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Question:
Joe was asking a question; I’ve looked through everything I have but I didn’t notice the answer if it was there. What percent of the monthly rent and option fee go toward the payoff of the house? I’m working on a lease-option deal now for one of our houses. The house is worth $250,000. He’s willing to pay a 5% option fee, but wants to know what percent goes toward the purchase price. Thanks.
Question:
The first question comes from William Edwards who says: How do you start part time.
Answer:
Well William, here’s what I’m recommending. I understand that you’ve got all these commitments and all these distractions in life particularly when you’re working with someone else, so what you want to do is be able to calendar and commit a certain amount of time on a daily and weekly basis to allow yourself to be able to have the time to build your business.
Question:
How would you suggest a rookie get their first deal?
Answer:
This is such an important question for so many folks. Because whether you been in business for a long time or your just getting started. It is so important that you really rev up your buying machine. That means that you have to do a significant amount of marketing in the beginning in order to get the attention. In order to get the leads coming in. In order to get the momentum in your business. So, I recommend that if you do not yet have your marketing ordered. If you do not yet have your marketing placed that is an appropriate use of time.
Question:
I’m going to get started right away with Laura who had a burning question from South Florida. She says she sent it several times. So, I want to make sure that Laura knows that we got her question, and we are going to give her an answer. She’s the first one that gets an answer tonight.
Group Q & A January 9, 2007
Lou Brown:
Question:
J. R. says, “As you already know about the legislation relating to lease options in Texas, I was told there was a way to achieve the same results using land trusts. Would you happen to know…how that would be possible?”
Question:
Velva in Apoca, Florida says, Happy Holidays Lou, the Brown family and wonderful staff.
She says, recently you advised if a Tenant Buyer is going to lease option and only has $3,000 down to take a Promissory Note for $10,000. How much time would you give to pay back that Note and how much a month?
Group Q & A January 23, 2007
Lou Brown:
Question:
Which is the first action to take to start your business? Build a buyers list or obtain properties?
Question:
We’re going to go with getting started. James McClendon says, no investment money, bad credit; how can I get started?
Answer:
Well, James that’s a fantastic question and the answer is, follow the system. It’s just that simple. If you follow the system, generate the leads…and of course, if you don’t even have money for generating leads, then you’re going to have to spend energy. It’s an energy-money exchange. The more money you have the less energy you have to give to get leads. The less money you have the more energy you’re going to have to give, James.
Question:
From J.P. Johnson, and J.P. says, “Hello Lou, I’m in Fort Lauderdale, Florida. Purchased your Whole Enchilada Course, and need specific steps on getting started in the pre-foreclosure business. Please advise with the specific types of marketing I should use for my area. Thanks, J. P.
Question:
Lou, I am a new investor. I want to wholesale properties to begin to generate a little cash flow.
Answer:
Which is exactly the way a lot of us start out. We have to do that cash flow situation so that we have enough to eat on, and live on while we build our portfolio of holding properties. One of the best ways to do that is to find properties for other people and flip it to them.
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