L/O... A Good Start?
Just about everything I know about L/O, I learned from reading TC and Vickie Bradley's stuff. I bought their book about 2 months ago and very quickly went after my first property to control and to sell on a L/O. I made a number of mistakes during the whole transaction (namely, I convinced the H.O. that he was motivated to sell when he really wasn't and then maybe gave him a little too much info) and it ultimately fell through. This left me a little gun-shy... but I've just been laid off and have decided to give myself 6 months to figure out how to make $$ doing REI. I'm ready to go at it again... Do you think that the L/O is the way to go? It seems to be the most simplistic for someone who's just starting out at this and has no $$ and bad credit...
pippa
Hi Pippa:
If you can answer these questions for me then L/O is not the way to go.
1. Control without onwnership. Where can you get that ?
2. Small downpayments where an investor can control properties. Where can you get that and still have the control?
3. No mainteance. Follow the gurus out there with their "fixer uppers" and then tell me if an L/O is not the best way to go.
4. No banks, lawyers, realtors, etc. Where else?
Maybe you can find it somewhere else but be ready for cleaning, fixing, lawyers, escrows, management, broken toilets, lots of money, and lots of headaches!
Diana Fontanez
PS No bad feelings towards the gurus out there. I am a sweet girl after all!
Quote:
On 2004-05-04 10:41, fontanezdiana wrote:
Hi Pippa:
If you can answer these questions for me then L/O is not the way to go.
1. Control without onwnership. Where can you get that ?
2. Small downpayments where an investor can control properties. Where can you get that and still have the control?
3. No mainteance. Follow the gurus out there with their "fixer uppers" and then tell me if an L/O is not the best way to go.
4. No banks, lawyers, realtors, etc. Where else?
Maybe you can find it somewhere else but be ready for cleaning, fixing, lawyers, escrows, management, broken toilets, lots of money, and lots of headaches!
Diana Fontanez
PS No bad feelings towards the gurus out there. I am a sweet girl after all!
Diana... My sentiments exactly! Thank you.
Very good point, Im trying my hand at many differnt forms of REI and I feel that L/O is where I will succeed first.
Get out there and get um,
James
Subject to > lease option for buying. Why control it when you can own it? Lease options are good to sell under but I haven't found many clients in Dallas with the $$$$ for an option fee....
-Chris
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