All Forum Posts by: Amy Vasquez

Forget about all the other crap/drama in your life and reread what you wrote in the above quote. That's all the reason you need to get going again. Have confidence in yourself, you've already proven you can do it! Not doing it would just be Mr. Wonderful controlling your life through fear.

You gotta get up and keep going.

Go get em girl!

The planner works for me. To me I feel like if it is scheduled, especially for a certain time that I HAVE to it. I don't think it matters a hoot where you write it, just that it's a method YOU are comfortable with and USE ;)

First off, I agree that you shouldn't kill yourself by trying to do it now. Wait till the hours drop off and you can do the buisness AND still see the family.

You sound like me. Still needing to DO it, feeling depressed and like a loser that I haven't done it yet!. Embarrased at how long I've been wanting to do it and haven't Watching the clock tick by and thinking about the life I could give my own husband and 2 year old if I'd just freakin GET UP AND START!

I am a big believer in T Harv Ekers book Secrets of a Millionaire mind in that what you think is what you become and the world delivers what you "ask" for. Also, that we have a level of money have programmed ourselves to make (no more, no less). No matter what. If we come into a lot of cash, surely a big bill will follow. We just keep doing things that keep us in the situation we're in. Wouldn't RE investing propel us into the $/life we say we want? Yes, and that's the problem. For me, I have discovered about myself that MY life is supposed to be alife of struggle.. right... huh? What? Total BS, but yes, I think that is one thing that has kept me from doing RE... my life would become "Easy" and that's not how it is "supposed" to be.

I hope this makes some sense. I am thinking there is something you are unconciously thinking to keep yourself from stepping forward and doing it. You've just got to dig deep and figure out what it is that you are doing to yourself and change it.

And if that didn't help, hold still, I'm backing up 20 paces. I'm running.. fAST, leaping up, extending leg and WHAMMO! One HUGE kick in the ***. @!%* that hurt! Now get your butt up and do what you know you want to do! Time won't wait for you... and your kids will grow up in whichever life you provide. Ouch!

I had a business importing pocketbikes from Italy (before they were the junky toys you see today) Now I am a housewife (VERY strange for me if you knew my background) working on getting my RE career going. My husband just quit his job to go out on his own doing field service work on construction equipment. So, I have put my rehabbing dreams on hold for a bit to help him get his buisness off the ground. It's ok though because he really needed to stop working for someone else and I'm real interested in Lease Options now anyway.

Well put! The whole article was inspirational but the above quote was priceless. My daughter and I have been reading lot of Dr Seuss books that have oddly named creatures and I could fully imagine myself looking outside for a "stress" You cracked me up but I intend on using that quote to keep my stress on track, or maybe I can boot it. It is MINE after all. Hmmm. Thank you! :beer:

I would NOT feel good about it. If I am investing my money, I don't want to leave it entirely in the hands of others. Especially if I haven't done that type of investment before and have no way to know if they are on track or not. And I would be very leery of someone who guarantees the thing will sell... unless of course THEY will buy it if no one else wants to. I would give up some control IF I already KNEW the ropes or if it was to hire a contract to do something I COULDN'T do like fix the AC.

You need to RECORD your option so it shows your interest in the property and clouds the title. Then if the seller tries to sell it out from under you, a red flag will come up when they do a title search.

Your option money BUYS you that option period. The seller agreed to keep the deal between the two of you for whatever period you negotiated. UNLESS of course, you had something in there that said if he got a buyer before you got a tenant buyer that he could sell it.

I have not done one yet (shame on me) but feel I have a good grasp...

If a tenant buyer is in good, upwardly mobile financial situation (ex they bought another home and this is the second one... they didn't need the cash out to buy house 2) then Lease Option is a good idea.

If a tenant buyer is in bad shape (your buyer, those about to be forclosed on, bad credit without a valid reason like medical bille, etc, etc) you need to do a subject to (get the deed) so you can be in control of the property fully and not relying on them to pay (as they have shown they are unable)

I would never allow the original owner to stay and make you payments on "their" house. That's how they will see it, as "their" house. My mother in law is in the middle of a situation with an old man who truly was scammed out of his house by an unscrupulous investor. He thought he got a new mortgage but what he really did was sell his house to an investor and lease it back. Very sticky situation. If the guy was required to MOVE, even feeble minded, he may have questioned it but now, lawyers are involved (mother in law is a traditional type realtor who has been trying to SELL this guys house on the MLS for a year... and its been SOLD to this investor since September!)

The Lease option should be paid UPFRONT. If they can't do that, how do you ever expect them to pay the monthly rent, let alone BUY the house? I wouldn't take the lease option in monthly payments. It's like letting someone move into a rental without paying a security deposit. If they don't pay that security deposit, don't pay the rent, trash the place and move out well, you don't have that security deposit to repair things. The option fee is kept in your bank account but does get "taken off" the purchase price if they exercise. If they don't exercise their option, it's yours.

Monthly rent credits can be 0-100% depending on how YOU structure it. Some investors go say $100/month, some go 50%. It's just something to negotiate with the seller AND your tennant buyer. Those rent credits do go toward the house purchase.

There are 3 forms to use
Purchase Agreement
Option Agreement
Rental Agreement (don't mention anything about the option or purchase in your rental agreement or "somehow" you become a mortgagor. Not sure how that works exactly.

So the money in lease options come from
1. Upfront Option Money
2. Positive difference between rent they pay YOU and rent you pay the seller
3. Back end money on the appreciation of the house (difference in what you buy it for and what you sell it for)

I would say this deal of yours might be a canidate for buying subject to their existing mortgage (if there is some equity and the terms are good) or in just a straight purchase at 70% of FMV but DEFINITELY NOT A LEASE OPTION!

I got my information from Wendy Pattons Lease option book and from going to one of her day long classes offered by my local REI club. THeres another book I want to read that everybody says is great but I can't think of the name right now. Any help on that one?

My husband just looked over and said "are you writing a book? I scrolled up and see that indeed I am :lol:

Hmmm. Maybe I need to spend more time looking that. I have seen what looked like a second loan or refi but that doesn't happen too often.

I did pull my own records. I have 2 loans (80/15) on my primary res. but only the 80% loan shows up. If an investor were trying to buy my house, I don't see how they'd know about the other loan.

But what about if the HO has taken out a debt consolidation second mortgage or HELOC? Is there anywhere to look that up? I haven't seen it in the records anywhere.