Rent To Own: Peter Conti & David Finkel
I recently read a book by the above mentioned authors entitled: "Making Big Money Investing in Real Estate without Tenants, Banks or Rehab Projects". The book was very compelling and informative and I am considering enrolling in their mentoring program. My question, has anyone gone through their program? If so were you successful and would you recommend the program?
Royal K
I am not a part of the mentoring program but I have read the OTHER 2 books by peter and david, and I have to say that after reading them I am anxious to get started. You can get a free book online by going to another website...i just finished reading it...its called "Multiple Streams of Income - buying homes in nice areas with nothing down!" Excellent and very informative. Of course i cant write the whole URL down but I will make it easy for you to find
"Resultsnow"
Register and get the free book....the registration is free as well.
Enjoy
Their offer is compelling. They guarantee your money back if you don't make that much by following their program. I have been to one of their seminars in Atlanta recently and along with reading their books, have come away very impressed.
I have their home study course and think it is very good. One of the most complete courses out there. I am not sure what the mentoring will cost but for me the course was enough.
Tom
RoyalK,
I just bought that book yesterday afternoon and finished it last night. And so ironic you should mention it. In the course of reading it my cousin calls me up whining about his tenant renting his condo and goes on about he wants to sell and wants out. BING! Immediately I tell him I want it. I know its worth 60-65k, he owes 51K and in his area property has appreciated at about 4% a year. So I figure, I'll do a subject to, L/O it out for 3 years minimum, make about 200-225 cash flow every month, and then when/if purchased I will clear 8100 cash flow, 9K origional equity he wants no part of, and then an additional 7800 when/if it sells, oh and the 3500 option money. I stand to clear 28K over three years. Not bad considering I had not even finished reading the book and this deal comes my way. Truth be told, I focus on foreclosures and had no intentions of lease optioning until I read the book. Kind of a twisted fate huh?LOL
God Bless,
Benny
[addsig]
Benny,
So, if I am doing my arithmetic correctly, your option price will be $71300 ??
Just wondering how you will guarantee a minimum 3-year option term. How will you prevent the tenant-buyer from exercising the option sooner?
They will probably not be able to get a loan till then, because it will not appraise until then. If they do get it to who cares? He's still making money in the difference in equity.
Sorry Dave,
Not lease option, purchase option..I got too many things going on here..got my wording all discombobulated
Benny
[addsig]
What's the difference between a lease option and a purchase option???
Details Please.
Gonzo
Lease option gives the TB the option to purchase, not obligation to purchase.
Lease purchase gives the TB the obligation to purchase, not the option to purchase.
Deer Benni,
A very nice little transaction. Next time he calls would you give him my name and number?
It is my opinion based on the time I have spent in Real Estate which dates back to the flood, No not the little ones here in California, you know the real biggy where the Ark changed zip codes and ended up on top of a mountain.
I feel that if you are to be active in the field of Creative Real Estate Intrusions, you must carry a bag of tricks. Not just one or two but as many as you can cramn into your head.
When the opportunity presents itself you should be ready to go if its a flip/flop, a short/sale, an after Trustee Sale bargain down to your indicated value. The buy of a second TD at discount to achieve a yield and the apothication of said TD based on an increased value. The fixup of a piece of property and resale or lease, The purchase of an overlisted property by breaking the purchase price into multiple loans with the last Junior encumbrance being set up for future discount etc. etc.
You should be able to see the slummy old five story manufacturing building that you can buy for borsht and then have your artistic rich future tenants convert it into an artists in residency floor by floor and then sink the spear as you set up on the ground floor an art gallery, oh it never ceases. You should see the design assistance I am getting from the artists on conversion of shipping containers into houses. Red house with white stripes try that in Suburbia.
From what I have seen in these Postings you can have it all. Just download the ones that hit your fancy.
If I can learn at my advanced age then you all have it whiped, ooh my god late for my obedience class.
Reverently Lucius