Questions on Peter Conti's Lease Options 9 posts by 8 users

Posted: 01/19/2008 at 03:08PM

Hi all! I read Peter Conti's e-book on making multiple streams of income buying nice houses. Using Lease Options. It was really interesting & my husband and I plan to search for some distressed sellers.
I have been researching pre-forclosures in the papers for months and attended a few auctions - all for learning and experience.
My plan is to:
Get the houses in the paper in pre-foreclosure, research them on the coutny website and if they seem worth it - mail info to the homeowner. (I understand that there will have to be Many Many letters mailed out before any one might contact.)
Hopefully, at some point in the near future we might have a homeowner contact us and possibly set up a lease option.
Question: I have found many, many forms on the computer for lease options. But also keep seeing to check your states laws. Georgia.
Should I get a RE atty and have a consultation to go over laws such as - Due on Sale clause, tennants paying any repairs, etc.?
Maybe have the atty create the documents for our first transaction?
Thanks in advance for all your help and any other advice would be greatly appreciated.
Looking foward to getting involved and activly investing!
Angie

Posted: 01/19/2008 at 04:05PM

EricFoster said:

I would not buy a foreclosure on a lease option!… Too many possible problems… Do Not That!

Good point! I also read some of peter conti's books and he says to buy and sell with a lease option structure , so I thought.. why not?

Talked with a lawyer and a notary public, they both advised me not to do that as the seller might be in financial trouble and the lender can foreclose on the property, while you still have a contract with the buyer on which you won't be able to deliver .. (big lawsuit waiting to happen)..

Research peter conti's techniques carefully, if you google " peter conti" and " scam" , you get too many hits for me to be comfortable(not saying it's all bad) just don't use that particular technique.

There are many other techniques out there, so don't get discouraged, just keep on looking.

Have a great day!

Jay

Posted: 01/23/2008 at 02:46PM

Mike,
Good post, I also recommend Wendy Patton's book on the topic. Excellent, informative read. The key is to have a third party or escrow company make the mortgage payments.

Posted: 05/15/2008 at 11:55AM

Have not taken her course, but I might the next time she comes to my town. You should get her book, though, regarding Subject To's and Lease Options. I refer to it all the time as I'm learning.

Posted: 05/29/2008 at 05:22PM

I'm reading the book on Lease Options and Subject to's right now. Pretty informative stuff.