We`re experiencing a new type of investor who believes after attending a "Real Estate Seminar" they can write an "Options Contract" on a home they don`t own and assign it to someone else.
They take no responsibility if anything goes wrong,nor do they pretend to care. Why should they, it`s not taught at the "Workshop".
Many pay huge sums of money to attend these "Workshops".
It seems these seminars enjoy reinventing "Real Estate Laws".
The newbie investors want to go out and apply what they just learned.
After all, these infomercials show a home for $200,000 and than flash on the screen how the so called GURU bought the home with "NO MONEY DOWN".
We received an offer last night on a listing we have in Hollywood, Florida .
The offer to "Lease Options" our clients home.
After all, these infomercials show a home for $200,000 and than flash on the screen how the so called GURU bought the home with "NO MONEY DOWN".
We received an offer last night on a listing we have in Hollywood, Florida .
The offer to "Lease Options" our clients home.
It wouldn`t be much of an issue if the person who wants to do this actually lives in the home.
This person, in turn wants to "Lease a $400,000" home and assign it to someone else.
The liability issues are astounding. the person doing the lease option doesn`t seem to care, which is exactly the point of why doing a lease option is meaningless.
The seller still must pay the taxes,insurance and God forbid, if another person lives in the home and gets hurt the liability issues involved become a legal nightmare.
Many of these "Novice Investors" should stick to their "Day Jobs".
Working with people who look at a $400,000 home as not a big deal makes me wonder who the heck is teaching these seminars!
The Conversation is as follows:
Me: You want to "lease option" a $400K home and than assign it?
Mr. Lease Option: Yes, i can than try to locate a buyer and make a profit!
Me: Who takes the liability on the person you assign this $400,000 home to?
Mr. Lease Option: Ahh,humm, ow-ow I didn`t think of that. In our seminar we only discuss how we assign our option contract to someone else. It`s done all the time!
What do you care anyway as long as we close?!
Going to seminars are wonderful, providing you`re actually learning the right way of doing something.
Acting like you know what your doing with a person`s Real Property as if it`s a $2.00 item really irks me to no end!
This person, in turn wants to "Lease a $400,000" home and assign it to someone else.
The liability issues are astounding. the person doing the lease option doesn`t seem to care, which is exactly the point of why doing a lease option is meaningless.
The seller still must pay the taxes,insurance and God forbid, if another person lives in the home and gets hurt the liability issues involved become a legal nightmare.
Many of these "Novice Investors" should stick to their "Day Jobs".
Working with people who look at a $400,000 home as not a big deal makes me wonder who the heck is teaching these seminars!
The Conversation is as follows:
Me: You want to "lease option" a $400K home and than assign it?
Mr. Lease Option: Yes, i can than try to locate a buyer and make a profit!
Me: Who takes the liability on the person you assign this $400,000 home to?
Mr. Lease Option: Ahh,humm, ow-ow I didn`t think of that. In our seminar we only discuss how we assign our option contract to someone else. It`s done all the time!
What do you care anyway as long as we close?!
Going to seminars are wonderful, providing you`re actually learning the right way of doing something.
Acting like you know what your doing with a person`s Real Property as if it`s a $2.00 item really irks me to no end!
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