All Forum Posts by: Rehaan Khan

I always thought he was a scam, but several other investors I know and trust like him, so I ended up buying some of his lower level stuff, books, recordings and whatnot. They weren't very useful and now I'm in his click funnel/upsell/massive marketing campaign.

I think his system is probably quite good. I just hate those kinds of marketing tactics, so I would never buy any more of his stuff.

Not a big fan of wholesale lease options either. It's a lot of effort and money to reach motivated sellers. You'd want more than just a wholesale fee. If you're ok with that then just be a realtor haha.

a) What does your Contract say about how to deal with sub-standard work? Usually when paint 'doesn't stick', it is because someone applied water based paint over oil based without priming first. Is this what happened? Did the painter spec out this in the proposal?

b) Did you buy the paint? (Hopefully not) Was it top quality? (Hopefully) If it was not top quality then he will have a point.

Customers should NEVER buy any materials or products. This comes up all the time, and this is just another reason why it should not be done. It gives the Contractor an excuse/reason. "Oh the customer insisted on buying the materials, it's not my fault"

Just some food for thought on your hunt for the Red October.

Are you looking hire an ttorney To teach you creative strategies And recommend Creative strategies  to you, or are you looking for a chain dog to implement your creative strategies?

Because if you're looking for someone to take the lead on putting creative strategies together - that might be a much harder find.

If I were looking for a person like this, I would grab my iphone and call the individual who had worked on a similar deal that I wanted to do. 

I would try to get a feel for the  personal connect I would have with this person, ie. how much of a thorn of a personality would I have to deal with to get what I wanted. Hopefully none. 

I'd also try to get A feeling for how much control this person wanted to have in the deal. From being a total catcher's mitt, to being the star pitcher. Because in my world I am the star pitcher. The boss.

Although in certain circumstances I could see someone wanting to have an attorney who really takes the reins on the deal.

 Good Luck!

@Rehaan Khan

Plenty of very good real estate attorneys out there and especially good ones who will tell you you all the risk involved - which is why many shy away from many of the “creative” financing deals going on right now which are just unqualified buyers finding ways to buy a home and those attorneys do not want to be part of the lawsuits later on.

Seller Finance.  Subto.  Lease Option.  There are multiple ways to do these.

1. Seller  Finance - the seller owns the property outright.  You have an attorney draft the mortgage and note.  Close with the attorney or a title company (state-specific).  Make payments through an escrow company.

2. Subto - The seller has an underlying mortgage on the property.  In New Mexico, we do a seller finance mortgage note that "wraps" the underlying mortgage to be paid through escrow.  

3. Lease Option - Negotiate a lease with the seller that you are the tenant with the right to sublease to a 3rd party.  The 3rd party pays you and you pay the underlying.  You have an option to purchase the property in 3-5 years at a preset purchase price. 

Risk of a Wrap.  The Due on Sale clause in most / many mortgages.  The bank reserves the right to call a mortgage due upon a sale.  Typically, the only time a mortgage services knows the sale happened is when it shows up on a report for non-payment.  Always make sure payments are handled by 3rd party escrow.  You to the Escrow > Escrow pays the mortgage & the seller.  Never go direct to seller.  HUGE red flag.  I even do my Lease Options through escrow to make sure the mortgages are paid and seller's don't walk with the cash leaving me a foreclosed property and no way to collect.

Owner financing with a balloon payment due in 6 months or a year tops.