All Forum Posts by: Robert Burns

I've was recently sent a complaint by my state real estate commission board regarding my lease option work. I met with them and reviewd my lease option agreement and explained to them that I was simply "assigning my rights in my lease option agreement" and receiving an assignment fee for such. It is LEGAL to assign your rights in a contract. It's done all the time in all types of businesses.

They are OK with that and told me I do not need a RE license to assign my lease option agreements. The most important thing I need to do is make sure in my marketing I state I am offering an assignment of a lease option for the property being advertised to indicate I am not the owner of the property.

I also state in my marketing material that I am an investor and not a real estate agent. I also state this very clearly when I am talking with buyers and sellers when I have discussions about properties.

You can live in fear or you can step up. Talking to a RE attorney is a good idea. The best idea is call your state Real Estate Commission and meet with a compliance officer and tell/show them what you want to do regarding lease options. Then you can determine from the get go if you are in compliance or not.

Now that I have been in front of the RE Commission I feel much better and more secure with the work I am doing. I do not have a RE license and don't intend to get one.

I went back a few pages in BP and didn't see any posts on Cris Chico. Does anyone have any input regarding his Virtual Wholesaling program. He's reduced the price the $497 and was wondering if that is worth it or is there a better wholesaling program to buy. I've been focused on assignment of lease options and looking to branch out into wholesaling. I appreciate the feedback!

Getting an extremely negative response from a seller is unusual but it happens. First of all, don't take it personally. If I get a negative response I assume this person for whatever reason is not motivated to what I am offering and more than likely has something going on in their life that makes them negative and it's not me asking them if they are interested in lease options. So I'm only wanted to HELP them sell their house using a lease option agreement. If they are not interested I wish them a pleasant day and move on and hit the "delete" button.

I recently met with someone who is "servicing loans" by going out and inspecting properties and the request of the lending institutions. She goes out to see if they or vacant or not and leave a notice for the the home residents to call they mortgage company.

Does anyone have any experience on how to work with these loan servicing companies to develop wholesale leads?

Joel, Thx for the reply. I've been sent alot of financial data and I will review. I will also share some of the info to get more valuable feedback.

I'm considering expanding my REI to include multiunit properties. I just got some information on a 10 unit apartment complex selling for $540,000 and generating $7,100. My REI experience has been a couple of rehab/flips, several mobile homes I've owner financed and about 12 lease option deals.

My goal is to possibly invest in an apartment complex or something that will net me ($3 - 5K)/month and still protect my investment in the form of the property and hopefully some day actually appreciate again. I also want the tax advantages.

I also intend to use some of my stock market investments to fund this project in light of the impending doom if we don't change leadership on Nov 6.

I would appreciate any and all suggestions on the best way(s) to evaluate this apartment complex.

I have about $100k to put down if necessary but I would prefer to be more creative than that and use as little of my money as possible.

Please share with me the good,the bad and the ugly about buying apartment complexes.

Wow! More great insight!

I've converted all of my mobile homes to owner financing and the tenant buyers are responsible for the maintenance of the mobile homes. I have them on a 5 year payout. They are paying me and I have them pay the MHP lot rent directly to the MHP manager.

Joe,

I just noticed your in the insurance business, enough said! This thread stops here!

Joe,

First of all it's not a scam, it's just the way insurance companies do business. I had an unfortunate experience with Farmers on the replacement of the roof on my personal home and if I had known Farmers owned Foremost I would never have done business with them.

I had several roofing companies come out and said I needed a new roof. Then Farmers came out and said I didn't need a new roof but they would "replace" the bad shingles. Can you imagine how that good that would look? Can you say patchwork quilt.

The other idea was to "glue down" the shingles that had been lifted.

Second, the mobile home was fine and had folks living in it just before the hurricane and had experienced numerous major thunderstorms with no problems. It was damaged by the hurricane and I have "no coverage"?

I can get an independent adjuster but frankly what would make Foremost change their opinion. I have no leverage and that the most aggrevating thing.

I'm just not working with a credible company.