Hi,
Has anyone used Adam King's Coop Lease Purchase Course. Is this helpful? This seems to be the least expensive cooperative lease option course. Is this course updated regularly or is it an old course? His website does not look updated to me but I hope his course is...
Feedback please...
Thanks!
Although I am not familiar with Adam's course, I do know that he has been in the biz for a while and is pretty solid, and have communicated with him quite a bit on Naked Investor.
CA's are the ONLY think I do and teach, and I think are a great way to get started in RE.
I also highly recommend Michael Carbonare's manual at naked-investor.com $97.
If you contact MC tell him you think John Jackson is a genius and moderately attractive....just to make him roll his eyes..
I think the best and least expensive course on lease options is right here on BP! You just need to do the research and you will get more and better information than any guru course, IMO. I have made at least a hundred posts I guess of the topic and I thinkit's pretty well covered by now. Do some digging and past posts, mine and others, will give you what you need and the price is right!
I agree with you 100% that BP has a lot of info... I have been helped with a lot tips and articles at BP and I am very thankful for that.
If this course has all the info organized as step by step, then it may be worth the $69 (including email support); this could cut down some research time for me. I work fulltime as a computer consultant so such readymade systems are timesavers if they have good info that is well organized... I would like to hear anyone who has used this course.
Lokesh W.:
I did a search at this site, concerning Adam King's Coop Lease Purchase Course and here is what I found:
http://www.biggerpockets.com/forums/61/topics/52626-cooperative-lease-options
Raymond
http://www.biggerpockets.com/forums/61/topics/52626-cooperative-lease-options
Raymond
@Raymond B.:
Thanks for the link. I already read that dicussion last night. It is from year 2010. I was hoping to find newer reviews.
Anyways, I searched google and found some positive reviews from later part of last year. I am inclined to buy this sometime soon. It is only $69. Thank goodness it is not one of those courses that cost $997 with fast action bonuses of $10356.17, fr.e.e 1 hour strategy session (worth $500) and 2 f.r.e.e ticket to 3-day boot camp!!!
Although I am not familiar with Adam's course, I do know that he has been in the biz for a while and is pretty solid, and have communicated with him quite a bit on Naked Investor.
CA's are the ONLY think I do and teach, and I think are a great way to get started in RE.
I also highly recommend Michael Carbonare's manual at naked-investor.com $97.
If you contact MC tell him you think John Jackson is a genius and moderately attractive....just to make him roll his eyes..
I already purchased Adam Kings's course and I am reading through it.
While calling up FSBO and "for rent" are good sources, I like to have leads from others - realtors, property managers, other investors (who are unable to make deal from their lead) - this worked OK for me in short sales but lately short sales are becoming more and more difficult and longer... so I am trying to do cooperative lease options. Leads from others work better because I have a fulltime job and hence little time during the day. Hopefully, I can build lead streams from other sources.
I attended Wendy Patton's boot camp (which also had Joe McCall speak) and was very impressed with her experience. Their courses are expensive; I think I maybe able to do lease options without such expensive courses. I just purchased lease option book from Wendy Patton (I read this by borrowing from the public library but I need to look at this more closely). The other book I purchased is from Thomas Lucier (I learned a lot from his pre-foreclosure investing book so hopefully his lease options book as good as his other books).
I heard very good things about the Michael Carbonare and his forum at naked investor. I think I will buy Michael Carbonare's course sometime later... Currently, I have enough reading material that I could have information overload!!! In addition to the reading material, I HAVE OUR BP FORUM :-)
The cities where I am working now have majority of single families listed for rent either property managers or realtors. I have gone through all the ads in Craigslist and this is what I found. Eventually, I have to work with realtors or property managers to get leads from "For Rent". I haven't called FSBO ads yet.
Any suggestions on lead sources will be greatly appreciated!
You are right Lokesh, you don't need an expensive course to do the lease options. As John mentioned, Michael Carbonare has a great course that is easy to read and simple to follow. I also have Adam King's Cooperative Lease Purchase that is a little more involved as far as the method, but again, easy to follow.
Either one is money well spent, plus you get all the contracts necessary to complete a deal (that's another reason why I also purchased Michael's course, since he is based in Florida.)
Enjoy the reading and update up with what you think after you've read through the material.
As far as leads, I only do direct mail to listed houses. I don't really screen for old or expireds, I just hit all of the ones within certain areas and prices.
In my opinion, hitting the for rent leads can be a waste, as the owners tend to rent the houses before you even have a chance to get the ball rolling..but...that's just my 2 cents.
Enjoy the reading and update up with what you think after you've read through the material.
@Kent R.
Are you saying that Adam's method takes longer to implement than Michael's??
Yes, I will update once I have read through Adam's course.
@John Jackson,
I have noticed that too in my calls to "For Rent". It looks like owner is very eager to rent it out as soon he/ she finds a qualified renter....
At Wendy Patton's bootcamp, we called some "For Rent" ads from craigslist and found that owners were receptive to lease options but later, they did not return the phone call and also the "for rent" was removed from the craigslist...
Thanks for the tips on getting lease option leads...
It doesn't take any longer to implement Adam King's method. The contract that he uses has more "options" available to complete the deal and is longer than Michael Carbonare's contract.
Also, Adam sometimes employs the method of assigning the option back to the Seller to complete the deal. Michael uses the traditional method of assigning the lease/option to the Tenant/Buyer.
Hope that helps.
Also, Adam sometimes employs the method of assigning the option back to the Seller to complete the deal. Michael uses the traditional method of assigning the lease/option to the Tenant/Buyer.
Hope that helps.
Kent R.,
Thanks! That helps...
@ Lokesh. I have Adam's course & I think it's solid. I also studied Michael Carbonera, Joe McCall & Joe Crump. All those are great resources as well.
All are pretty much the same basic info (some assign to the seller instead). I like finding the different marketing methods being used. After all, we are in the marketing biz first & foremost.
Once you have the basic idea down about how to fill out the option paperwork, stop looking into more courses & just focus on marketing & talking with motivated sellers & lock one up.
Hope that helps,
JvM
All are pretty much the same basic info (some assign to the seller instead). I like finding the different marketing methods being used. After all, we are in the marketing biz first & foremost.
Once you have the basic idea down about how to fill out the option paperwork, stop looking into more courses & just focus on marketing & talking with motivated sellers & lock one up.
Hope that helps,
JvM
I bought Adam's course. So far so good. He replies my emails. I don't believe in lease option courses that cost 1000s of $$$$$!!!!
I have one property under lease option contract and another on the way (the owner of the 2nd property asked for changes to my lease option contract). But, I am not getting good tenant buyer leads on the 1st property. One of the potential rent to own buyers even gave money for the background check and then decided not come in.
Yes, that is correct. We have to have better marketing. I will be putting an ad in the Sunday paper and see how it goes. I recently created a blog on blogspot for my rent to own properties. I might create one on Wordpress as well.
Any suggestions on finding qualified tenant buyers???
Are you familiar with the SAFE Act, and where the new CFPB is going with financed transactions. Gurus can say 100 attorneys said it's okay, that does not mean it's okay in your area and without a written opinion it means nothing! Gurus sell products as educational material that being a loophole to tell you anything. While there may be good step by step instruction, you will be responsible for each step.
As to your marketing problem, better take great care in qualification of any buyer, not only do you need to find a tenant, but also someone who can perform.
It could be only a matter of time before regulators begin answering rent to own ads....
These co-op L/Os are nothing more than a pass-through transaction and you may have a problem giving an option of a property you don't own or have title to, which is the reason the option should be sold and assigned.
The reasons I have not written any material on the subject is, compliance issues in all states, my time and other minor factors, but I don't see anyway in the near future to provide information that will be compliant into an unknown future or with current restrictions state by state. If anyone claims they can, they don't know what they are talking about. Check in your area as to compliance issues before you strat buzzing these agreements on the public. Good luck
As to your marketing problem, better take great care in qualification of any buyer, not only do you need to find a tenant, but also someone who can perform.
It could be only a matter of time before regulators begin answering rent to own ads....
These co-op L/Os are nothing more than a pass-through transaction and you may have a problem giving an option of a property you don't own or have title to, which is the reason the option should be sold and assigned.
The reasons I have not written any material on the subject is, compliance issues in all states, my time and other minor factors, but I don't see anyway in the near future to provide information that will be compliant into an unknown future or with current restrictions state by state. If anyone claims they can, they don't know what they are talking about. Check in your area as to compliance issues before you strat buzzing these agreements on the public. Good luck
All my contracts have been reviewed by my attorney. This is legal in Wisconsin. Adam's course has "15 questions for pre-qualifying a tenant buyer", which is helpful. In addition, there is a step for "credit/background check" for the tenant buyer.
15 questions....lol
Have your attoney get on here and I'll be happy to point out some issues involved that they don't teach in law school. Good luck....
Adam is really focused on mindset so that in addition to the Co-operative L/O information, you have the proper mindset to do deals instead of being stuck in analysis paralysis. I enjoyed it and continue to enjoy it.