has anyone heard of or used Wendy Patton’s Working the Realtor System, which uses realtors to bring sub2 and lease option deals to you?
how does that work?
Heard of it, tried it, had no success.
Here it is in a nutshell: Agents who don’t understand creative financing won’t bring you deals because they’re afraid. While agents who do understand will simply take the deals themselves.
Personally I would love it if I had even just a handful of big listing agents feeding me deals. But after making over 600 creative offers through agents and to agents without getting a single one accepted, I think I can safely say it ain’t gonna happen.
If you are trying to learn about L/Os or Sub2s it is a very good piece of reference. I am assuming you mean Wendy Patton’s most recent book “Investing in Real Estate with Lease Options and Subject to Deals.” I’ve been on some of her teleseminar calls and read her other articles, so I can tell you that once you buy her book, you don’t need to buy anything else of hers because she’s repeated the same things almost verbatim in every media that I’ve seen/heard her in.
I’ve learned more from my mentor though, than any books I’ve read. Contact some of the REIs in your neighborhood and you are bound to find someone that has enjoyed success with creative financing who might be willing to show you the ropes. You’ll also be able to find agents that are knowledgeable and open to working with you on these. My mentor has had success with lease options and he actually started out doing sub2 deals (which he still does tons of). He’s included creative financing in his arsenal of many methods for more than a couple of decades now. It’s like everything else, you just have to have your team in order and do all of your homework.