So I want to talk about something that I hear A LOT in this business…
You’ll hear people saying: “You can’t do this. REI is illegal. It’s a scam.” Or, “you can’t do the deal that way, you have to do it this way.”
This happens so often in the real estate investing world… mostly because just don’t understand what we do as investors. :-/
I bring this up because a student of mine was working on a lease option deal with a new leasing agent. And the agent was kinda throwing him for a loop… she kept pestering him with “what if” questions.
What if the tenant couldn’t get a mortgage in 2 years? What about a property inspection?
So, while those are good questions… I actually have answers to those questions and, if needed, you figure it out as you go along. Or your coach or mentor helps you through.
The agent obviously didn’t understand this strategy and it became clear to me that she was not the best leasing agent for someone doing lease options. And that’s what I told my student.
Here’s another example…
I know another guy who does lease options, and his mortgage broker told him that his tenant-buyer MUST make the option deposit check out to the seller.
That is B.S., folks.
Who should the check really be made out to? The title company or escrow company.
This is another example of someone not understanding how investing works. Move on.
You’ve got to make sure you find investor-friendly people for your team… this goes for attorneys, title companies, brokers, Realtors. They’re out there, just keep asking around.
As investors, we use a little creativity sometimes to get the deal done—and some people just don’t appreciate or understand that.
But, where there’s a will there’s a way.
And, all of this proves that you have to be doggedly determined in this business—and don’t take no for an answer.
Years ago, if I had listened to every person who said, “No, you can’t do that,” or “You have to do it this way,” I would never be where I am today in this business. I simply refused to listen to them.
Just always make sure you are disclosing everything—be honest and ethical.
Remember: You’re the boss. This is your business!
With the intent and means to do the deals… nothing should stop you.