IG79 0 Report post Posted January 17, 2011 Hi Everyone, I had been thinking about doing this for a while and I guess now is the time. My name is Iliyan and I live in Chicago. I ran across lease option investing after a Wendy Patton seminar last Summer and was very intrigued. I did a little bit of research and found this website. You all know how great everything is around here, so I won't go in details Before finding lease options I had been trying, searching, reading, going from strategy to strategy, buying courses etc. I never made a move or a deal. Fear was the main roadblock and after deciding that enough is enough I called Michael in September and have been working with him since then. In November I found a seller and started marketing the property. A month later during the slowest time of the year - the holidays, I found a very interested couple who loved the house. The only problem was that they didn't have all the option money ($4k) and could only come up with $1,500. I found this to be a very common problem for all potential tenant buyers who came to see the house. The only thing different about this couple was that they really wanted it. I could have been greedy and waited for someone else to come up, but decided that I shouldn't be running away from deals, especially in this slow season. Plus driving 35 miles one way to show the house started adding up; also, I tried to look at the situation from everyone's perspective and figured it would be a win win for everyone, the owner who needed someone to fill the property, the couple who wanted it bad, and myself wanting to get my first deal completed and move on. I signed an agreement with the seller that he will pay me the balance out of the loan proceeds once the deal closes and that was it. It will be a VA loan, which may make it a little easier for the TBs to get approved. Even though this was a mini deal and I don't know if I will ever see the remaining $2,500, it was still a very good experience from a psychological standpoint. This was my first deal and took care of the "I haven't done a deal yet" issue. If I could make a deal in a far suburb during the absolutely slowest months of the year, I can imagine what is possible in busier months in a large market such as Chicago. From now on sky is the limit. Now a word about my mentor. I wouldn't have been able to do this without Michael's help. From day one he showed me step by step what has to be done and was always there when I had a question or needed advice. He is a very kind, good hearted fellow who likes helping people. On top of that he knows his stuff and his advice is always on the money. All of you guys who are frequent on this website or have worked with Michael already know this; I am writing this first of all to express my gratitude and also to let any new people know that if they need help or advice about lease purchasing, then Michael's services and this website are the best choice. Well, this post turned out to be a lot longer than I expected. Anyway, I hope that someone, somewhere, somehow finds this post useful. Best of luck to all, Iliyan Share this post Link to post Share on other sites
pilot76180 51 Report post Posted January 17, 2011 Congrats on the first deal!! Let's be honest, the feeling you got from doing the deal, and the education you got from doing it, is worth more than the $2500 that you may never see. As far as MC..well......wait....is this actually MC posting this? Hmmm...I wouldn't put it past him. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 18, 2011 Hello, Iliyan, and welcome aboard! Money wise, your first deal wasn't the one to get you on TMZ with photos of you and Paris Hilton in the back of some blacked out, pimped up limo. On the other hand, I know an illegal waitress from Chihuahua who is dying to meet you. As the board's resident smart ass has already said, the experience gained from seeing the entire process unfold is worth much more than the cash. Of course, your next deal will be fatter, I'm sure. PS: you know I was joking when I said if you post something nice about me I would pay you. . .right?? Share this post Link to post Share on other sites
<Steve> 82 Report post Posted January 18, 2011 Iliyan- Congratulations on getting that first deal done. That always seems the hardest to do and things get easier as you go. There is more learned from having a good mentor than one realizes. Take a genuine helpful attitude into your deals and you will see your business grow. Helping a single seller with their problem will and does bring multiple deals down the road. I can say that 25% to 50% of my deals today are generated from working with past sellers. Do that and the $$ will come. Share this post Link to post Share on other sites
IG79 0 Report post Posted January 20, 2011 Oooops, I didn't realize it's been a few days since I posted and I already had responses. Thanks everyone for the kind words! Pilot - you are absolutely right, the feeling that I've already done the first one is very empowering. I don't really care about the $2,500 that much, as MC said it "consider it a bonus, if you ever see that money." The education and having seen the whole thing from beginning to end is priceless. Regarding MC: he is not the one who wrote the post for sure, as I know he is still having tequila shots celebrating my first deal Michael - thanks again for your help and advice and for everything you do for me as a mentor and for everyone on this forum. This deal was a great experience and I'm looking forward to the next one. As for the waitress - she is cute, but I'll get my game up to roll with Paris and I remember you said you would pay me If I post something nice - $1 and $5 bills and we were supposed to meet in an abandoned warehouse in Fort Lauderdale. What happened to that? Steve - I agree with you. I did care about getting a deal and a check, but also wanted to help the homeowner and the TBs. What the homeowner said concurs with your experience. He said that if the TBs go through with the loan, he will buy another property and will call me to market it for him again. Thanks again everyone! Iliyan Share this post Link to post Share on other sites
