lhenley 8 Report post Posted February 11, 2011 I'm just wondering...how many of you are doing CA Lease Options ONLY, vs using CA's as another tool in your belt? For me, there's this huge temptation to try to be all things to all people. I find myself being one of those "Jack of all trades, and master of none." Anyone else have this problem? If so, how do you stay focused? Lynn (FL) Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted February 11, 2011 I focus on one thing: MARKETING Everything else is just a by product. If the deal warrants a techinque then reach in tool bag and pull it out. But without marketing, all the tools in the world will not work. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 11, 2011 Lynn, Rex hit the nail on the head. You can approach a deal with an idea in mind, but after speaking with the homeowner and seeing the property in question, you may find that it warrants a different approach. If you can fill that need, you'll get the deal. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted February 11, 2011 I guess we know where Jonathan stands I have found that the different L/O techniques can solve many sellers' problems. They are simple with minimal risk and are flexible. Having said that the market conditions have an effect in solving a seller's problem too. My back ground is buy and hold rental properties, so with that experience SLOs fit well and I do not need cash or banks. There is no limit on how many SLOs I can do; no credit checks, debt-to-income, no down payments, no banks telling me I hit the wall, and no debt risk. And if I mess up an easy exit strategy, I don't need the deed. Before the real estate down turn, I was doing about 30% SLOs and 70% CAs. Today with the drop in values the equity needed to make SLOs work is harder to find, so now it is about 10% SLOs and 90% CAs. As banks now make it tough for buyers to get financing, this year I am starting the idea to offer owner financing (Contact for Deed) with the properties I own and with qualified sellers. I set up a L/O deal and at the end of the lease will also offer owner financing. This is a direct result of market/bank conditions now and may make my L/O deals more attractive and put me up above the competition, will see (this idea came from a discussion with Jonathan buy the way). I don't think it's bad to do one thing and do it well. I am in no hurry to be the world's best investor and do it all. I focus to be the best at what I do now and that works for me. L/O are a great way to get started and you can spin it into a business model that fits you, and add other ways to invest as you go. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 12, 2011 Well said, Steve. Thanks for sharing. Share this post Link to post Share on other sites
lhenley 8 Report post Posted February 12, 2011 Steve, Are you "buying" only with SLO's or CA's? Lynn (FL) Share this post Link to post Share on other sites
<Steve> 82 Report post Posted February 12, 2011 Steve, Are you "buying" only with SLO's or CA's? Lynn (FL)Yes. Full timer doing Lease Options and student of the Naked Investor. What I like about SLOs is you can give the house a test drive before making a decision to purchase as an investment long term. I do have a couple houses now that I would consider to buy and hold, but I still don't want to use banks and am considering making an offer to the seller sub2 or owner financing like a wrap maybe. Share this post Link to post Share on other sites
