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- เผยแพร่เมื่อ 3 ต.ค. 2024
- JoeCrumpBlog.com
Discover how you can generate $5,000 in just 7 days using the 'For Rent' method in real estate investing. This powerful strategy is perfect for those who need to make money quickly and efficiently. In this video, I break down the step-by-step process to secure lease option deals that can put thousands in your pocket fast. Whether you're new to real estate or a seasoned investor, this method delivers results.
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#forrentmethod #realestateinvesting #quickcash #leaseoptiondeals #realestatewealth #investmentstrategy #realestateprofits #propertyinvesting #realestatecoach #shorts
You can charge much more than 5,000.00 in California when average properties in L.A. and O.C. are on average just under 1 Million dollars.
is it possible to get a copy of the contract one would use for this type of deal?
Oh shit I just signed up a $600,000 house and I don't have enough money to sign up for the mentor Program. He signed the lease/option agreement memo Wow I hope I can find a buyer tenant for this one then I'll have the money for the mentor program ...... I'll be full time in no time. Keeping my fingers crossed and busting my ass in Florida. :D
***** Did you find a buyer??
So what happens when the tenant still doesnt qualify for the loan to purchase? The owner just keeps accepting rent? What happens when the tenant doesnt take care of the property - like so many other distressed sittuations, where they stop paying, taking care of the property etc?
shouldnt you always require renters insurance, just in case they do damage the property or fires storms ect hit.
Hey Joe!
Is this technique still working now in 2011 in this modern economy?
where do u get the contract
Been following for about 4 years, how can I acquire these contracts from you?
Can we arrange a lease option with Landlord of property we are currently renting, then arrange another lease option with a Roommate, so that we can remain in the property, but the Roommate/Lessee can make improvements and purchase home at end of agreement?
Just make sure you write what you want to accomplish into the contract.
Good morning Mr.Crump i live in dade county and would love to learn how to make money in my area...What are the steps that i would take if i dont know anything about real estate ...
Hey, Joe where do you find the investor's to buy the property from you?
Craigslist and/or bandit signs on and around the property.
so in the senerio you just ran down, the seller gets none of the lease option money he just gets the tenant and his house sold if the tenant decides to exercise his option?
thanks for the info where do you get those list obtion contract
hey how do i get that contract
Do you know if this legal in Florida?
hi Mr Joe im from nj i got pretty exciting watching your video on youtube,no idea about real estate im really interesting and i dont know what to do,where can i start i just dont know plz help me out
how can i do this
You meaant to say "buyer" at 4:16
You meant to spell “meant” with one “a”.
At 4:16, you say "We're paid completely by the seller" but from what I understand we get paid by the buyer. Please let me know if I'm wrong. Thanks.
That was my error. It should have said, 'Buyer."
@@joecrump1589 Thanks! Is just that I'm going through your videos word by word because I need to understand all these thoroughly.
On the lease option fee, this doesn't really seem like a down payment that goes towards the loan when the tenant applies for a loan. It is more of just a down payment to get the tenant into the deal, that goes to you and you subtract from the overall value of the property. But you can spend it on whatever you want. Which is different than having it go toward the down payment to a bank, on a loan. Or am I missing something.
Also, you dont talk about "rent credits" which can also be a benefit to the seller, on a lease/option, as they will either get an agreed upon monthly amount from the tenant, put into an account, they can keep if the tenant doesnt end up buying or the rent credit can go toward paying off the loan amount that much faster. Seems like a benefit that should be discussed.. For a $200 a month rent credit, after a year, thats $2400..
Are you doing any seminars in Massachusetts?? Very interested
ok... I have been asking on some of your videos... are you still DOING this?!?! this was uploaded 4 YEARS ago!!! do you have anything RECENT?!? or... have you stopped doing this? just wondering if this "plan" really works?!?
Do you mentor people on a personal level?
Yes, I do, Anttjuan. I have a 6 month personal mentor program. You can find out more about it at these sites. www.ZeroDownInvesting.com and joecrump.com/partner and most of my mentor students use this software system - www.PushButtonAutomarketer.com
I hope that helps. - Joe
Can you do this in 55+ community areas?
Yes. If they don't allow renters, do it as a land contract. Also, be aware that many 55+ communities have very high HOA fees - so the numbers still have to make sense for the buyer.
Not sure if this question was asked already but how do you deal with a situation like the buyer losing their job or whatever and not being able to afford the property anymore? Does the responsibility for that mortgage now fall on you?
If you do the For Rent Method, you are NOT responsible to make the payments if the Buyer defaults. All you are doing with this method is assigning your right to buy to a new Buyer. If you buy using one of my other Zero down structures, you can keep the property long term, but you will be responsible if the new Buyer fails to pay. If you keep the property, you will build your portfolio - so there are pros and cons to either of these methods. Either way, your credit is not on the line.
Joe Crump - on this For Rent method are you running comps to get the house price you & seller can agree on where it is in line with others in similar condition before you just agree to sellers price ?
As long as you are close to market value, you should be fine. There is less resistance on price when you sell on a lease option. Just check zillow or a similar place for values - that should be sufficient.
@@joecrumprealestate - With a lease option shouldn't you still put true value on a house so when the buyer goes to get a loan it will appraise for set amount ?
@@stenny1970 Value changes over time depending on the market. A lease option is typically 3 years. Your goal is to make an accurate guess.
Can you do this in texas?
The way to do my method in Texas is to change Lease Options to Land Contracts. There are still requirements for Land Contracts, but they are much easier to comply with.
But my favorite way of doing it in Texas is...
Do a 6 month Lease Option that convert into a Land Contract IF the Buyer makes their payments on time.
Then, put them into the Land Contract for 18 months.
Land Contracts can be refinanced after a year (LOs cannot and require more qualifying and more downpayment and closing costs), so doing it this way makes it more likely that the buyer will exercise the option.
Please keep in mind - I am not an attorney and can't give legal advice - this info is just from my personal experience.
Here is a short video on doing deals in Texas.
joecrumpblog.com/are-lease-options-legal-in-all-states-including-texas/
You should consider getting into my Mentor Program. That is the way that
I can help you personally with this method in Texas.
If you get any of my programs about the for rent method, let me know and I'll send you the Texas document that is different from our other docs.
After we get the memo signed and find a tenant buyer does the seller and buyer need to close with an atty? Are we apart of that process or we just get to walk away after we our lease option check?
Attorney's can be helpful and sometimes make the seller and buyer more comfortable. So yes, using them works if you feel the need, but they aren't required in most situations and will cost between $300-500 per transaction. After the deal closes, you are out of the deal. Be sure to be helpful if they ask questions or need your input... buyer or seller.
Seller Financing More Restrictive After January 10, 2014
Posted on August 29, 2013 by Denise L. Evans
Effective January 10, 2014, all seller financing must include the services of a licensed mortgage loan originator. The licensed originator can be the seller, or a 3rd party hired for that purpose. The rules apply to regular sales and mortgages, plus bond for title, land sale contract, vendor’s lien deed, lease/options where part of the lease payment is credited to the purchase price, and similar transactions. All require licensing, unless you come under one of the “safe harbor” exceptions described below.
There are only two exceptions to the rule. One is called the Three-Property Exclusion, and the other is called the One-Property Exclusion.
The Three-Property Exclusion is available to individuals, partnerships, corporations, LLCs, estates, trusts, and similar entities. If the financed sale is a residence, then developers and contractors who built the residences being sold cannot take advantage of this exclusion. Sellers can finance up to three properties in any 12-month period. The financing must be fully amortizing, with no balloons or negative amortization. The interest rate must be fixed, or adjusted only after five years. There are no requirements for how much to adjust, but the safest course is suggested to be annual caps of 2% and a lifetime cap of 6%. Also, the seller must determine in good faith the borrower can make the mortgage payments.
The One-Property Exclusion is available ONLY for individuals. It is like the Three-Property Exclusion, except that balloon mortgages are allowed, and the interest rate can adjust from the very beginning, without having to wait five years.
These rules take the place of the Alabama State Banking Department Interim Rule, and its Five Property Exclusion. After January 10, 2014, there will no longer be a Five Property Exclusion.
Be aware, also, that if you make 2 or 3 high-cost loans as described in the Homeownership and Equity Protection Act (HOEPA) you are considered a loan originator and cannot use the safe harbors described above, and are also subject to the Truth in Lending Act. See more guidance on that issue HERE
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persistence my friends
Hey Joe will I need a title company for this method?
Only if the buyer decides to exercise their option to buy within the option period (usually 3 years).
@@joecrumprealestate Oh I see. So who gets to process the contact after you get it under contract with the seller? I know that usually with a wholesale deal you take the contract to an investor friendly Title company.
@@nelsonklein8642 You sign the paperwork, collect the funds and close the deal... just like you would with a rental agreement.
@@joecrumprealestate Ok Thanks for your answer Joe
is there a licensed require for this type of sale, It seems like a person is selling the house for someone commercially . So is this only for licensed real estate brokers. My step father is ready to retire and not very good at reading and writing but he's owned a business for many years , he has a little money to invest around 40,000. Is this a method a person can use to get started without a real estate license. Or is there better methods . I have read carlton sheets nothing down course, he has a equity loan technique. where you just use a down payment on one house take an equity loan out use that for down payment on the next and keep doing that until you have all the properties you need. is this as easy and legal or does it require a license I guess I am asking?
the memo is something I am interested in looking into, I know Oregon is a different kind of state than many they don't let people just do things here, its kind of like Hawaii. Lots of taxes. Lots of regulations.
this is very powerful. with there was a way to get a free copy of the lease memo for the sellers side and lease assignment of contract for the cash buyer's side. Interested in knowing???
Get a lawyer tell him to make the contract.
Did you ever get the contracts? If not i can email you some.
KivaTV Hi, could you email them to me? @ businesswithsamone@gmail.com
If you can, thanks in advance!
I just sent them! Have a beautiful day!
Joe could you share your lease option memo/ agreement
Here is a book where you can get a copy - joecrump.com/automated
It's also in most of my other training programs.
@joe crump Is there a way to stay in the middle? and get passive income each month?
Yes. Structure as sandwich lease option.
Wheres this memo? or contract?
You can get the docs in my Automarketer program. www.PushButtonAutomarketer.com
How can this be done legally now that dodd frank laws are in place
I've written a couple articles about Dodd-Frank that might help answer your questions.
joecrumpblog.com/my-ruminations-on-the-dodd-frank-act-and-the-destruction-of-real-estate-investing-as-we-know-it/
joecrumpblog.com/you-are-breaking-the-law-did-you-read-the-dodd-frank-act/