You may recall that I’ve had a few guests lately who responded to an email I sent asking people who are doing lease options if they would like to be on my podcast.
Today’s guest is another investor who got back to me, and he’s done very well with lease options. Rob bought his own home via lease option a while back. He’s had several mega-dollar successes with lease options over time… one that yielded a gross cash flow of $12,000 a month!
Rob lives in the mountains of northern Monterey County in California. He’s been doing real estate investing off and on for a while. He used to be a car dealer and worked in real estate on the side.
He also had a store that sold wood-burning stoves, solar panels, and other energy-saving products during the Carter administration. The prime rate was 18% at the time, so no real estate opportunities then.
He bought his 1st personal home with a 5-year lease option. The owner offered it; it was not something Rob was pursuing. When he bought, he got a 10% interest rate even though the prevailing rate was 12%.
Rob was expected to take over renovations the seller had started, which was fine with him. The seller worked with Rob using creative financing and flexible terms.
Rob later bought a commercial property with a lease option. It was a car dealership that had been on the market for 2 years, so the sellers were very motivated. He negotiated the deal with a realtor and got terms that were very advantageous to him.
Rob leased it to another car dealer who stayed as long as he needed the building. Then Rob sold it for $1M gross to another commercial concern.
He later bought a fourplex on lease option that he still owns. He did renovations to it legally without permits to make it match the plan on file with the county. He considers the rent from the fourplex to be his retirement fund.
He bought a 5-bedroom home in Los Gatos and lease optioned it to a friend who now owns it. Rob has never been a full-time investor but has made some incredibly lucrative deals over the years.
Rob’s advice to you is simple – just do it. You can structure lease options any way that works for you. If one seller doesn’t accept the terms, just look for another one. And there’s always another one.
Lease options are the only risk-free, no money down, flexible-term investment Rob’s ever found. Sellers usually don’t even check your credit. So, get out there and just do it.
Listen and Learn:
- Guest Rob Gaither has been the seller and the tenant-buyer of several lucrative lease option deals.
- Rob doesn’t pursue real estate investing full time but keeps his eyes open for the right properties.
- Rob’s advice to you is “just do it”… lease options require no money down and are flexible and risk-free.
- Get Joe’s new book, REI Secrets – Daily Nuggets of Real Estate Investing Wisdom.
Mentioned in this episode:
- Joe’s podcasts on iTunes: Real Estate Investing Mastery Podcast
- Joe’s podcasts on YouTube: Joe McCall
- Joe’s podcasts on Facebook: Joe McCall
- Show brought to you by Joe’s new book: REISecrets.com
- Rob’s email: RobGaither@gmail.com
- Rob on LinkedIn: Rob Gaither
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