Posted by Herbster on March 27, 2010 at 20:38:18:
You should also use a Memo. of Option, A check list to determine known flaws in the property, done by seller and buyer, before and possibly after the term is up. One more form that states things like buyer is under no pressure to sign, is free of drugs and alchohol, is of good mind and body and about 20 more CYA items. google michaelcarbonare for a course.
Best Lease Option Courses - Posted by Cleanzy Pinkney
Posted by Cleanzy Pinkney on March 26, 2010 at 14:58:30:
I have two rental properties that are vacant that I want to sell in this soft market. Someone suggested to Rent-To-Own or Lease Option. I’ve done some research but like to get a course of some sort. Wendy Patton comes to mind but not sure about her courses. Does anyone know of any good courses that they’ve had success with? Thanks
Re: Best Lease Option Courses - Posted by Mel
Posted by Mel on March 29, 2010 at 11:55:46:
You’ve got to check out this website - this guy is great and a friend of mine recently completed one of his classes. He was raving about it and was super excited to get going in the lease-option market. I think there are some classes starting again in May. From what I’ve learned these aren’t your typical ‘classes’ - it is more like one-on-one hands-on training. Here is the website: www.leaseoptionclasses.com
More thoughts… - Posted by Rick, the Probate Guy
Posted by Rick, the Probate Guy on March 28, 2010 at 13:20:43:
This is not a technique that I use, so consider me a poorly qualified source.
However, disclaimer aside, I like the material that I’ve received when taking courses from John Schaub, the late great Jack Miller, and Jack Shea.
Shea uses a book written by a FL bases attorney, Mark Warda, who is an advocate of ‘selling’ with a ‘contract for a contract’ to option to sell for the Optionee (tenant).
Its designed to prevent any equitable interest inuring to the optionee until the terms of the initial contract have been performed.
No, I’ve never seen any legal citations testing it.
And I have no experience with this tactic, but in my State, CA, many legislators have got their panties all ruffled over lease-option deals that went sideways.
John Schaub has what I think is a good approach to dealing with the treatment of option consideration received, when the deal doesn’t get excercised later. I think its a “must read” for anyone considering venturing into this frequently mis-exploited area in order to avoid landmines and other pitfalls.
Re: Best Lease Option Courses - Posted by Pat
Posted by Pat on March 27, 2010 at 19:50:59:
I don’t use a lease as it only benefits the tenant and muddies the eviction waters if it comes to that.
Make sure you check them out to determine if they can buy on or before the expiration date. Do this by sending them to pre qualify for financing.They’ll be told where they stand and how much time they’ll need. The serious ones will get right on it. They understand that there is a sale in the works; not tenancy.
Re: Best Lease Option Courses - Posted by Jack-E
Posted by Jack-E on March 27, 2010 at 19:28:48:
You do not need a course to learn how to lease option. Just get your lease (That does not mention the Option) and do a separate option to purchase. If you have any questions ask here.
Re: More thoughts… - Posted by cpink
Posted by cpink on March 28, 2010 at 13:38:42:
Thanks a bunch for your input. It helps to know that there are very good resources out there to tackle this area of Lease Options.