I met Ryan Enk a couple of years ago at an internet conference. He’s been doing lease options and that’s what we’ll talk about today. He lives in New Orleans on the north shore of Lake Pontchartrain.
Ryan was a teacher there when Hurricane Katrina came through. He knew he needed to do something else to make more money for his growing family that now includes 5 boys.
He started to look around for a way to make money quickly and came upon real estate. He had a dream of opening an indoor sports arena and was able to do that after one year in real estate.
Ryan was particularly interested in starting a flow of passive income. He began going to foreclosure auctions and found a bank that would finance 75% of the homes’ value once he owned them, which gave him some freedom.
Ryan had one house that he got a lease option assignment on 3 different times. The 1st two tenant-buyers walked away, and the 3rd one closed on the house.
He advertises the houses with 3 different tiers of assignment fees, monthly rent, and rent credits. The more money a tenant puts down, the lower the rent and the higher the rent credit. The purchase price of the home stays the same.
Ryan lets the potential tenant know what the monthly charge would be if they took a straight lease with no option to buy. He gets $300 to $1,000 in cash flow from each house and gives tenants 3 years to buy.
Ryan started a Real Estate Investment Club and its members often bring him deals. He does little or no marketing now because he simply doesn’t need to.
Listen and Learn:
- Ryan Enk is a genius on the subject of lease options with homes in the medium price range.
- Learn where lease options fall on the Quick Nickel/Slow Dime spectrum.
- Ryan works with a community bank and hasn’t used private lenders.
- Ryan gives each potential tenant-buyer the chance to choose from 3 cost tiers.
Mentioned in this episode:
- Joe’s podcasts on iTunes: RealEstateInvestingMasteryPodcast
- Joe’s free Wholesaling Lease Options book: WLOBook
- New book coming soon: REISecrets.com
- Joe’s podcasts on YouTube: Joe McCall
- Joe’s podcasts on Facebook: Joe McCall
- Book recommendation: Buy Low, Rent Smart, Sell High
- Ryan’s book on Amazon: The 7-Day Real Estate Survival Blueprint
- Ryan’s book on his website: cashflowdadlife.com/7
- Ryan’s website: CashFlowDadLife.com
- Get free WLO Book by sending a screenshot of your podcast review to firstname.lastname@example.org
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