Peter Conti And David Finkel
I am a newbie and I do mean newbie. My first introduction to lease/option was through Peter Conti and David Finkel. I am at the reading and investigating stage. Have made no offers, phone calls, seen property, or anything. Does anyine know of these two individuals and if so, what do you think of their methods, materials, etc. Thanks for any and all help.
I have just finished reading their free e-book as well. I would be interested in hearing if anyone went through thei rmentorship program as well. I thought the book had merits, but don't feel like I am anywhere near ready to do a sandwich lease deal, so will continue to read, or perhaps try a more traditional means of picking up the property then do a L/O.
Thanks for your post. Have read all the same info. but have learned things are not always what they seem...especially after reading a number of the posts on this site. PLease keep me posted as to your progress.
I've read their books and taken one of their courses.
Pricey but good and complete.
They have a mentorship program that gets good reviews. Also pricey.
They offer decent basic REI how-to, at least concerning finding sellers and marketing, but it's nothing that hasn't been said in other REI books/courses, and here.
The biggest problem that I have with them is that their main "buying" strategy is centered on lease option. I think that LO's are a good way to sell, but isn't the best way to control (since you don't actually buy the property) the property. There are too many potential risks involved if you're not on the deed.
Besides that, LO's create another major problem when selling, because since you sub-LO to a tenant/buyer, you must double close to sell. A DC is difficult to do anyway, and with most lenders' current seasoning requirements, they're very hard, especially for inexperienced investors.
They also promote voice mail scripts, which may have their place, but personally, I think cost you more deals than they'll ever get you. Just think how bothered you get when you call some company and are greeted by "If you want this, press 1, if you want that press 2."
Overall, their material is pretty basic and slightly outdated.
Roger
I have used their method and found it to work well. As another member said you must double close, once your Tenant-buyer decides to purchase. Unless your tenant-buyer has a good down payment or good credit many banks will not like the fact that the title has just changed and may not be able to underwrite the loan for your buyer. An option I have used, is to have the original seller and my buyer close, having the attorney disburse my profit as a consulting fee out of the closing proceeds. So far everyone has co-operated and I did not have to pay closing costs.
I have just completed their "How to buy apartments with no money down" and thought it was great (other than sound quality.
I live to learn and use a blend of what I learn to deal. All in all very credible.
12Dean,
An excellent solution, but does require a little trust. Of course out here where we use an Escrow it becomes a little easier.
Frankly I am unsatisfied with the entire tech and think I have a solution.
Now do not laugh, I am going back over 30 years to an assemblage where we had to hold titles in limbo as we gathered them and then had a mass recording with over 20 titles all recording at once.
I will be in the Escrow Company Monday morning. It goes like this.
You negotiate for a sale. You arrive at a figure, it can be something now and a future note or promise or a portion of title.
You instruct the escrow to receive a Grant Deed executed by the property owner. You give an instruction to hold the document unrecorded pending a future instruction. You have the Escrow Company open a Title order with the Title Co.
Now you have a half way mark. No movement of title, but all the instruments drawn and ready to record by insertion of the proper name of the persons who will end up in title.
Remember with an open order no other title company will insure, or even enter into negotiation.
You have in essence established a control over title and you have not encumbured it or changed it. All of your documentation is in the form of agreements all sitting in the escrow.
Time passes and you have an ultimate buyer. Their name is inserted into the Grant Deed as new owner when they have completed their new financing, or have deposited funds in escrow or a combination thereof.
You can at your election have the escrow make payments on existing mortgages or tax bills whatever.
Seems flexible and responsive to you the TCI type person attempting control over the property.
If something ontoward happens you can always insert your own name on deed and close out and refinance or, heaven forbid, go forward to the existing mortgage holder and assume the debt. Probably be a payment of a point and a lot of documentation.
Nice part escrow dispurses all checks and takes instructions as who to pay and how much. Instructing party, YOU.
I am sure there are holes in this series of events so I expect to be at Escrow on Monday for about two or three hours as we clean the above plan and tighten up all those terrible loose ends which seem to arise on such occasions.
Cheers Lucius
The boys sound Ok but they charge $25,000 to go to Hawaii with them.
At that price, they should be prettier and have better legs.
N.
I agree $25,000.00 is a lot of money to go to Hawaii. I feel the money is better spent on doing deals. If you have the extra cash laying around and need a tax writeoff as an investor the trip is deductable.
I'm a mentorship student. I can tell you that the material is excellent. Very thorough and complete. If you've got any questions feel free to PM me. That $25k you guys were talking about was for a Maui Mastermind. Everyone I know that went signed up immediately to go next year and had nothing but good things to say about it. I would have gone if I had the money as well. As you can imagine everyone there is extremely motivated and they worked on putting together deals there. Peter and David are GREAT teachers and I think every mentorship student you talk to will probably tell you the same thing. I do have alot of their material and I haven't done a deal yet. I put that blame directly on my own two shoulders. I know all I need to do is maybe 25% of what they talk about and I'd have a deal. So now I'm in the process of doing exactly that. That being said I'm very interested in John Locke's Sub2 material. If I were you I'd take a good look at that .
Ryan J. Schnabel
David Finkle and Peter Conti do have a good reputation and are good solid business people. They have a great book on lease options. I used to give that book as part of my course, until I finished my book. They are solid and experienced.
Not only L/O guys.
They also have a good book and course on subject to.
The book is cheap.
The course isn't. But its still really good.
i highly recommend Peter and David books especially the Making big money investing in real estate and making big money in foreclosures. when you buy both books which don't cost very much. included in the deal is a free membership to areia club, many informative downloads, free newsletters and cd's. I have read both books and has help me a lot. i still refer to them from time to time. thanks. happy investing.
[addsig]
$25,000 to go to Hawaii? I clearly have not been as... creative as those fellows.
Thanks,
OnTheWater:-D
What about their guarantee to refund your money if you cannot make a $10,000 deal. Is it a scam or what? [ Edited by JG1112 on Date 03/05/2004 ]
I went through the mentorship program as well. It's just like anything else you do, you learn, digest and refine it too what works for you. What Peter and David offer is great but it is by no means the end all in creative REI. In fact I like John Locke's method of doing subject to negotiation better than how they suggest you negotiate. But then again not every subject to can you go in the way Mr Locke suggests as well.
I would highly suggest both anything by John Locke and Peter and David to anybody for a starting point program.