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“It’s been awhile. I’ve got two questions. Do you have an attorney contact either where you live or one who’s familiar with laws in other states, particularly Minnesota? I just need some peace of mind that I can protect my real estate license and know that I have an attorney who’s got my back if anything were to come up. I’ve been told over that our Commerce Department hates lease options with a passion, especially if you’re licensed because now they have something to go after and make an example of. However, I haven’t given up what you teach. The biggest thing they don’t like is the fact that we’re making a good amount of money up front from people who will likely never exercise their option.” – Ryan Dybeck
Joe: First, let me say you’re additionally being profitable as an agent from people who find themselves promoting their property up entrance earlier than they make any cash on it, so if you happen to promote to a different investor who has not made any cash but and also you make a fee on that deal and also you make extra fee than he makes as a revenue, have you ever executed one thing mistaken? – no, in fact not.
Joe: It’s the identical state of affairs right here – what you’re doing is facilitating a sale, you’re ensuring all people understands what’s occurring, you’re disclosing all the issues to them which is likely one of the issues that we now have within the lease possibility settlement that we now have all people signal, so all people understands what’s occurring within the transaction so that you’re not going to have this type of blowback with the fee.
Joe: Also, it’s very authorized for an actual property agent to promote a property on a lease possibility. It’s executed on daily basis, everywhere in the nation in each state, each metropolis and everywhere in the world really, so that you’re not going to have an issue with that. Now, you probably have any questions on lease choices and how you can do them, then what I might do, if you happen to’re an actual property dealer, is name your actual property board’s on-line dealer.
Joe: There’s going to be anyone on each board that you could name up (ours known as the LESA hotline) and we are able to name that legal professional up and we are able to ask them questions as a dealer (I’m a dealer as effectively). ‘Is it legal if I do this? What’s one of the simplest ways to do that to guard all people? Do you’ve any recommendations on this? Would you recommend that I do it a little bit bit otherwise? Is there something that you’d recommend that I do?’ So you are able to do that free of charge if you happen to’re an actual property agent; they’ll take your questions.
Joe: They need individuals to adjust to the regulation, they usually need to have the ability to just be sure you have constant solutions to authorized questions. Now along with that, you’ll find any good actual property legal professional that understands inventive financing – if you’ll find an actual property legal professional that understands inventive financing, they’ll be capable to let you know whether or not or not what I’m suggesting is correct.
Joe: Now, I do know that it’s authorized. I do know it’s authorized for brokers to do it, however you wish to just be sure you do it correctly and I perceive that, so give them a name and get their private authorized recommendation. Rather than me providing you with the title of my legal professional, I believe you’d be higher off discovering anyone domestically that you should utilize that understands actual property investing the place you’re at.
Joe: It might take you a number of telephone calls earlier than you discover an investor who understands inventive financing, so don’t be shocked if it takes you 5 or ten individuals to do this. Just to discover a CPA that understands how you can use inventive actual property investing for a Roth IRA for my private use took me a number of years to seek out, so it’s not at all times straightforward to seek out the correct particular person for the job.
Joe: But if you happen to’re going to ask the query, get anyone who’s certified relatively than anyone who simply tells you no as a result of they don’t perceive it correctly, which I one thing that I see is frequent in attorneys. If they really feel uncomfortable or they don’t perceive the method or don’t wish to spend the time doing the analysis and also you don’t wish to pay them for the analysis, they might simply let you know, ‘Don’t try this.’ and that may minimize off an entire facet of your online business.
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