc.
You can add to the database, of course, but the most important thing is that you can ‘mass market’ to it from time to time. I teach you how to scrape data and skip trace and make automated calls.
Another great way to get started is to network and share deals with other investors and wholesalers. You can learn a lot doing that, and it might make it less scary to do the 1st few deals this way.
Make an offer to every potential seller you speak to. And follow up with that person to be sure they received the offer. A week later, follow up again. Most deals come about due to follow-up, so do it.
With lease options, you control property but you don’t own it. So you don’t need banks or private lenders. It’s a super strategy if you’re just starting out or if you’ve been an investor for a long time.
Listen and learn:
- This episode covers the 1st step of the 8 or 9 steps required to do lease options.
- Students need actionable training material so they can make a deal or 2 in a reasonable amount of time.
- Always tell landlords and property managers right away that you are not a realtor.
- No matter how chilly the potential seller sounds to a lease option, send an offer. ALWAYS send an offer.
Mentioned in this episode:
- Joe’s podcasts on iTunes: Real Estate Investing Mastery Podcast
- Joe’s Wholesaling Lease Options webinar: SLOClass.com
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