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Listen "014 - Lease Options, Off Market Deals, and Tenants with Lower Credit Scores"
Episode Synopsis
LEASE OPTION
This isn't our specialty, we haven't done it
Lease option is providing a lease with an option to purchase (during or at end of contract). You need an attorney to help write these contracts.
(From John) https://www.coachcarson.com/tag/lease-option/ has a bunch of good info for you
OFF MARKET DEALS
WHAT IS YOUR GOAL? Make sure your off-marketing strategy fits your acquisition strategy
DONT SCALE FAILURE - Low scale is always best (handwritten notes and driving for dollars), then scale up what is working
SKIPTRACING = SPAM, but it works for some people
GOOD INCOME BAD CREDIT
Tony doesn't worry about bad credit scores, he worries about why the score is bad
If it is lack of history and the person is out of college, that is reasonable
If it missed payments and delinquencies, that is another matter
More import than the score is the why behind the score
This isn't our specialty, we haven't done it
Lease option is providing a lease with an option to purchase (during or at end of contract). You need an attorney to help write these contracts.
(From John) https://www.coachcarson.com/tag/lease-option/ has a bunch of good info for you
OFF MARKET DEALS
WHAT IS YOUR GOAL? Make sure your off-marketing strategy fits your acquisition strategy
DONT SCALE FAILURE - Low scale is always best (handwritten notes and driving for dollars), then scale up what is working
SKIPTRACING = SPAM, but it works for some people
GOOD INCOME BAD CREDIT
Tony doesn't worry about bad credit scores, he worries about why the score is bad
If it is lack of history and the person is out of college, that is reasonable
If it missed payments and delinquencies, that is another matter
More import than the score is the why behind the score
More episodes of the podcast Be Free RE: Accelerate to Financial Independence through Real Estate
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15/11/2021
065 - How anyone can achieve FI in 10 years
27/10/2021
REPUB -- 018 - to LLC or not to LLC?
24/10/2021
064 - Tony's journey to FI through RE
17/10/2021
061 - John goes from Deal 1 to Deal 2
27/09/2021
059 - Tony's First Deal
04/09/2021
In God we trust