This episode is a follow-up to the last one, which was a coaching call. Gavin Timms, my training partner, and I received so many questions during that last episode, answering them will take several podcasts.
These notes contain mostly questions… maybe a few answers. Watch or listen to the podcast to get the answers, plus the dialogue between Gavin and me. There’s a ton of info for you to take in.
Q: Can lease options work if seller has no equity or negative equity?
A: Yes, just extend the length of time until the option is activated.
Q: Is REI Simple replacing Podio? How is it implemented?
Q: My offer didn’t work because I could not get seller to understand lease options. What do I do? How do I control conversation?
Q: In your Wholesale Lease Options process, it says you need to prequalify the tenant buyer. Do I have to prequalify with a mortgage company?
A: No, I’ve never had a seller pull my credit on a lease option.
Q: How do you train a VA to make offers for you and expect them to know what they’re doing?
Q: In structuring a deal with an ARV of $490,000. House has been on the market for 3 years; rents are commensurate with price. Seller wants action on the property. What do I do?
Q: How can a student get access to course modules without waiting?
A: Take action on the module that you have. While education is crucial, action is much more important.
Q: If someone agrees to owner financing, what’s next? Seller wants $16K down payment on a $300K house for a 5-year term.
A: Politely walk away from this deal. There’s no money in it for you.
Q: A newbie asks how to get started in lease options… what type of house, what cost/rent range, insurance?
Q: If I don’t have an LLC, can I still move ahead with making offers?
Q: Owner is moving out of state and wants to pay off the property for $92,000. Home is worth $114K and it’s in good shape. Is this a deal or not?
Q: Does a lease option work only for pretty houses? Attorneys are talking down the deal because the house needs work.
And there’s more. If the answers to questions like these would be helpful to you, watch or listen to this podcast. You’ll get very specific information about situations that you will experience in this business.
Listen and Learn:
- Understand it’s okay to walk away from deals… don’t waste time trying to create a deal out of nothing.
- Be blown away by watching the compilation of case studies.
- REI Simple is Joe’s new go-to CRM, but it’s not a requirement for those happy and comfy with Podio.
- It’s easy to set up an LLC, so don’t let unfamiliarity with it get in your way.
Mentioned in this episode:
- Joe’s podcasts on iTunes: RealEstateInvestingMasteryPodcast
- Joe’s Lease Options book: WLObook
- Joe’s CRM: REI Simple (Send email to firstname.lastname@example.org to get it.)
- Smartphone messaging app: Voxer
- Compilation of case studies and training videos/podcasts: JoeMcCall.com/apply
What are you thinking?
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