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

Why Lease Options?

Fast

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

Very little risk

Tons of sellers who have no equity

Tons of buyers who want to buy but can't

You don't need to have super motivated sellers

Nice homes in nice areas

You can close deals very easily without seeing the house

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

Do something with all those leads that you normally throw away

Great retirement strategy

Cash Now, Cash Flow, Cash Later

Prices are starting to go up now

Control with ownership

What this podcast will be about

I am have a survey and a webinar coming up

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

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

What helped me quit my job

The market is getting better

I am going to be focusing more on lease options again

Steps to LO and WLO

With everything - 3 keys

Simple

System

Scale

Everything starts with marketing

Have a marketing plan, Right target markets, Where people want to live

Favorite sources, Craigslist, Expired listings, Zillow, Other wholesalers / rehabbers

Talk to sellers, You wouldn't be interested in leasing your house for a couple years and then selling it would you?, 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?

Make offers, Always send an offer in the mail

Follow up, Most deals will come from follow up

Get the property under a simple lease option agreement

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

Make multiple offers

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

Bandit signs

Craigslist

Postlets

Have all the calls go to voice mail

Prescreen TB's

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

1-2 years

Good employment and rental history

Get a mortgage broker to help you

Credit repair

SLO

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

WLO

Assign your original contract to the TB

Have an attorney and escrow company help you set these up

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

Example deal 1 - SLO

ARV $150,000

Owes $130,000

Payments $1,000/mo

Rents $1,300/mo

Equity - $20,000

Cash Flow - $300/mo

"I will be your tenant-buyer"

You find a TB that will buy it for $155,000, Rent $1,300/mo, $100/mo rent credits for closing costs

Your profit centers, Cash now - $5,000, Cash Flow, $300/mo spread, $ from Option Deposit note?, Cash Later, Spread from what your option price is (A-B) and option price with TB (B-C)

Example Deal 2 - WLO

ARV $150,000

Owes $145,000

Payments $1,300/mo

Rents $1,300/mo

I keep the option deposit as my assignment fee

Just assign and get out

Licensing Issues

I recommend getting your license

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

Hire a realtor to market your properties

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

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

Next Steps

Survey - go to show notes, or WLOSurvey.com

Doing a webinar - show notes or, WLOWebinar.com

Starting to do these deals again

I am updating my course

3 Secrets, 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, Income Disclaimer, 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, Secret #2 For Cash Flow: A game plan to make $5,000/mo in residual cash flow within 6-12 months, 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)

Going to be demonstrating a real deal while here in Prague

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