Close deal here/ Guru question - Posted by BANKS

Posted by waynepdx on July 13, 2002 at 21:34:01:

Fire that mentor. Not tomorrow…but NOW>

You are paying him to answer your questions. You are paying him to bounce your deals off of. That is it.

Is he bringing money into the deal…does he have anything at risk in the deal…heck no.

So why would you give up your option consideration money.

I could see giving him half if you had no money to pay him.

I am so friggin sick of hearing about mentors scamming newbies…maybe they are frustrated that they got jacked by their mentor or bad guru materials.

Either way, go to your rei investment group and find someone else.

The cool thing when I started out, I found another investor that was willing to answer my questions for free.

Well he eventually got so many new people that he started a mentor program, and to this day noone has taken him up on it.

Heck I didnt have the money for materials or mentorship.

I learned everything I needed from the school of hard knoxs…

Would I recommend to anyone else to do it that way.
Find a way to get the money you need to buy the materials. All of the info is right there.


All of the steps are spelled out for you.

the way I figure is …I cant afford to not have those materials…

That is why I am now putting together funds to spend on guru material.

After hearing Lou Brown yesterday…I think I am going to buy him subject 2 course.

IF not to do subject 2’s but to hide my ownership in my corporation.

Close deal here/ Guru question - Posted by BANKS

Posted by BANKS on July 13, 2002 at 21:22:14:

I have all the basics of a lease option. I have never completed a deal though. Is it possible to get all the info I need here to close a deal? I have a mentor that doesnt want to answer any more questions. He wants to come in when I get a deal. If thats the case, whats he going to do for me? I have all contracts, Is there a secret at the end he knows that I dont. As far as I see it get all contracts signed notorized and the deals on its way. I’m just not sure what to do at the end of the deal when the option is exercised. I only have my mentor for 6 month anyway so I’ll have to pay him again to get answers on these questions if hes willing to help. Any more opinions about this? It seems to me like hes just going to collect money. Oh, by the way he gets 50% of all option money from deals. Any help would be great! Anyone know what hes going to do once I find a home I’m baffled…

Re: Close deal here/ Guru question - Posted by Tim Johnson

Posted by Tim Johnson on July 13, 2002 at 22:26:52:

When your tenant/buyer wants to close the deal, draw up a Purchase Agreement based on the original Option Agreement. The tenant/buyer can take this to his lender to secure financing. You or the tenant/buyer can also present the agreement to the closing attorney (in NC)or title company, etc. to begin the title search and prepare for your closing.

The lender will determine how to treat the option consideration you received up front. It may be treated as a down payment or it may be deducted from the final sales price.

Join your local REI group and stay away from the expensive materials until you have actually done some deals. (Then you will have more of an idea what may or may not work in your area) Two or three $30 books combined w/ a little real world experience should give you a good start. There is also a lot of good stuff on this site.