All Forum Posts by: Benjamin Cowles

Bill, I've learned this much so far but I've never seen an option for sale on a bandit sign or classified ad or anywhere. So I'm wondering how people sell options and/or leases 

Is it that they most investors just do it the wrong way and get away with it? And how do you legally show a property you don't own to sell an option and/or lease on it? Can you technically sell a lease or do you just transfer them to a buyer of your option(if you didn't SLO the tenant)

I actually only intend on possibly getting a lease option contract with a seller to eventually take over the property for myself but in the event the option is about to expire and I can't get financing I'd have to sell the option, so I'd also need to transfer the lease along with it. 

Thanks

 Thanks for the food for thought. 

Have you learned more on this question since posting it? I too am researching this method and would like to know exactly what steps are involved. Seems like it's a standard purchase with the "subject to" detail in there but then you gotta somehow step between the mortgager and the bank to make sure you're on the up and up on the loan(power of attorney?) but at the same time you're trying to hide your involvement with the loan from the bank to avoid the DOS.... Confusing and hairy seeming. And you also might want to include another CYA form disclosing that the seller is aware of the DOS risk.... Then might you use a land trust to help hide yourself from the bank? And what about insurance? Is there a way to keep it in the seller's name but get yourself on the policy to receive any potential payouts. And I bet there's more to it. I'll keep reading. Pls share what you've gathered.

Thank you Brent. I appreciate the inspiring update. So you have a title co. that does simultaneous closings? Is your company only local or might they have an office down here? 

I see you let the other partys' use their attorneys. I was curious what one needs to be concerned about should the buyer or seller insist on this but since I haven't even used one of my own yet, I suppose I wouldn't have a preference anyway but did you still run the contract for the condo and the (almost) seller financed deal by your attorney or title company or in the case with the seller's lawyer, if they are closing a real estate transaction are they neutral in their involvement? Maybe I'm asking the wrong question but I don't know what to expect or be concerned about exactly tho I've read somewhere someone advising to insist on your own attorney/title co. 

Thanks and congrats! And I hope those eggs were "cage free" ;) 

So did anyone ever find out where to get Michael's book lol? 

So did you ever do one of these options deals

Thanks Bill. Yeah, speaking of which I've been reading on your site about using options and TIC's. Can't find the scenario tho where Jane's "Jack" tries to flip a standard purchase agreement the usual way, but I'm following along just fine. I'm in the beginning of your course and read some comments you were planning on going deeper into "tic tac toe". Did you ever? Well I'll find out soon enough. Thanks for what you've provided in your website!

Brent, I'm also pursuing a similar path as your own so whatever you can follow up on as far as what you've learned since your last post regarding your stated concerns would be appreciated. Haven't found much on this topic really. I suppose ultimately once I get a deal, however I structure it I will have an attorney look it over but just getting to that point requires a bit of academic understanding so I can bs my way to a signature. Thanks

Oh oops, should have mentioned I'm pursuing a similar path but without the license and brokerage concerns. 

 Yes, I'd also like to know. 

Bill, the first paragraph I think was what I was looking for. Plz confirm. 

So as long as I classify myself as a business(LLC, license, however that's done) a seller can allow me to take care of repairs and maintenance as a master lessee in a sandwich LO scenario?

I'm trying to figure out how to use this strategy correctly and keep getting stumped on all the rules particularly the one regarding repairs. If my assumption of your post is correct, I could slip between a seller with no time to find and manage his/her property as a biz before selling it at a good price(-cost and hassle of realtors) and passive wannabe presently unqualified home buyer and essentially manage the lease and facilitate the eventual purchase. Do I kinda sorta got it?? 

And the last paragraph - whoa! What was that? I must have missed a class. "amortized or depreciates" as in like relative to the dynamic value of the property? And how are the rights to the option "consumed". 

Thanks Bill.