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When you go to a seminar, if you put the strategies you learned to use as soon as possible, then there’s a better chance that you’ll use it again and again. Way too often, people go to seminars but never use the strategies. Don’t let that happen to you!
Options are the BEST technique to use and the most risk free way to control a property, it’s cashflow and the equity. There are so many different ways to use Options.
During the panel discussion at the Options seminar, it was fun to hear how Jack’s students are using options.
Now it’s your turn!
Let’s all share a recent options deal. It will help everyone learn.
Or, if you are trying to structure an options deal, let us know about it and we’ll all pitch in to help you get it done.
Jackie Lange
p.s. see my next post about a double options deal I did recently
A builder called about his personal residence he had been trying to sell since January 2007. He originallly had it listed with a Realtor for $379,000. Then reduced the price to $349,000. He moved out of state and decided to try to sell it himself to avoid the realtor commissions. He reduced the price to $329,000 and then $299,000.
He found me on the internet where I advertise my web sites.
After a thorough interview, I discovered that his savings was just about used up and he could not cover the next months mortgage payment on this vacant house. He would love to sell to a buyer who would get a new loan and cash him out but he was open to other suggestions.
The house really was worth $350,000 and was really nice inside. But he had no landscaping.
So, this is the deal I made with him.
He had to get the front yard completely landscaped, and I would pay all the marketing fees to conduct a Highest Bidder Sale.
Our strike price would be $299,000.
We would sell with seller financing to the person with the most down payment.
I would get 50% of the down payment – he got 50% ( my first option)
I would sell for $350,000 with a 5 year balloon to give the market time to recover from the subprime meltdown.
My 2nd option was for 50% of the proceeds over $299,000
My plan was to conduct a Highest Bidder Sale after I got back from the Options seminar. But I ran some ads on Craigslist.com and got a buyer with $30,000 down so I’m going with that now.
There are TONS of sellers out there who would jump all over a deal like this! You CAN do Options!
Jackie
Jackie,
As you know I am having a highest bidder sale this weekend 11/3-11/4 to sell one of my properties, and I plan to follow with 2 more highest bidder sales of 2 more of my properties. I think that I mentioned to you in Tampa, that the Lady that is doing the signs for these sales has ask us to sell her property that has been on the market for a while. I will be meeting with them on Monday morning. My question is this–I know that I need to get an option/contract to get this done,can you give me some guidance on this? I would like to have my ducks in a row before monday.Bill St.Clair
PS: I am still in a daze after the Jack Miller seminar in Tampa. Slowly going back through the manual to better grasp all that I heard!
Bill
There are several really good Option contracts in the manual from Jack’s options seminar.
Remember that you can write a contract to purchase and include a CONTINGENCY clause and the contract becomes an option contract.
You might agree that anything over the strike price is your profit.
You might agree to split all profit over the strike price.
If you can get her to go with seller finacing, you can split the down payment and the upside.
There are so many different ways to use Options.
Jackie
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