Margaritas, Cuban Cigars, and a $20,000 deal.
Greetings from Cabo San Lucas, Mexico! The family and I are on a cruise in Baja and are having an amazing time. The food is fantastic; Lobster tails, fillet mignon, the perfect omelette’s, top-shelf Margarita’s, and the best 24-hour pizza pizza south of the border.
Living in San Diego, CA is truly amazing. However, after a record month of Lease Purchase deals I decided to get the family away for some great food and relaxation.
I just finished up a Lease Purchase Deal completely by computer and by phone. This owner had given me two other properties and this house was the nicest of the three. It was just appraised at around $1,500,000 (A luxury home in Coastal CA). I don’t care if you are dealing with an $80,000 property or an $8,000,000 property. As long as we are dealing with nice properties in nice neighborhoods, we can put together a deal with virtually zero risk.
We signed the deal with a monthly rent of $4500 and a price of $1,500,000 with my company to collect a $30K assignment fee. An assignment fee is the upfront money that we collect from a Tenant/Buyer to give them the interest in our Lease Purchase Contract. They take over the benefits and liability and we are done with the deal. I bet you are wondering about that $4500 monthly payment, huh? Here is the best part of the deal… We gave the seller a $1 down to lock up the deal and agreed that she would not receive the payments until we found a buyer.
45 days after signing the agreement we moved the property and sold the contract for 20K. I didn’t get the full 30K, but I think I’ll survive :-). I had about 6 man hours into this deal and never even drove out to the property. The seller is happy, the buyers are happy and I am in Mexico! I am celebrating with some great Cuban Cigars and great Mexican Wine (“Vino Tinto 2006”, Calafia).
I am thinking about the current market, and I am more excited then a tornado in a trailer park. The market for Lease Purchasing is getting better every day. If you sit on the sidelines, you are missing out on a grand opportunity. If you would like to get more info about Lease Purchasing, sign up for our free CD and newsletter on the home page. You can always call me direct (619) 464-2232. We are also releasing our new One-day Bootcamp DVD set “Lease Purchase Profits in a Down Market” on April 5th, 2008. It has all the secret Lease Purchasing strategies for this market and all of our new cutting edge contracts. You can order it on our home page.
P.S If you ever get a chance, take the winery tour for Calfia winery in Ensenada, Mexico. It is Rustic, inviting, and a great place to enjoy the scenery. Adios!
-Todd
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