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Many of us had the amazing opportunity to have Jack Miller as our mentor and friend. Jack was the smartest investor I ever met. Most of what he taught us is evergreen, meaning it applies just as much today as it did many years ago.
For those who knew Jack, what do you think Jack Miller’s advice would be in these crazy pandemic times?
Hope you are doing well. We are getting a few good snow storms in Colorado to open the ski resorts.
I bet he would advise to buy and sell as fast as you can. Use options and master leasing to stay safe. Cashflow will be king if the music stops.
Sell any underperforming properties now while the market is hot. Create alliances with people that you can help in tougher times and vice versa if you fall onto bad luck. I believe that Jack would see this market prime with opportunity to anyone that is willing to participate.
Happy New Year everyone and make your good luck in 2022!
John, Happy New Year!
I think you’re right that Jack would advise using options and master leases to stay safe!
Cashflow is king!
Happy New Year!! I think that Jack would also use options and master leasing in this market to be safe. I think he would also advise, as somebody also suggested, that now would be a good time to sell your non performing assets and replace them with something that will cashflow by using master leases rather than buying.
Jack was always for selling and cashing out. He did not like owner financing and he loved options, if he was going to hold anything for longer-term it would’ve been an option.
However you like to structure transactions from the sellers equity!
Years ago I approached Jack, and I’ve been using options after attending multiple options seminars from his getting questions ask and once having him come to my room at the hotel where he was teaching the class, much to my surprise!
Options are a unilateral contract, and it’s not unlawful for me as the seller to charge interest on the option balance during the term of the option. How much? Who knows? You qualify. The optionee and gauge their needs wants and desires.
I am preparing an option and have a property that I will be utilizing this on and circumventing landlord-tenant laws.
Options are definitely a SAFE way to go. You can control a lot of equity with an Option.
You can exercise the option… or not. So you’re not stuck in a deal that could go sideways if the economy changes drastically (like 2008)
Knowing what inflation will do to the purchasing power of the dollar, I think Jack would be buying on fixed rate owner financing and selling on an indexed Adjustable Rate loan, as he did in the late 70’s. That way, if this inflation is durable, rather than “transitory”, the rate would rise to reduce the impacts of currency destruction.
Portland, OregonJack would definitely execute using the power of negotiation and options, his son Chris Miller, once asked me which of the classes I felt was the most powerful. And I told him, respectively negotiations and options have made me the most money.
I have helped a number of people utilize successful options, and the strategy of negotiations is something that you only learn over a lifetime or after completing Jack’s classes and knowing him, personally.
Over the past 30 years I’ve used options whenever I’ve done private money loans borrowers simply to secure good title for myself and giving them an option to repurchase a property and if they underperform and do not deliver, there is no foreclosure!
Many of my rental properties have been converted for years to options, I utilize interest on the unpaid balance of the option during the term of that option. And patience is a virtue because usually marital situations or financial situations but many times take people away from their initial option to purchase.
I have put together an installment contract for option, there are rules that you must follow and many of the attorneys that I’ve worked with have been astounded over the years at the returns and I’ll it all. Jack Miller and I want to say that Jackie Lange has been a very large part for me. 🙂
She will be a backbone in cash flow depot, and she will give great support! I am excited for her to have the freedom she deserves and it will share her wisdom, knowledge and power bill and his wife.
Options are a unilateral contract and they allow you to control property and not have the burden of ownership. And if you’re not in control, where are you?
The structure of your transaction is the strength of your transaction, I have many option properties that I have sold multiple times and whether it is a residential or commercial property, the rewards are humongous.
God bless Jack Miller!
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