Jack Miller Options as a Broker

Posted in Options

You must be logged in to reply to this topic.

Viewing 8 posts - 1 through 8 (of 8 total)
  • Posts
  • Hi! Jackie I’m sure you can answer this one in a heartbeat but anyone else with the answer feel free input as well. I love Jacks material and there’s no question he was super creative but sometimes I get lost as he can jump around a bit from story to story.

    So there was Jack the Broker pre-Options and Jack the Broker after implementing Options instead of more traditional listings. Can someone please explain as simply as possible what Jack was doing?

    Was he essentially getting a bottom offer price from the seller, getting an Option on the house for that price, and then selling the house for above that price taking into consideration closings costs, etc and his fee?

    I imagine he would record his Option to protect his interest yes? Would this strategy still work today? Does it matter if the eventual buyer uses FHA, Conventional, or cash?

    Thanks!

    William,

    Was he essentially getting a bottom offer price from the seller, getting an Option on the house for that price, and then selling the house for above that price taking into consideration closings costs, etc and his fee? YES

    I imagine he would record his Option to protect his interest yes? YES

    Would this strategy still work today? YES

    Does it matter if the eventual buyer uses FHA, Conventional, or cash? NO
    It would be a simple matter of clearing the title of the ‘flaw’. i.e. = your option.

    Simple?

    Seriously, Jack did EXACTLY that.

    Many try to complicate things.
    That’s why sellers say no – its too complicated.

    Keep it simple, tell the truth and ask for help.

    I would not be where I am today, if not for Jack.

    -MIchael

    Great reply Mike!

    Here’s an article Jack Miller wrote about why an Options is so much better… in many ways… than getting a Listing

    https://www.cashflowdepot.com/options-control-real-estate-without-the-fiduciary-or-liability-of-a-listing/

    Thank you! Great article Jackie! Excited to do my first Option! I have experience wholesaling fixer uppers but I see Options as a way for me to do it with retail houses. Is it similar to a net listing in way? But less hoops to jump though…

    When you combine an Option with a Highest Bidder Sale to sell the property… it’s a winning combination!! Study the section on Highest Bidder Sales!

    Hey Jackie, with an option in mind. Once you find a buyer, do you then actually sign a purchase and sale agreement with seller and buyer?
    Feels very much like a wholesale transaction without much liability if you can’t find a buyer?
    Am I missing anything?

    Yes, You sign a purchase agreement with a contingency clause that says you have X number of days/months to close and you will only close if you find another satisfactory buyer/investor. (satisfactory means you can make profit) When you find the buyer, you can just sell your option to them or you could do a double close.

    Jordan

    Options work great on perfect pretty houses too. It does not need to be a run down junker houses like most wholesale transactions.

    There will soon be MANY option opportunities and master lease opportunities. Time to learn all you can about how to find and negotiate them!!

Viewing 8 posts - 1 through 8 (of 8 total)

You must be logged in to reply to this topic.