Lease option best choice and suggestions please

[N/A N/A]

I know I want to do lease options and quads, reading and learning about them sounds like the best investments for my income goals.

Now I'm ready to purchase a course on lease options. The 2 courses I'm considering: Claude Diamond or Bill Bronchick? I have a book or two from Bronchick and a download from Diamond, the cost isn't the issue - it's which will give me the information to get started as a beginner.

My background is accounting, so I started with 'doing the numbers' on paper, looking at quads for sale in my area and talking to other investors.

Now it's time to fish or cut bait, so which course would you (experienced investors please) choose if you were just starting?

Thank you for your advice and suggestions.

[Brian Gibbons]

Hi Kiran:

Supplementing John Corey's Post:
1) TX has basically not allowed residential lease options.
2) I review most lease option material.
So here's my opinion (REI since 1984):

- Ron LeGrand sells it very well. So does Lou Brown. They have been in the CREI game for 30 years.
- Barney Zick is one of my favorites. I was sad to see him pass away. I love his private money negotiations.
- The Cooperative Assignment is a technique where the REI leases with option from seller, then sells - assigns the contract. Or the REI consults with the seller on placing a Lease Option on their property or a Land Contract. There are challenges to being a Seller Finance Consultant to Sellers but it can be done well. I believe it is hot cash creater in this flat market and we teach it via webinar.
- Anything by Bill Bronchick JD is valuable.
- Anything by Richard Roop is valuable. Best marketer on the planet.
- Claude Diamond like to use huge rent credits to get TBers. 50% to 100% of rent. We oppose that.
- Any book by Wendy Patton, Peter Conti - David Finkel, Bob Meister - Charlie and Randy France, Matthew S. Chan, Jay DeCima, John Schuab, Jack Miller and Mark Warda JD,
- Advanced concepts from Peter Conti- David Finkel, such as Lease Purchase of sophisticated owners (e.g. using Equity Split Addendums) are for people serious about negotiating win win arrangements. We think the Protege' course is the best Purchase Option course there is. Problem with many REIs is it is expensive. I would partner up with 2-4 people and share it.
- Taxation of Lease Purchase is covered by no better teacher than Al Aiello,
- Lastly avoiding equitable interest can be achieved by not delivering an Option to Purchase directly to the Tenant on the Lease Option; rather you can hold an option to purchase in escrow to be delivered to the tenant once say 24 months lease has been completed, then tenant has 90 days to exercise their option (get financing). This is called a Contract for Option to Purchase, similar in effect to a Contract for Deed. See Warda's Lease Option Book

I hope this is helpful.

All the best,

Brian Gibbons

PS Lease Options are only one tool for a REI. You need sub2-land trusts, seller carrying equity in a note, etc. Don't be a one trick pony! :)