Lease Options Coaching – Some Questions and Answers With a Student.
Is property lease option investing for you? Have you considered taking up lease option coaching? Are you in the process of learning about lease options and about to make a decision whether to invest in lease options coaching and support?
Well, to help you decide we thought it would be a good idea to ‘fly-on-the-wall’ with you and share some recent coaching we did with a lease option student. We checked with them first of course and they have kindly given permission for us to let you in on some of the action. Look out for the benefits and lessons they have profited from. We hope you will find some value in this too, as you become more familiar with lease options.
Lease Options Coaching, a Little Bit of Background
Our property options coaching goes further than simply offering a basic understanding of lease options. In this particular instance a student with a grasp of lease option investing principles is working on an assisted sale opportunity sale. You will see that our student is marked as Student and our responses are in italics.
Student: Thank you for your help so far. I have an update for you, and some more questions. I was, to begin with, concerned that the buyer may find out what I agreed to pay the seller and think I was being greedy with the profit I was going to make. I just kept thinking of your saying “Win, Win, Win”. I also didn’t want the seller to feel hard done by when they realised I have sold it for so much. I have decided to keep my sale price at £142,000 after our chat last week.
You should never feel guilty about making a healthy profit on a property transaction. After all, the seller will know in their own mind what they need to make the deal work. It is only fair that in assisting them you will benefit too. One of those ‘Wins’ is for you and of course you need to earn a return on your investment of time and energy.
Student: I am meeting with the seller on Saturday afternoon to finally agree the deal. He sadly couldn’t meet with me any sooner than that.
Good work. Yes, get things the deal done and paperwork signed.
Student: Do you have any advice for Saturday? Is it important to note anything in particular?
Yes! If you haven’t already done so, get plenty of photographs of the house inside and out, this will help you with your marketing. Pay particular attention to important, costly things such as the boiler, electrics and windows. Buyers will ask about the condition of the property and so modern electrics and boiler will always help you sell the property faster.
Student: I am a little concerned that the seller may ask for some money upfront to help with moving costs. Is this something you do personally and what is the best way to handle that?
Anything is possible! What will make the deal work for you and your seller is the main consideration. At times the seller will simply not be able to move on unless you pay something up front. Be careful and be sure not to do that outside of your contract or agreement.
We recently had a case with an investor buying a large property in Wales, and the investor agreed to make a payment out of good-heartedness before the contract paperwork was signed, and then “confessed” to us. We would never recommend you do that! You really need to protect yourself. Anything you agree with the seller must be adhered to and should be in the paperwork.
Student: If the seller needs time to move out of the property, say 90 days for example, would you wait before getting solicitors and paperwork sorted or would you put everything in place in advance? I am worried the seller may change their mind if things take a while.
How do you feel about the seller? Do you have confidence in their level of motivation? Will they see your agreement through?
We have found that if you establishing strong rapport with people and gain a deep understanding of their situation you enjoy a huge advantage. You will be able to evaluate early on whether a deal will be strong. If you are in any doubt, hold back from spending money but still get your lock-out paperwork signed as early as possible.
We will be delighted to help if you would like lease options coaching and support.
