Joe McCall – Wholesaling Lease Options – Main Course

First, let me tell a bit about myself. I bought a lot of houses with traditional bank financing a few years ago. When the banks started telling me that I couldn’t buy anymore homes, I started buying homes “subject-to” The existing mortgage.

Joe McCall – Wholesaling Lease Options – Main Course

Let me start by telling you a bit about myself.  I bought a lot homes using traditional bank financing a few years back.  When the banks started telling me that I couldn’t buy anymore homes, I started buying homes “subject-to” The existing mortgage.  In 12 months, I had 12 houses.  (And all these homes were on sale. Lease Options.)

Yes, I owned 12 houses.  I believed I was a successful investor in real estate.  However, I was cash poor and equity rich. I had lots equity.  (Actually, I thought I had lots of equity… but then the market crashed!  Can you relate? If you have a $100-200 per month cash flow for each house, the money quickly disappears in repairs and vacancies.  I suddenly had serious cash flow problems.

I was faced with a cash flow problem that I needed to address quickly.  That’s when I started wholesaling houses.  After that, I spent thousands to thousands on marketing, including direct mail, Google adswords, websites and signs.  I was getting many leads, and I was making some serious money.

Then I got very frustrated that I was spending so much on marketing and losing so many leads to sellers who weren’t motivated. Maybe they didn’t have enough equity.  Maybe they did have enough equity, but they weren’t willing to share any of it with me!  A lot of my leads weren’t behind on payments. I didn’t have any options to help them and was becoming really frustrated.

I was in a dilemma. I loved to buy properties and was very good at leasing them, but I also had serious cash flow problems.  The cash flow I received from traditional wholesaling was amazing, but I was unhappy with how much time and money it took to market wholesale deals.  That’s when it hit me…

Why not Wholesale? “Lease Options”?!  (Or do a “Cooperative Lease Option”?)

Let’s look at some facts…

1) There are TONS of sellers out there who can’t sell their home.  They either have very little equity or they aren’t willing to discount their home to 70% of ARV to compete with the banks.

2) There are TONS of buyers out there who can’t buy a house.

I thought to my self, why not put those leads away and make something of them?  Why can’t I put “Lease Options” And “Wholesaling” Together, and make the same amount of money as I did with regular wholesaling.!

Here’s the scoop: Let me tell you what I think. Wholesaling Lease Options are.  These are the basics:

1) Find a motivated seller willing to sell their house. Lease Option

2) Place the property in an “Option To Lease Option” Contract

3) Locate a qualified tenant-A buyer with a high down payment is more likely to qualify for a mortgage in 6 years.-12 Months

4) Sign the Lease Option paperwork for the Tenant-Buyer

5) Assign this Lease Option docs to the seller

6) Keep the Option Consideration / Deposit and give the Seller the first month’s rent

7) Put the Tenant-A buyer in a credit program with your mortgage broker.

8) Deposit your money & move on to the deal!

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