I read a ton on this site, I also got John $cash$ Locke’s course. The main teacher was just going out and finding a deal and asking questions on here and other forums. I do recommend John’s course, he is also a stand up guy and is there to really help. Just like everyone on this forum. I don’t think anyone needs to pay for a mentor, take that money and invest it into finding deals.
The methods I use are sub2, lease options, but mostly I do rehabs. I look at ALL deals that come to me, if it’s not a rehab deal I look at doing a sub2, if that doesn’t work I look to lease option it. I try to make all leads into a deal somehow, if the seller isn’t creative I move on. Remember all deals aren’t deals.
I’ve done sandwich deals. If the numbers are right and the homeowner is willing, they are a great way to invest. However, these days I prefer Cooperative Assignments. Much easier to get the deal, and much less involvement it in, too.
I highly recommend Tingle’s course! Of course, Cash and Jim’s courses are good too. It would be hard to go wrong with any of these three. Over 90% of the methodology is the same in all, just a little different approach on minor issues.
The important thing is you have a course. Dummy me, my first deal was done without one. It cost me a $3k lesson. That’s why it disturbs me when some chinchy newbie posts “just send me some forms.”
I have never done Sandwich leases. When I buy sub2 I usually do a lease option as an exit or I rehab and sell. I have kept one as a rental only because the mortgage will be paid off in 4 YEARS, not a misprint, I did say 4 years. So why sell this one, right?
My main method of investing right now is rehabs. BUT I look at EVERY DEAL and try to find a solution for the seller (and a deal for me), either I purchase it with cash (only if there is enough equity), a sub2, Lease option or I try to get really creative and buy the house on a 6-12 month note if the seller doesn’t want to wait for their money. In that 6-12 months I rehab and sell.
The Cooperative Assignment is when you put together a lease purchase deal with the homeowner, giving the homeowner full retail terms, then you assign the deal to a tenant/buyer. You keep the option money you collect as your assignment fee. They are an easy way to collect $3K to $15K per assignment.
They are a topic of frequent discussion over at The Naked Investor.