Feel like I don't have enough info - Posted by Bryan in Cali

Real Estate Investing Real Estate Financing
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Posted by RR on February 11, 2002 at 23:00:27:

You guys are analyzing too much , I dont want to sound sarcastic , but you have to go out there and do it, now the contracts have to be reviewed by a real estate attorney , bronchick’s l/o course is very good , his contracts might not be 100% for your jurisdiction, that’s why you need to to contact your attorney , or go to a local real estate club and find out if they have l/o contracts ready to use,I was just like you guys a few weeks ago still making a lot of questions , but you know what I Knew it already too much and wasnt; taking any action, and I believe you guys know also everything at least most of it, but want to be 100% sure that you l/o deals will work, even if you structure right it will never be a 100% secure,because that the way it is, I do recommend that you guys read old posts by trandle(tx), tarun(md),merle wooley, nathan(oh), they were my inspirators,now if you want to stick with john reed’s ideas , You’ll never ever L GET INVOLVED on a l/o deal.
YOU NEED TO TAKE ACTION!!!
NO MORE ANALYSIS!!!
KNOW THE RISKSSS!!
AND AVOID THE RISKY DEALS!!
AND GO FOR IT!!!

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Feel like I don’t have enough info - Posted by Bryan in Cali

Posted by Bryan in Cali on February 11, 2002 at 20:55:39:

I feel like the courses I’ve read are good starting points but don’t give the full picture. I’ve read Bronchick’s and Kaiser’s l/o courses but I still don’t feel comfortable. That’s why I was so concerned about Reed-whether he is right or wrong in his opinions about creative RE, I feel like he’s right in that people like me could jump in and make financially catastrophic mistakes. I don’t have any leeway to screw up my finances forever. And I don’t think I know enough.

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Re: Feel like I don’t have enough info - Posted by Rob FL

Posted by Rob FL on February 12, 2002 at 11:45:10:

I agree with RR and Terry. I’ve been reading your posts for the last few weeks and you seem to keep re-analyzing things over and over. As Ed Garcia said in one of his brilliant posts, the best teacher is the street. Go out and look at 50 houses in the area you are interested in. Work up some numbers on them for practice. Pick up you Sunday classifieds and spend 2 hours calling sellers and asking questions. In the meantime get your paperwork and financing in order and then once you feel a little more comfortable make an offer.

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john reed’s ideas paralyzes you!!! - Posted by RR

Posted by RR on February 11, 2002 at 23:19:23:

I am not a pro, but I Dont know what john reed is talking about , if lease options were so bad you would see a lot people complainting here on this board, and once in a while you would read a complaint, Yes I do agree that it;s not a 100% , tell me something here , DO you know any creative real estate deal that is 100% guarantee??, I feel that you looking for something that is a 100% percent guarantee, How about cds?
Bryan dont get me wrong but you afraid to go out there and do it , like kiosaki used to say there are deal with risk, and risky deals you avoid the risky deals and that’s it , try to contact local investors who are doing l/os, the reason why you not confortable is because you analyzing too much , you’ll get confortable after the first or second deal, but dont get too confortable , keep watching&structuring the deals,you say “” i think he;s right and people like me will jump and make financially castratofic mistakes""
I am not a pro
but let me tell you here, if you invest $500,00 to 1000,00 on bandit signs , would be a castatrophic loss???
IF you setup a llc I DOUBT that you gonna get sued personally.
SO GO OUT THERE AND TAKE ACTION!!!

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Re: Feel like I don’t have enough info - Posted by wm-pa

Posted by wm-pa on February 11, 2002 at 21:52:30:

I am in the same boat! I also have read the Bronchick and Kaisers lease option courses. 3 times in fact. They give a general explanation as to what to expect but both programs dissapointed me in the fact that each couse(especially Bronchick’s) did not give specific details on how to fill out the contracts. Although Bronchick e-mailed me to tell me that all the contracts are used for all lease option deals,I am a seller and using his contracts and exsamples he supplies in his course, they are all pro buyer. I would have at least thought both sides of the equation would have been explained in it’s entierty. Especially because of the price of these courses. If I have missed the point (3 times) PLEASE someone set me straight and let me know what I have misunderstood! Please be advised I am not trying to bash these two gentlemen’s courses, since they are the experts but maybe some one should let the newbie know that these two courses are for people with a good knoweledge of lease options. Once again, if I am totally wrong I beg someone straighten me out!
Wm-pa

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I think… - Posted by Terry (Houston)

Posted by Terry (Houston) on February 11, 2002 at 23:19:21:

I agree with RR. You are over analyzing this way too much.

I know it is scary but…

I just looked at the forms with Bill’s L/O program. There is a form that is called Lease Purchase in there that is specifically for the use of when you as a buyer are purchasing on a L/O.

I am sure that in the manual, since I just looked, that the forms give Filled Out Examples as well. I am not sure how much more specific you would need.

If you have not listened to the tapes or the videos several times you are missing out. Big time, and it will come back to haunt you.

I know you said you went over it 3 times, but lets face it, Legal Mumbo Jumbo is boring and you have to stay focused. It is hard to keep focused on the Legal aspect but Bill does take you from the basics to the complete step by step process.

I would offer up that if you missed the basic explanation that is given for why and when to use the Lease Purchase vs the Lease and seperate Option form for when selling then you have missed a lot.

Please take the time to go back and look it up. And listen and read until you have it down.

But you need to make calls and get people to call you, real motivated sellers will, and stop with blaming the courses.

Joe Kaiser takes you from a basic knowledge base, and he does tell you that in the beginning of his book, and then takes you even further with some very creative ideas. This has been discussed several times here.

You need to do something, anything, but get out there and do it. When the time comes review the course and see if the answer is not there. Because it is.

Still need answers? Then bring your specific questions here and I can promise that they will be answered.

Just as I see it…

Terry (Houston)