Wendy Patton has become very well known for her seminars on how to make a lot of money even in a bad real estate market. Patton is very good as a presenter and she makes some very good points concerning using your investment property on a lease-to-own basis with tenants. Though the idea is sound in its concept, there are several problems with her theories on the current real estate market.
Patton speaks of the real estate market in general terms. This cuts down on the specifics that she has to deal with when speaking to large crowds of people, however it does make using her advice a little difficult as the real estate market changes depending on which region of the country you are in, so the amount of money that you can make on a lease option with your tenants fluctuates greatly. There is also the problem that there are less than 50% of tenants who will actually purchase a home or other property that they lease from the owner.
If you take Pattonís advice on leasing your home with a to-buy option for the tenants, on a $200k home you may get a down payment of $2k. Now you have to take into account all of the expenses that come with leasing a property such as either using a real estate agent or even marketing the home yourself by advertising in your local paper. Advertising in a newspaper has become increasingly more expensive like before and i got some decent response but its expensive, meaning that a month of advertisements will run you as the home owner about $300-400, taking the $2k that you would be making down to about $1600-1700.
After going through this course in seminar form, it just seems to be a course that leads to a course and all of the information is pretty generic, nothing that you cannot learn from free sources on the internet. Both the seminar and the courses will run you a good amount of money and for the information that you receive it doesn’t really seem worth the investment.
The real estate market is good for anyone with enough capital to invest, but you may come out better by renting your investment property rather than trying to lease it with a buying option. Either that or just try to sell the property outright – perhaps considering renting it while you try to sell it. That way you are not tied to one particular set of buyers for the duration only to end up with them not wanting to purchase your property so you have to start over again with finding a buyer for your home. By the way it is important that the garage door opened automatically, for example using the Mighty Mule Gate Opener.
In short, if you are just looking for generic information about the current real estate market and how to navigate the intricacies of forming a lease to own option for your home or investment property, you may find some interesting information in this course. If you are looking for specific information or a detailed how-to, this course would not be for you.