All Forum Posts by: Robert Burns

Thanks for the reply. I've come to believe that ALL insurance companies are "con artists" using any devious means possible to minimize their payouts.

I don't think I can find adequate coverage for my mobile homes. This adjuster decided based on the fact I had some spots of rotted wood he could use that to deny all my damage claims. It's kind of like the "fox guarding the hen house". The adjuster works for the insurance co. and his job is to minimize payments.

I recently had damage caused by Hurricane Issac on one of my mobile homes and had Foremost Insurance come out to assess the damage and file a claim.

I was very disappointed to find out I have "loop hole" clauses in my policy that have basically reduced my claim to nearly zero.

For instance there is a clause;

"damage must be caused by storm induced openings"

I've had water leakage into several spots in my mobile home and the adjuster said he could not see any "storm induced openings" that caused the damage.

Another one is:

"not responsibe for wind blown rain" damage

Now how many of you think hurricanes can cause "wind blown rain" damage. How about every hurricane?

Additionally the adjuster found some rotted wood in a few places in the edge of the roof. He took that opportunity to use the "rotten wood" excuse for all the water leakage into my mobile home so NONE of the water damage was covered.

I am so tired of being "ripped off" by these insurance companies who are so happy to take you premiums and then find ever way possible to not pay when damage occurs.

I not sure how these people "sleep at night"!

I do not recommend Foremost or their parent company Farmers as they will do the same thing to you.

I been involved in REI for a couple of years and for the last 18 months focused on lease options averaging about $3000/deal.

I am considering changing my focus to wholesaling in that I want Bigger Pay Days!

Assigning lease options is fairly time consuming marketing for sellers, tenant buyers, marketing, taking calls, bandit signs and finalizing deals. This is a lot of work for $3000.

My belief is that spending that much time on wholesaling will net me considerably more per deal.

I would appreciate feedback from the learned and experienced!

I've been involved with lease options for a couple of years and have seen many very happy sellers and buyers use lease options. The main way to help insure successful conclusions is extensive employing due diligence prior to any money or signatures are exchanged.

I believe you ultimately do what you want to do. Blaming your lack of ethics on "gurus" is like being a "mind numbed robot". Lease Options help a lot of people get what they want!

Lease options are an effective and beneficial way for sellers to sell and buyers to buy especially in today's soft market. I'm not sure what you mean by "the way ethics are taught at seminars?"

Brian, Wow! Thanks for sharing!

Interesting responses! I bought the Carlton Sheets course years ago but never did anything with it. However it did "plant the seed". Then a few years ago I went to a 3 day Kiyoski course after I just read "Rich Dad Poor Dad" and it all clicked. Although I spent too much money on the Kiyosaki course and did not get much out of it, I was "in the game". If anything I needed to make my $6,000 back. So I got into REI and have done well and doing better every day. The way I look at it, you can sit in the stands and wish you were playing or you can get on the field and get bruised, cut, and knocked down and you can also win. "After all it's not have many times you get knocked down that counts it's how many times do you get up!!"

Sarah, My first suggestion is to change your mental attitude about lease options. You consistently used words like "convince, pitch". This indicates to me you are coming on as a "salesman" trying to make your seller do something. Your attitude needs to be one of "helping" the sellers out of a difficult situation. Lease Options are a great way to help sellers sell their homes in a down market and if you approach the "right" sellers with a helping attitude they will appreciate it. I've done a number of lease option here in S. Louisiana and my sellers, tenant buyers and me all "win" when we are able to come together on a lease option deal.

Another important aspect is to understand you must talk with quite a few sellers to find ones that are truly motivated to consider a lease option. I approach my sellers and if they are not interested, I don't try to convince, pitch or sell them on the idea. I just move on to the next seller. However I do track all my sellers and check back with them in a while to see if their attitude has changed.

Hang In There!

There is one area I need additional ideas. I am focusing my MH business on "being the bank" and buying good, used mobile homes in nice MHP's
and selling them with owner financing. This has worked well and I have 3 now
and want more.

Where I need you help is understanding the best way to buy these MH's without
using any or just a small amount of my own money. For instance, I paid a total
of $37,000 in my 3 MH's with a ROI of nearly $100,000 in the 5 years I have them financed.

I am very happy with that, but I'd rather not continue to spend my own money to
acquire these MH's in that I must take the money from my investment portfolio
and incur tax consequences.

My goal is to have a total of at least 6 MH's under owner financing agreements
by the end of 2012.

Your ideas, feedback and suggestions are greatly appreciated.