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Lease Options

PostPosted: Wed Nov 14, 2012 9:44 am
by Rich G
I really rate this post from Sue Maxwell Smith on the BMV group on Facebook:

... too many people have seen someone "teach" Lease Options, but far fewer of them have learned how to analyse a deal. Someone above says that people without deposits "have to" do options. My answer is "Says who?" - they don't HAVE to do a deal when the deal isn't there to be done.

It isn't sexy to teach deal analysis - it isn't sexy to teach Due Diligence. The gurus then teach LOs and ICs and they all make it out that good LO opportunties grow on trees for even complete beginners to snap up. Many people who apparently "have to" do LO's have appalling credit - worse sometimes than the bloke whose house they are taking on! Many people think "Oh well, I'll give it a go - if it goes wrong, I can just give it back". We have a responsibility to these people if we take on the deal.

I am currently working on a repossession case. Husband and wife have both just had heart surgery. They are due to be evicted at 11am tomorrow. Someone on a "We buy it quick" site had gone through all the details with her some weeks ago but nobody had gone back to them..... and they have now come within a whisker of losing their home (which is also a business). There is equity but nobody helped them or fed back to them. We are all grown ups. Don't mess with people's lives..... If you run one of these sites, run a business. If the case is not in your target market, then tell the sellers and they can spend their time more wisely talking to people who CAN help.

So - if you are coming into property, learn about the whole picture. If you are going direct to vendor, make sure you are skilled to deal with it. If you are going to do Options, think of the "what if?s". Look at the loan as well as the seller. Do you want a long-term relationship with a sub-prime lender? Do you want a long term relationship with that seller? That's what it means. Be prepared to have their credit problems stick to you. That's what might happen. Get consent to let (or rather get seller to get consent to let). Don't hide from that - it needs to be done or it could all go wrong. The gurus only teach you that you can make lots of money, not really how to do it and what the real issues are.

Re: Lease Options

PostPosted: Wed Nov 14, 2012 10:08 am
by Nick
Very good - but falls into the category that it's taking about - not sexy!

Re: Lease Options

PostPosted: Wed Nov 14, 2012 12:50 pm
by Lynda
That did rather trivialise what otherwise is very good advice.

Re: Lease Options

PostPosted: Wed Nov 14, 2012 5:42 pm
by Rich G
The truth is rarely sexy and what is sexy is rarely completely true.

Re: Lease Options

PostPosted: Wed Nov 14, 2012 11:18 pm
by Ken E
Rich G wrote:The truth is rarely sexy and what is sexy is rarely completely true.


Spoken like a true master :lol:

Re: Lease Options

PostPosted: Wed Nov 14, 2012 11:27 pm
by Nick
Or a sexy master ........


Oooo errrr - this thread is in the wrong forum :teasing-whipblue:

Re: Lease Options

PostPosted: Wed Nov 14, 2012 11:43 pm
by Rich G
Do you have a S&M forum?

Re: Lease Options

PostPosted: Thu Nov 15, 2012 12:04 am
by Nick
I can open one if there is demand.


I can open one if there is demand.

Re: Lease Options

PostPosted: Fri Jul 29, 2016 1:38 pm
by jack147
Rich G wrote:I really rate this post from Sue Maxwell Smith on the BMV group on Facebook:

... too many people have seen someone "teach" Forfeiture of lease Options, but far fewer of them have learned how to analyse a deal. Someone above says that people without deposits "have to" do options. My answer is "Says who?" - they don't HAVE to do a deal when the deal isn't there to be done.

It isn't sexy to teach deal analysis - it isn't sexy to teach Due Diligence. The gurus then teach LOs and ICs and they all make it out that good LO opportunties grow on trees for even complete beginners to snap up. Many people who apparently "have to" do LO's have appalling credit - worse sometimes than the bloke whose house they are taking on! Many people think "Oh well, I'll give it a go - if it goes wrong, I can just give it back". We have a responsibility to these people if we take on the deal.

I am currently working on a repossession case. Husband and wife have both just had heart surgery. They are due to be evicted at 11am tomorrow. Someone on a "We buy it quick" site had gone through all the details with her some weeks ago but nobody had gone back to them..... and they have now come within a whisker of losing their home (which is also a business). There is equity but nobody helped them or fed back to them. We are all grown ups. Don't mess with people's lives..... If you run one of these sites, run a business. If the case is not in your target market, then tell the sellers and they can spend their time more wisely talking to people who CAN help.

So - if you are coming into property, learn about the whole picture. If you are going direct to vendor, make sure you are skilled to deal with it. If you are going to do Options, think of the "what if?s". Look at the loan as well as the seller. Do you want a long-term relationship with a sub-prime lender? Do you want a long term relationship with that seller? That's what it means. Be prepared to have their credit problems stick to you. That's what might happen. Get consent to let (or rather get seller to get consent to let). Don't hide from that - it needs to be done or it could all go wrong. The gurus only teach you that you can make lots of money, not really how to do it and what the real issues are.


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