Wholesaling Lease Options Podcast

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Wholesaling Lease Options Podcast by Mind Map: Wholesaling Lease Options Podcast

1. Why Lease Options?

1.1. Fast

1.2. Easy - great for beginners & tool in belt of experienced investors

1.3. Very little risk

1.4. Tons of sellers who have no equity

1.5. Tons of buyers who want to buy but can't

1.6. You don't need to have super motivated sellers

1.7. Nice homes in nice areas

1.8. You can close deals very easily without seeing the house

1.9. Easy to outsource all your marketing and selling of the property to others

1.10. Do something with all those leads that you normally throw away

1.11. Great retirement strategy

1.11.1. Cash Now, Cash Flow, Cash Later

1.11.2. Prices are starting to go up now

1.11.3. Control with ownership

2. What this podcast will be about

2.1. I am have a survey and a webinar coming up

2.2. I am updating my course - more of an emphasis on cash now, cash flow, cash later

2.3. Starting a new group coaching program - walk thru doing a deal from Prague

2.4. What helped me quit my job

2.5. The market is getting better

2.6. I am going to be focusing more on lease options again

3. Steps to LO and WLO

3.1. With everything - 3 keys

3.1.1. Simple

3.1.2. System

3.1.3. Scale

3.2. Everything starts with marketing

3.2.1. Have a marketing plan

3.2.1.1. Right target markets

3.2.1.2. Where people want to live

3.2.2. Favorite sources

3.2.2.1. Craigslist

3.2.2.2. Expired listings

3.2.2.3. Zillow

3.2.2.4. Other wholesalers / rehabbers

3.2.3. Talk to sellers

3.2.3.1. You wouldn't be interested in leasing your house for a couple years and then selling it would you?

3.2.3.2. I am an investor, looking for a property I could lease for a couple years and then buy it. That wouldn't work for you, would it?

3.2.4. Make offers

3.2.4.1. Always send an offer in the mail

3.2.5. Follow up

3.2.5.1. Most deals will come from follow up

3.3. Get the property under a simple lease option agreement

3.3.1. You should approach every deal like you're going to stay in the middle

3.3.2. Make multiple offers

3.4. Advertise "the contract" as a lease option for TB's

3.4.1. Bandit signs

3.4.2. Craigslist

3.4.3. Postlets

3.4.4. Have all the calls go to voice mail

3.5. Prescreen TB's

3.5.1. Make sure they're someone who has a realistic chance to get a mortgage

3.5.2. 1-2 years

3.5.3. Good employment and rental history

3.5.4. Get a mortgage broker to help you

3.5.5. Credit repair

3.6. SLO

3.6.1. Write a new L/O contract with you and the TB

3.7. WLO

3.7.1. Assign your original contract to the TB

3.8. Have an attorney and escrow company help you set these up

3.8.1. It's important that you have a 3rd party pay the mortgage

3.9. Example deal 1 - SLO

3.9.1. ARV $150,000

3.9.2. Owes $130,000

3.9.3. Payments $1,000/mo

3.9.4. Rents $1,300/mo

3.9.5. Equity - $20,000

3.9.6. Cash Flow - $300/mo

3.9.7. "I will be your tenant-buyer"

3.9.8. You find a TB that will buy it for $155,000

3.9.8.1. Rent $1,300/mo

3.9.8.2. $100/mo rent credits for closing costs

3.9.9. Your profit centers

3.9.9.1. Cash now - $5,000

3.9.9.2. Cash Flow

3.9.9.2.1. $300/mo spread

3.9.9.2.2. $ from Option Deposit note?

3.9.9.3. Cash Later

3.9.9.3.1. Spread from what your option price is (A-B) and option price with TB (B-C)

3.10. Example Deal 2 - WLO

3.10.1. ARV $150,000

3.10.2. Owes $145,000

3.10.3. Payments $1,300/mo

3.10.4. Rents $1,300/mo

3.10.5. I keep the option deposit as my assignment fee

3.10.6. Just assign and get out

4. Licensing Issues

4.1. I recommend getting your license

4.2. Always go into deal with the intention of staying in the middle

4.3. Hire a realtor to market your properties

4.4. If you decide to assign the contract, advertise the contract, not the property

4.5. Talk to your local attorney. Have an attorney do all your paperwork

5. Next Steps

5.1. Survey - go to show notes, or WLOSurvey.com

5.2. Doing a webinar - show notes or, WLOWebinar.com

5.2.1. Starting to do these deals again

5.2.2. I am updating my course

5.2.3. 3 Secrets

5.2.3.1. 3 Secrets For Stress Free Abundance By Creating Cash Now, Cash Flow, Cash Later Thru Simple Lease Options - without using any of your own money or credit, and without any experience required

5.2.3.2. Income Disclaimer

5.2.3.3. Secret #1 For Quick Cash: How to make a quick $5,000 in the next 30 days with only a laptop and a cell phone using craigslist

5.2.3.4. Secret #2 For Cash Flow: A game plan to make $5,000/mo in residual cash flow within 6-12 months

5.2.3.5. Secret #3 For Cash Later: How to have $1M in cash and equity in less than 10 years (Buy Low, Rent Smart, Sell High Example)

5.2.4. Going to be demonstrating a real deal while here in Prague

5.2.5. Don't worry if you are listening to this several months down the road... There will be a replay to the webinar