BEV! 0 Report post Posted October 30, 2007 Admin, I'm posting this video link here because I've been asked numerous times about TX laws with lease option from this board and since I'm not familiar with any of it, I decided to post this video that talks something about it.Please keep in mind that this is ONLY a person's (investor) point of view and I don't know how accurate this is Also, this video could very well be from one the members here (Idunno) And yes, there is a link at the end of the video stating they're the best thing that ever happen to TX. Anyway Admin, feel free to delete this post if will only attract negative vibes as this is not the intention, I'm good no matter what Here's the video of the BEV! Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted October 30, 2007 LOL sounds like something John T. Reed would make. Lease options are a SCAM, so do my thing that's exactly the same just called something else! Share this post Link to post Share on other sites
Professor 0 Report post Posted October 30, 2007 lol at the end of the video... this web address is displayed, "http://allcreditls.com/" It takes you to a mortgage website, go figure. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 30, 2007 What a piece of garbage that was! I want my three minutes back! I'll leave it up so I'm not the only one who wasted their time. If anyone wants to know the ins and outs of TX law and how to do a lease option legally, they need look no further than our very own pilot76180. Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted October 30, 2007 BULLSPIT BULLSPIT BULLSPIT BULLSPIT!!!!!!!!!! Sorry for cursing but BSSSSSS! Can anyone say PAC TRUST? Can anyone say DUE ON SALE CLAUSE!!!!! Can anyone say YOU AIN'T THE TRUE OWNER!!! I CANNOT STAND people who bash other systems and say theirs is self righteous when it has MORE F'N HOLES IN IT IN THAN THE ONE THEIR BASHING!!! Why did lease options fail in TX? Was it because of A-HOLES or INEXPERIENCED investors? I'm sorry to say, but it was probably that latter. If you don't qualify people the right way, or they are totally self destructive then there's going to be problems. And what do us Americans do best when there's problems? That's right WE BLAME THE OTHER GUY! PUT HIM IN JAIL!!! KILL HIS OFFSPRING!!! AAAHHHH!! I'M A VICTIM SAVE ME!!! AAHHH!!! GRRRRRRR Amazing.... Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 31, 2007 May I suggest a cup of decaf, Mr. King? Share this post Link to post Share on other sites
Jason (AL) 1 Report post Posted October 31, 2007 Yeah, I saw this video a month or so back and I wanted to post it here.However, I didn't want to cause a ruckus and cause folks to cursing. It's obvious that they're merely drumming up mortgagebusiness for themselves, and the lease option biz ain't helpingthem.If only they realized it could, if they worked it right. Share this post Link to post Share on other sites
TERREL 0 Report post Posted October 31, 2007 This is just my opinion,but after seeing the video,theres probably more behind the scenes that has taken place. 1) A Liberal newspaper runs an article about L/o and calls it a scam.To them,any average person that wants to get into REI and make MONEY,well thats not Socialism,thats Capitalism! So naturally if someone can make a very good living at this (and the skies the limit),then naturally to the Liberals they call it a scam. To the Liberals,if your not living in poverty,then you could be breaking the law. 2) As far as Texas passing that L/o law,there may be more behind that than what we can see.For instance,lets just say the market being as slow as its been for the last few years and declining more,Realtors could be pushing legislators to put the brakes on the average "Joe Blow" to buy or sell a house without using them.That could make them in more control of a monopoly.Now i'm not saying that this a fact in what is happening,but then again who really knows? Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted October 31, 2007 Okay...I'm calm. Seriously guys/gals, this is a sub to deal. I see them ALL DAY LONG! You find a motivated seller, put the property in a trust, have the seller assign their beneficial interest and then offer some of it to a buyer. Instead of putting money down, they're paying closing costs. This guy is NOT doing something new! There is NO mortgage being given to the buyer! The thing he is doing DOES work and in almost all cases the buyer/renter is renting from HIMSELF from the trust. (usually on a triple net lease) And it's the SAME as a lease option without the option part. Big deal. However, look at the mortgage; does it say an option violates the DOS clause? Or does it say a Conveyance OF TITLE violates the DOS? Hmm... Ever heard of "substance over form"? I.e. if it smells like a rat, looks like a rat IT'S A RAT! And since I'm calmed down a bit now. The only thing that pisses me off is his believe that EVERY lease option out there is a scam. I would LOVE for him to show the bank who holds the mortgage on his properties what he's doing. I bet he would be having some sleepless nights. And finally. FOR THE LOVE OF GOD! If I'm wrong, TEACH ME!!!! I will eat EVERY word and gladly PAY to know there's a way to doing this STRAIGHT UP ethically and legally with FULL disclosure!Very eager to be proven wrong...Adam May I suggest a cup of decaf, Mr. King? Man, that was funny....sheesh..I really went off there...felt good. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted October 31, 2007 Marcus Curry is the owner of the site. From reading the site and listening to the video I bet it is an AITD. Reason being is that he said you GET THE DEED. Since his website has a ton of testimonies I bet someone in TX can do some research and find out what documents are being executed. Share this post Link to post Share on other sites
Jason (AL) 1 Report post Posted November 1, 2007 Smells of PACTrust/NNN Lease to me, as Adam already stated. I'm not sure what I dislike more: the concept of the PACTrust, or thosethat spew the bull crap that it is. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted November 1, 2007 Well the only reason I said AITD is because it said you get a DEED. Under the Pac Man you don't get a deed. All you get is that TRUST THINGY.... Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted November 1, 2007 Well the only reason I said AITD is because it said you get a DEED. Under the Pac Man you don't get a deed. All you get is that TRUST THINGY.... I agree. Either way it's probably a sub to how he's controlling the property. Again, I would love to learn something new that's not so creative you look like a crook. Especially bad mouthing your colleagues.I'm done on this thread. Already lost my cool and that's not a very professional thing to do. Adam out... Share this post Link to post Share on other sites
lamar-housing 0 Report post Posted November 2, 2007 ok, so whats the deal for doing LO's in TX??? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted November 2, 2007 ok, so whats the deal for doing LO's in TX??? Lamar, do a search on the board. This topic has been covered in the past, and several of the threads are very informative and have links to where you can find even more info. Share this post Link to post Share on other sites
