All Forum Posts by: Sean Integlia

Well, according to these guru's, having an option means you are a principle. It is a grey area which can be taken care of by using a broker to find and qualify the end tenant/buyer.

Either way you have an assignable lease purchase option, that you are either assigning to the seller or the buyer based on how you structure the deal.

How would this be any different then signing a P&S with the seller with a $10 emd, then assigning the contract to an investor ?

Or are you saying this is illegal also ?

SEan

There are people out there offering courses that either have you doing an assignment from your lease option to the end buyer/tenant, or just leasing the property, once you have the option to the end buyer/tenant with you as landlord then assigning that back to the seller.

Not legal ? or grey enough to draw the attention of state boards ?

Thanks,

Sean

Hello All,

Was looking at these after purchasing the King Cooperative Purchase System. He includes the contracts, but only shows how to fill out the main one. Process is,
1. Locate seller with little or no equity.
2. Full disclosure Coop Lease Option, where you get 90 days to try to get a tenant buyer to pay 3% to you a assignment fee to assign your lease option. This gets credited to the selling price, but your only paying 1-10 bucks for the option from seller. Option is non exclusive.

Ex. Seller wants 100k, you make the sale price 103k and take the 3 k.
3. Once tenant buyer is qualified, execut a lease and option to purchase between seller and yourself to have something to assign, then assign away. The question, which the owner of the course has not answered is do I put the $10 that I got the option for in the coop agreement, or the 3k that I will be collecting in the option price section of the option to purchase contract ?

Thanks,

Sean Integlia

I've no actual experience yet. But for what it's worth, in REO Rockstar course, he puts deposit of EMD to be deposited with title co, at mutually executed contract time, then doesn't send it to them unless and until title co asks. He says, sometimes they never ask and at the close go huh, where is the emd... o well lets close.

Yeah, except the stuff in the library is about 20 years out of date. If you jumped into this field by just using free info and are a success, then kudos. Problem is for new people looking to go into it, the majority of the material thats out there, ie comes up via search engine costs money.

Hey Everyone,

Just wanted to let you know, that after spending about 5 k on courses, I have to say Eric's stuff is as advertised, and it doesn't cost the usual $997 of the Dunlop, Ely, Clotier et al guru crew.

theforeclosureschool.com is an excellent value also.

Another note on Eric, I bought his Do this Make Money version 2 course, this past friday, he was away for the weekend, and his auto responder was working and sent me an offer for buyer blitz as a test to rate it at a discounted price of 29 bucks. The main course had just sent me the first module. Once he got in the office he sent me an email that had the link for everything in the main course because I had paid in full. I then got a refund of the 29 bucks because that was a module in the main course... kudos for honesty

Sean

Hi Esi, Heard you on [LINK REMOVED]. What do you mean here" 6. After finding the buyer, tell the wholesaler this is your first deal and you will need him to help you with the contract. If you would rather give the impression that this is your 3 deal, ask me and I’ll send them to you. " ?

Thanks,

Sean Integlia

I am currently an Adult Education Student studying Bookkeeping. I have always been interested in RE though. I have read the Conti Books and the Rich Dad books on the subject. I am currently awaiting my RE course materials on wholesaling/rehabbing. I have a mentor. I am joining my local REIA. My goals are to start out bird dogging/wholesale flipping to build a bankroll, then move into getting hard money lenders to fund rehabs in my area. I will be farming working class, lower income areas of Providence, CF, Pawt. and Woon areas of the state.

Sean Integlia