Lease Option question end of deal - Posted by banks

Posted by Mike Jackson on July 12, 2002 at 12:45:52:

I agree with you on this. I was taught that the only stupid questions are those that aren’t asked.

Lease Option question end of deal - Posted by banks

Posted by banks on July 12, 2002 at 11:06:09:

My “mentor” informed me that at the end of a L/O there is a 11 page contract that needs to be completed.Can anyone tell me what this is and where I obtain it. He is reluctant to for some reason. Am I wrong in wanting to know the entire process prior to doing a deal, I am looking for deals currently but he doesn’t want me asking any more questions until I find a deal. My main question is about the 11 page contract. I dont want to tell a seller we filled all required materil out then throw a 11 pg contract infront of him and expect him to sign it with a smile. I also asked him what I should put on my business cards, he says this is a stupid question. I dont need the answer to that right now. What is he talking about! everything I read says get business cards out there everywhere. I cant do this when I’m not sure what to put on them. Any advice. I paid mentor $500.00 he charges 1000.00 plus 50/50 split on all deals. Is this the help I should expect?
I appreciate any advice

Thanks

Scott

Re: Lease Option question end of deal - Posted by Tim Fierro (Tacoma, WA)

Posted by Tim Fierro (Tacoma, WA) on July 13, 2002 at 12:56:56:

11 pages to me sounds like a P&S. This would be the equivelant of escrow instructions and the terms of the deal. Could it be that he is attaching a P&S to each L/O he does? Nothing unusual, but I would think if he is mentoring you, he has form of knowledge in this area and would have at some point created his own contracts that narrow those pages down.

Unless he just likes to use Font 48 in all his contracts. :slight_smile:

I would want to see it if you are going to learn his way. If you are not satisfied with his mentoring, tell him NOW! Determine if this is a relationship that needs to be continued. You are paying him for an education and if he can’t give you straight answers or be evasive, it is time to get out and move on.

Re: Lease Option question end of deal - Posted by Hank

Posted by Hank on July 13, 2002 at 10:12:06:

Is this guy charging you? If so, how much?

Re: Lease Option question end of deal - Posted by David Garcia

Posted by David Garcia on July 12, 2002 at 17:20:24:

You got screwed by your mentor! I’m also a mentor & I charge just $500.00 and you dont split anything with me! Heres what you get:

  1. Training manual that explains how to buy & sell homes without credit or money.

  2. How to buy homes subject to the mortgage.

  3. unlimited phone consultation

Re: Lease Option question end of deal - Posted by limeydale

Posted by limeydale on July 12, 2002 at 14:37:28:

Scott, i agree with the earlier posts.The only document i can think of after all other documents have been filled out is a detailed set of escrow instructions to instruct the escrow officer as to how to proceed when option is exersized or not.These can be as long or short as you want,there is no set number of pages. You are right,you need to have all info regarding the mechanics of a deal before you do a deal,so you can be confident and at your best.Put on your cards who you are what you do how to reach you etc… keep it simple. limeydale.

Re: Lease Option question end of deal - Posted by matt

Posted by matt on July 12, 2002 at 13:35:23:

Scott,

I see a red flag here. If this guy is a mentor, then you should be able to unload tons of questions at him and he should be happy to give you the answers. I would get rid of this guy and look into buying a course.

I have Legrands Lease/Option course. I feel that it is a good course. He explains everything in detail, it has the forms and it is easy to understand. By the way, there is no 11 page document in this course. I also had the forms checked by my RE attorney and they are legal in my state.

I found a website that has a free book on L/O. If your interested, email me and I will give you the link if I still have it.

Regards,
Matt

Re: Lease Option question end of deal - Posted by mike

Posted by mike on July 12, 2002 at 13:26:45:

where the hell did you find this mentor? Get rid of him and buy a Ron LeGrand course

Re: Lease Option question end of deal - Posted by tampasteph

Posted by tampasteph on July 12, 2002 at 12:41:57:

This guy is a scam artist.
Buy yourself a lease option course which will tell you exactly what to do as well as supply you with the necessary contracts. Your money will be much better spent.

Good luck,
Steph

fire this “mentor” - Posted by Brian M. Powers(MI)

Posted by Brian M. Powers(MI) on July 12, 2002 at 11:50:18:

any mentor who tells you that you are asking stupid questions and one who won’t share the mechanics of the deal with you upfront is no mentor…he is a swindler.
he wants you to run around and do the grunt work and split the profits for doing nothing more than shuffling some papers. it does not appear to me that you are being mentored in any way.
there will be various documents that will be needed to be filled out / signed for closing but that will be handled by the closing agent (title co.).
i have no idea what this “11 page document” might be, but i would venture a guess that it will put more money in his pocket and less in yours.
BMP

Re: Lease Option question end of deal - Posted by Josh

Posted by Josh on July 13, 2002 at 18:58:19:

David,

How many people have you trained? Are you in IL? I am very interested in getting started, but, some of this stuff absolutely scares me. I read the posts about the Porter lady, and I don’t want that to be me. I have cold feet, just need someone to push me and guide me in the water. I can’t wait to start!!

Re: Lease Option question end of deal - Posted by Josh

Posted by Josh on July 13, 2002 at 18:58:12:

David,

How many people have you trained? Are you in IL? I am very interested in getting started, but, some of this stuff absolutely scares me. I read the posts about the Porter lady, and I don’t want that to be me. I have cold feet, just need someone to push me and guide me in the water. I can’t wait to start!!