Adam King's Coop Lease Purchase Course Feedback?

Question

Hi,

Has anyone used Adam King's Coop Lease Purchase Course. Is this helpful? This seems to be the least expensive cooperative lease option course. Is this course updated regularly or is it an old course? His website does not look updated to me but I hope his course is...

Feedback please...

Thanks!

John Jackson · Answer

Although I am not familiar with Adam's course, I do know that he has been in the biz for a while and is pretty solid, and have communicated with him quite a bit on Naked Investor. 
CA's are the ONLY think I do and teach, and I think are a great way to get started in RE. 
I also highly recommend Michael Carbonare's manual at naked-investor.com  $97. 
If you contact MC tell him you think John Jackson is a genius and moderately attractive....just to make him roll his eyes..

Jay Von Mohr · Answer

@ Lokesh. I have Adam's course & I think it's solid. I also studied Michael Carbonera, Joe McCall & Joe Crump. All those are great resources as well.

All are pretty much the same basic info (some assign to the seller instead). I like finding the different marketing methods being used. After all, we are in the marketing biz first & foremost.

Once you have the basic idea down about how to fill out the option paperwork, stop looking into more courses & just focus on marketing & talking with motivated sellers & lock one up.

Hope that helps,

JvM

Kent R. · Answer

It doesn't take any longer to implement Adam King's method.  The contract that he uses has more "options" available to complete the deal and is longer than Michael Carbonare's contract.

Also, Adam sometimes employs the method of assigning the option back to the Seller to complete the deal.  Michael uses the traditional method of assigning the lease/option to the Tenant/Buyer.

Hope that helps.

Laurence Bealer · Answer

Adam is really focused on mindset so that in addition to the Co-operative L/O information, you have the proper mindset to do deals instead of being stuck in analysis paralysis. I enjoyed it and continue to enjoy it.

Bill Gulley · Answer

15 questions....lol

Have your attoney get on here and I'll be happy to point out some issues involved that they don't teach in law school. Good luck....

Lokesh W. · Answer

All my contracts have been reviewed by my attorney. This is legal in Wisconsin. Adam's course has "15 questions for pre-qualifying a tenant buyer", which is helpful. In addition, there is a step for "credit/background check" for the tenant buyer.

Bill Gulley · Answer

Are you familiar with the SAFE Act, and where the new CFPB is going with financed transactions. Gurus can say 100 attorneys said it's okay, that does not mean it's okay in your area and without a written opinion it means nothing! Gurus sell products as educational material that being a loophole to tell you anything. While there may be good step by step instruction, you will be responsible for each step.

As to your marketing problem, better take great care in qualification of any buyer, not only do you need to find a tenant, but also someone who can perform.

It could be only a matter of time before regulators begin answering rent to own ads....

These co-op L/Os are nothing more than a pass-through transaction and you may have a problem giving an option of a property you don't own or have title to, which is the reason the option should be sold and assigned.

The reasons I have not written any material on the subject is, compliance issues in all states, my time and other minor factors, but I don't see anyway in the near future to provide information that will be compliant into an unknown future or with current restrictions state by state. If anyone claims they can, they don't know what they are talking about. Check in your area as to compliance issues before you strat buzzing these agreements on the public. Good luck

Lokesh W. · Answer

I bought Adam's course. So far so good. He replies my emails. I don't believe in lease option courses that cost 1000s of $$$$$!!!!

I have one property under lease option contract and another on the way (the owner of the 2nd property asked for changes to my lease option contract). But, I am not getting good tenant buyer leads on the 1st property. One of the potential rent to own buyers even gave money for the background check and then decided not come in.

Yes, that is correct. We have to have better marketing. I will be putting an ad in the Sunday paper and see how it goes. I recently created a blog on blogspot for my rent to own properties. I might create one on Wordpress as well.

Any suggestions on finding qualified tenant buyers???

Lokesh W. · Answer

Kent R.,

Thanks! That helps...

Lokesh W. · Answer

@Kent R.

Are you saying that Adam's method takes longer to implement than Michael's??

Yes, I will update once I have read through Adam's course.

@John Jackson,

I have noticed that too in my calls to "For Rent". It looks like owner is very eager to rent it out as soon he/ she finds a qualified renter....

At Wendy Patton's bootcamp, we called some "For Rent" ads from craigslist and found that owners were receptive to lease options but later, they did not return the phone call and also the "for rent" was removed from the craigslist...

Thanks for the tips on getting lease option leads...

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