We have just completed a Lease Option on a small property in the North East of the UK. We have known about Lease Options for a while like most investors and we’ve been on training courses and done home study courses. However we were still a bit reticent to move forward with one.
There has been all talk of whether Lease Options are legal or not and that they won’t be worth the paper they’re written on when it comes to exercise them.
Due to this we decided to work with one of the UK’s leading experts in Lease Options – Mark Jackson. We work very closely with Mark and he has been so helpful to us in providing information to the site.
We went to Mark to help achieve the Lease Option element of our property goals. We believe very strongly in mentors, it can save a lot of time if you work with somebody who is an expert in the field that you want to invest in. Mark guided us through this first Lease Option deal step by step. To start with it was quite confusing and there were a lot of things to do.
It was important to know what to say to the mortgage company when you call them, also to know when to call them. It’s all about following the process, but of course you need to understand the process to start off with. We have a positive £150 cashflow per month from this property and another £170 is being paid down on the eventual purchase price every month. We feel this was a great deal.
We find the best way to learn is by practical application. Now weve done one we feel that we could repeat the process quite easily. Bring on the next one!
We’d love to hear your stories about lease options – are you an expert and done many or are you just getting started? Let us know..