Lease Options - The Way to Grow Rich While Lenders Drop Like Flies
As I reported the past two Fridays in our club meetings, lenders are changing and dropping loan programs and an alarming rate. I was told by my mortgage broker on August 2nd that some of the lender programs were changing by the hour. What does this mean for real estate investors?
In Friday's session, August 3, 2007 I talked about the wonderful opportunity investors have in "purchasing" homes via a lease option program. You can be as creative as you want to be right now and sellers very well may take you up on your offer.
The problem with lending right now is that mortgage underwriting has resulted in borrowers being turned away in droves. I read about a Wells Fargo jumbo, 30 year fixed rate loan program in which the rate has gone up to eight percent. Last week that same loan was 6 7/8.
As most of you know, I'm a big proponent of lease options. I've written and spoken about them many times. I think we are in a wonderful market for buying and controlling property. Now is the time to seek out lease option "purchases" because you can now enjoy maximum profit I wouldn't be surprised to learn the next twelve to eighteen months produces some of the very best real estate deals for real estate investors.
Educate yourself on the subject of lease options and get with it. You don't need much money and you have the potential to do exceedingly well. If you believe you can't do it, you are correct - you can't. But if you believe you can, you are also correct. It's your choice. What do you choose?
Next Friday I plan on bringing a lesson on building a business plan to accommodate a lease option approach to real estate investing. The following Friday I will teach the principles and strategies of buying and selling on a lease option.
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Copyright 2007 by Don Loyd
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