I have been recently learning a lot about wholesaling lease options, aka cooperative lease options and I have a couple of questions I hope someone can answer for me. I have been listening to Wendy Patton. I do like her style but can’t afford to buy a course until I get a deal done. I have contracts on hand but I’m not sure I have the right ones to do a wholesale lease option. I was only focusing on wholesale deals and that’s the contracts I have.
When I find a seller, do I use an option agreement contract with the seller, find a buyer to wholesale the deal to who signs the assigment contract, or do all parties sign the assigment? And when I find the buyer do I then write up the Purchase agreement between seller and tenant buyer?
Is there a specific lease option contract that can be used? The contracts is my most concern right now. I am in Virginia by the way.
Any help will be greatly appreciated. I want to try to do a few of these as soon as possible.
Don’t know anything about Patton’s course so I’m in no position to comment on it. I do find it odd, however, that she has jumped on the Cooperative Assignment bandwagon recently, considering she once said they were brokering real estate without a license. They aren’t.
It’s hard to comment on the validity of your paperwork without seeing it. But for all things lease options, there is no better source than Carbonare over at The Naked Investor.
I second AJ290’s reply with one exception. Michael Carbonares material is great and Adam King just as good. cooperative purchase. You can buy both of these twice for what Wendy and Joe are selling. They have been doing this alot londer to. BTW in my opinion Wendy and Joe learned from these guys, its nothing new. Herbster
Thanks AJ290 and herbster. I did check out both Michael Carbonares and Adam Kings websites. I think I’ll be working with one of these two. I can deal with the prices a lot better plus I’m ready to get up and running quickly. It looks like Michael pays attention to the forums and would likely answer me quickly if I had the need.