1 Million Pound Lease Options Challenge!

138 Responses to “Welcome to the £1m Lease Option Challenge!”

1. cheap mbt
   July 10th, 2010 at 4:09 am

   I really love the topic that you shared. Thank you for posting.

2. Robert M. Equity
   June 23rd, 2010 at 9:39 am

   I do not swear, I do not smoke and I do not drink ! O damned My sigarette has fallen in my glass of beer …

3. Richard Shepherd
   April 14th, 2010 at 9:05 pm

   Hi Ryan,

   No worries – people sometimes do get tripped up here.

   There are 3 ways of making money.

   Upfront: tenant buyer gives you a fee for the option to buy the house in 5 years time!

   During the middle: You pay the landlord £300 per calendar month for the property and ‘rent’ to the tenant buyer for £500 per calendar month. In addition, the tenant buyer pays a top up of £200 per calendar month. So here you are making £400 per calendar month.

   End: When the tenant buyer buys the property. You have an option to buy the property at £110k. The tenant buyer has an option to buy at £135k in 5 years time. Lets say they paid you £5k as the Option fee up front, and £12,000 in top ups. This means that you still cash at at £8k when they buy the property from you.

   So your total profit is £5k up front + £12k (rent) + £12k (top ups) + £8k Back End = £37,000.

   Hope this helps.

   Richard

4. Ryan Surgett
   March 10th, 2010 at 11:35 am

   Hi all,
   Apologise if I’m being a bit thick here, just a query regarding option deals with landlords. Firstly, I’d like to say a huge thank you to Phil – I felt his role play during teleconference 2 was superb and provided invaluable no-how regarding how to approach/negotiate with landlords. However, the aspect I’m struggling to come to terms with is how you make your money in the deal. I imagine the example we were provided with related to a sandwich option due to the pre-agreed tenant stay etc and set purchase price. What I can’t seem to grasp is how you make your money from the deal, for arguments sake let’s say the agreed purchase price is 100k. The tenant buyer then purchases the prop from the landlord in the duration of the lease for the set price. So how do you as the investor make any money from the deal? Also, is it not possible to use a purchase option in this scenario to build your own portfolio? Again, Apologise if I’m being a bit thick here but I’m struggling to come to terms with the proposal. Any help would be much appreciated, many thanks
   Ryan Surgett

5. Peter Bright
   March 2nd, 2010 at 8:13 pm

   Hi Gavin and viewers,
   Haven’t posted for a couple of days, partly as I was in Spain, but also because I’ve been busy on the day job and then making calls – too knackered after dinner to come on here and update.
   Anyway, have a coupleof deals kind of simmering, not sure how far they will go, check out my post on the main forum.
   Is everyone so busy building there portfolios? I am definately intent on making this work – at the moment I feel I am failing my way to success – which is good !!
   gavin, keep your chin up and keep at it!!

6. gavin
   February 24th, 2010 at 9:50 pm

   Hello Peter, or is their anybody else out there?

   How has it been today? Personally it has been a bit crap with not really taking any steps towards the goal, well that is how it feels, so let me recap. The letters were posted, the planning dept were emailed reference TPOs, as yet their is no sign of any planning application being made on the plot.
   I will just digress if you don’t mind, I had a call today, somebody trying to sell me marketing space for the building business on a folder that planning documents are sent out in and whilst chatting to her I mentioned that I had direct mailed planning applicants for a time and didn’t get much out of it then I mentioned to her that I’d had a company offering me a direct mail service, and that I listened to the salesmans script before politely informing him that I had done it for about 6 months and followed up some of it to be told that either word of mouth or the architect had sorted the builders. To which he said where did I get the planning register from so I told him that anybody can look at it online and the meeting ended. I found out from the previously mentioned lady that their are coys similar to the direct mail coy selling that free info to builders for £1000s “cheeky bastards” I thought. Oh god and I did digress
   Back to todays efforts have just finished hand writing on
   A5 flourescent card, a property disposal script and on the back a script directing vendors to peel the sellotape sticky fixer and stick it somewhere safe. Time will tell.

   Oh and I think I unintentionally offended somebody on the forum today in a lead/deal selling thread.

   Til tomorrow Gav

7. Peter Bright
   February 23rd, 2010 at 10:52 pm

   Another late night for me, I think 9pm is too late to call or is it? I can’t decide?
   Anyway went on gumtree today and a couple of other sites, sent some emails and will follow up on THursday pm while waiting for my plane home.
   Still have to call my friend in Harrow about his props – will do that tomorrow.
   Keep you posted.

8. gavin
   February 23rd, 2010 at 10:48 pm

   Hello all,
   I have just finished putting about 40 letters into envelopes to about half of the properties I singled out from yesterdays time spent looking on line and who’s street number I found out by taking long ways to and from work today, but the post office would only let me download about 15 post codes but the rest are going anyway.
   As of the agents I emailed yesterday with the delayed completion script I have had a total of 0 replies.
   Have made some calls from local paper and have a landlord quite excited about it all, as the flats in question are not in a very good area and apparentely her current tenant is leaving due to another residents constant behaviour so I may have to pass on that, but I will go and have a look tomorrow.
   Have also come across whilst driving off of my regular track an agents sign on a 0.4 acre plot with what is allegedly a 6 bed detached on it but it looks to me more like a 10 bed it is absolutely run down if not falling down the agents are marketing as development potential but I have a suspicion that the trees that stand on the plot will have TPOs on them limiting the GDV of the plot. If it was any good I feel that it wouldn’t have even made the agents shop window. I will have to do some research on that.
   Gav

9. Peter Bright
   February 22nd, 2010 at 11:49 pm

   Hi Gavin,
   True to your word I see, good man. I am fully supportive of your suggestion and I too am happy to share my progress on here, or wherever the Team suggest we should do it.

   For my part, today I made some more calls, got knocked back on 2 didn’t even get to talk about the prop!! LOL.
   Then spoke to very sweet old dear, seems I was about 6 weeks too late, she just sold off 10 props and didn’t want to sell the remaining portfolio. [If only I had been on the workshop in October] Finally, got to chat with a guy renting a house in Harrow, he’s moving to the USA but wants to keep a prop in London, has a 2nd in Hatfield. Ive sowed the seed for him on doing a LO with me over the term of the mortgage, now he needs to chat to the wife and tell me which one they will do the deal on. I hope it’s the Harrow prop – why [I'll tell you later if it comes off]

   I made 10 calls, contacted 4 people, but by the time I got of the calls it was 8pm. Question to the Team – how late is it considered acceptable to call?

10. gavin
    February 22nd, 2010 at 6:26 pm

    Hello everybody and thanks for a great weekend. I certainly learnt loads aswell as meeting some great people, some of who agreed to doing it all live, by which I mean regularly posting thier latest moves towards LO portfolio/deals along with any questions and answers they may have for other attendees sharing what has/hasn’t worked for them.

    Question for our mentors, would it be possible to do the above as a kind of mini private forum just for us? maybe with the headed grid for us to show our deals on, with somewhere for us to give a brief description of the deal so that we can recieve input from other members, who knows even in excel, is that possible?

    Question for attendees who else thinks that all of the above is something that they could work with, and would they find it helpful for us all to to share our daily efforts ?
    As for me, today I have been on http://www.home.co.uk looking for properties that have been listed for some time. With this site you can find street name of property along with lots of info about it. If the photos have shown an empty house I have emailed agent with a delayed completion script telling them that they get payed at exchange. If looks lived in they will get direct mailed tomorrow. So again thanks everybody for a great weekend and let’s keep the momentum going.
    Til next time Gav

11. Trevor Weeden
    February 22nd, 2010 at 2:51 pm

    Hello

    I wanted to say thank you so much for a brilliant weekend. I learnt loads and came away with my head full of things to do. I made a few more calls this morning and am now following up someone who is interested in selling via an option.

12. Peter Bright
    February 22nd, 2010 at 1:44 am

    I just wanted to say what a brilliant two days we have just spent together. The course was excellent, the content was well explained and the concepts detailed. Not only was this a great learning experience, but it was great to meet so many like minded people, I met some genuine and honest people both during the day and in the evenings. I am really looking forward to seeing how we all move forward together.

    Thanks to Deep – not least for having the foresight to share his knowledge and set up such an excellent team.

    Thanks Richard – I especially liked your Shimon impression ) and the information you shared during the exercises.

    Thanks Phil – I enjoyed your Sunday Morning slot – you are living proof that the law of attraction works.

    Thanks Hanif – for the 1 – to – 1 advice you gave me, I have turned an otherwise no LO opportunity, into possibly my first one!

    Shimon – thanks for your entertaining and comprehensive legal presentation, until today I didn’t know solicitors had a sense of humour.

    And also a very big thank you to Denise, you were very hospitable and friendly, thanks for sorting my tickets out and I look foward to TMA.

    Good luck to all the delegates and I hope to see many of my fellow investors’ comments on this blog as we start on our new journey.

    Pete

13. farah
    February 19th, 2010 at 11:30 am

    Thx for that Deep, will catchup on it.
    Thx for the calls guys, awesome stuff-gutted I cant make the weekend, attending a wedding up north..
    will there be a recording of the event available?
    been listening to previous calls – somehow I’m only getting 5 mins of call1, and errors for calls 2, 3 and 4.. is it just me or is there an error on the system?
    any chance they can be transferred to mp3s so I can listen on the go?
    Have an incredible weekend, those attending-wowee!! enjoy!

14. Parmdeep
    February 17th, 2010 at 6:48 pm

    Hi Farah,

    We covered this on a previous teleconference call. You can listen to it via the resources page (if you haven’t got the link pop your details in the form at the top and we’ll send it to you)

15. farah
    February 17th, 2010 at 9:06 am

    Hi guys
    how do I get deals through estate agents, who have had properties on their books for ages? what to say to them? likewise with letting agents who are managing properties for reluctant landlords? Just need to know what to say and how to know which is a goer and taking it forward. Im unable to attend the workshop-at a wedding then!
    many thanks

16. Richard Shepherd
    February 14th, 2010 at 5:14 pm

    Hi Kerry,

    Thanks for your comments. We’ve been pleasantly surprised by all of the comments about the £1M Challenge.

    We’re looking forward to meeting you all next weekend. By the looks of it its going to be a blast!

    I think the resources on the site have been great in terms of the theoretical and practical approach to lease options but nothing beats actually being there in the workshop to really appreciate how they are done in real life!

    See if you can beg, borrow, or steal a ticket and we’ll see you next weekend!

    Richard

17. Parmdeep Vadesha
    February 14th, 2010 at 5:11 pm

    Hi Kerry,

    Thank you for your kind words. We are thinking about making the content from this workshop available but we’re not sure at the moment as creating products takes up time which none of us have at the moment

    If we do put something together, we will let you know.

    Parmdeep Vadesha

18. Kerry
    February 13th, 2010 at 5:11 pm

    Hi Parmdeep/Richard,
    I think your one million pound lease option challenge is just fantastic. I wish I could be there but I’m unable to make it.
    Anyway, I know you said you weren’t doing another one but I hoping that there will be a strong demand for another one and you’ll see the need for one more (Back By Popular Demand). Also do you plan to create some material from this workshop so that people who didn’t get to come can have some useful material to purchase?

    In the mean time I’ll make the most of your resources on this site and hopefully do a number of deals.

    Thanks alot for all your information and keep being at the forefront of the creative property investment industry.

19. Parmdeep Vadesha
    February 13th, 2010 at 12:01 pm

    Hi Peter,

    I’ll get that sorted. You will get an email with all the details today – the hotel confirmation email must have gotten lost in cyberspace.

20. Peter Bright
    February 13th, 2010 at 11:34 am

    Booked my room, if I recall correctly isn’t there an event arranged for Friday evening?

21. Peter Bright
    February 12th, 2010 at 11:59 am

    Workshop at Heathrow Hotel. Gents, I just called the hotel to make a room booking, they say they can’t find your seminar? I also need the block code in order to ‘get a deal’ on the room rate. Can you post the code here or email it to me please?

    Thanks

22. Andy Lawson
    February 10th, 2010 at 8:29 am

    Hi, I met you guys last week in Birmingham, I have been viewing properties this week and have a few questions for the teleconference tonight:

    1. Question about the “Sleeping Beauty Strategy” I viewed a 2 bedroom semi bungalow that has gone through probate and is now owned by a member of the family. The property needs to be modernised, new bathroom, kitchen, carpets etc. It is on the Market for £205k, I would like to agree a short term lease for X amount per month with an option to purchase for £190k. I would do the work to bring it up to standard, within a month and put it on the market for £240k. My question is, Is it possible to put the property onto the open market and sell it without me actually owning it? How exactly would this work?

    2. Solicitiors – Can you run through a technique of how to pursuade a seller to use our solicitior (maybe Shimon)?

    3. Estate Agents – They expect to get a 1-2% fee from the vendor when he/she sells, should I be prepared to pay that? Any techniques to negotiate that down? I have been looking at empty properties with EA’s, are there any issues with dealing with the agent and not the vendor directly?

    I won’t be dialing in tonight as I am going to freeze at Upton Park, hopefully the hammers will get a win!! But I will look out for the recording on the blog to hear what you guys have covered. Many thanks for your help!

23. Hanif Khan
    February 3rd, 2010 at 9:24 pm

    hope to see you tomorrow , if you have any questions about any of the new strategies, ie “the option flip ” ;”the slice and dice” ;” Divide & Conquer Option” or any of the others i’ll be happy to go over them with you on a one to one basis.

    thanks c u tomorrow

24. Paul Atkinson
    February 3rd, 2010 at 9:18 pm

    great teleconference. i’ve never heard of those new strategies. I’m booking my place on the workshop now! See you there.

25. Parmdeep Vadesha
    February 3rd, 2010 at 8:30 pm

    0844.481.5517

    72635

26. Parmdeep Vadesha
    February 3rd, 2010 at 8:30 pm

    Jack,

    0844.481.5517 72635

27. Jack
    February 3rd, 2010 at 8:28 pm

    Hi Guys,
    Im unable to access tonights webinar.
    I didnt receive log in code and code for
    last week doesnt work.
    Could someone email me correct details.

    Cheers

28. Andy
    February 3rd, 2010 at 8:18 pm

    I am listening to the conference call right now.
    Is anyone going to the consultation in Birmingham tomorrow from the Essex/London area? If your interested in sharing a lift please email me on andyjlawson@yahoo.co.uk

29. Anwar Butt
    February 3rd, 2010 at 7:17 pm

    Hi Guys,

    I was at the last L/O training in Oct 09 what a fantastic event I have a question that I would like to address to Phil, but plesae feel free if anybody else would like to contribute. Phil did some live calls to landlords, the offer was ” would you be interested in a long term lease……………? we have a client who would like a a long term lease for up to 5yrs……..

    The question is when the landord agrees and you don’t yet have the Client ( T.B) how do you suggest handling this in a professional way. Also have you some suggestions for advertising copy for attracting Tenant Buyers.

    Thanks in advance.

    Anwar

30. Richard Shepherd
    February 3rd, 2010 at 6:44 pm

    Hi Gavin & Martin, the mentoring tomorrow takes place in Birmingham City Centre. Obviously only available to those who have booked tickets.

    You’ll receive an email straight after tonight’s conference call with the location and directions.

    Don’t forget to dial in at 8pm tonight!

    Richard

31. Parmdeep Vadesha
    February 3rd, 2010 at 6:36 pm

    Hi guys,

    The details of tomorrow’s meeting will be emailed to you in the next hour. It will be taking place in Birmingham City Centre and we will be starting at 10am – pls aim to arrive at 9:40. If you have any problems on the day please call us on 0116 246 0205.

32. gavin
    February 3rd, 2010 at 4:03 pm

    Me too Martin does anybody know?

33. Martin
    February 3rd, 2010 at 11:30 am

    Have the details of the venue for tomorrow’s meeting been released yet? I’m booked for the weekend, but haven’t received any details for tomorrow yet?
    Cheers,
    Martin.

34. Parmdeep Vadesha
    February 2nd, 2010 at 11:22 am

    Hi Gavin,

    It’s Wednesday. We changed the date to allow more time for participants to get their heads of terms back to us for deals they’re doing.

    Hi Dreena – I’ll see what I can do.

35. gavin
    February 2nd, 2010 at 8:33 am

    have just picked up email saying that next teleconference is wed 3rd resources page says tue 2nd which one is right ?

36. Dreena
    January 31st, 2010 at 10:31 pm

    Hi,
    During the first phone-in of the current series I was told that I could request an email copy of an authorisation form, as required by a building society, so I can try to re-negotiate a mortgage on someone else’s behalf. I would be very grateful for a copy of this form…

    Kind regards, Dreena

37. admin
    January 30th, 2010 at 12:50 am

    Hi Everybody,

    Tele-Seminar 3 Audio has now been added to the resource page.

38. Andy
    January 29th, 2010 at 1:33 pm

    Haven’t got alot of time now, but will listen and listen to the teleconferances, and take action….. looking forward to learning more!

39. Rhona
    January 28th, 2010 at 9:02 pm

    I managed to listen in to most of the teleconference call tonight. One question I have is whether lease options will work equally with properties in Scotland. Does anyone have any experience of this?

40. IAN T
    January 28th, 2010 at 8:28 am

    Shame about last night but hope all goes well this evening. Could you possibly answer the following question in tonight’s conference call.

    In real life examples, how does having one “buy to let” mortgage (paid by the LO holder) affect the vendor’s qualification for a second mortgage?

41. Parmdeep Vadesha
    January 27th, 2010 at 8:30 pm

    Hi guys,

    Sincere apologies for tonight. The line seems to have crashed with all the people trying to dial in – we will be rebooking a larger capacity line for tomorrow at 7:30pm.

    An email will be with you all by tomorrow morning with dial in details – hope you can join us. If not, please post any questions you have for us here on the blog and we will take them on the call. As always the recording of the conference will be posted on the resources section for you to listen to at your leisure anytime after the conference.

42. Dennis
    January 27th, 2010 at 8:17 pm

    Good evening

    I’ve also tried dialling in this evening but was greeted by a message the access code is wrong. Can anyone offer any help?

43. Peter
    January 27th, 2010 at 8:08 pm

    How dissappointing, I have tried to dial into the teleseminar. But the message was the number was wrong and to contact the organisor. Is there a limit on the number of participants? Guess I’ll have to wait until Monday for the podcast ( Will use the time on gumtree. No point losing the whole night.

44. IAN T
    January 27th, 2010 at 8:08 pm

    access code 72635 not accepted by conferenceuk? In the email it’s the same as last weeks is that right? tried 4 times? system overload or was i toolate for the start?

45. admin
    January 27th, 2010 at 7:58 pm

    Hi Everybody,

    The ‘Head of Terms’ and other relevant documents have been added to the resource page.

46. shimon rudich
    January 27th, 2010 at 7:02 pm

    Good evening Challengers!

    Nana, please find below Instructions how to submit an option to MS Law Solicitors please follow only point 1 if you are an established client of MS Law Solicitors or points 1 to 4 if you are a new client:

    1. send the head of terms (you can download it from the resource page if you need one) by email to my assistant natalie: ndean@ms-law.co.uk

    2. send copy of your ID certified by a solicitor to MS Law Solicitors, 383 Bury New Road, Prestwich, M25 1AW

    3. send copy of a recent utility bill certified by a solicitor to MS Law Solicitors, 383 Bury New Road, Prestwich, M25 1AW

    4. send £300 towards legal fees (either by bank transfer or with your credit card over the phone, 0161-7724500)

    Wajid, heads of terms and letter of consent will be in the resource page as from tomorrow

    Gavin, that is the right attitude and dont worry if you do ONLY £1M options this month but you do £10M in march. the numbers (as their profit) is for your sake, not for us. we are just showing you and the others that once you have the knowledge and the tools is not that difficult. happy for you to challenge my firm capacity to handle ALL the options you thro at us.

    hope this helps

    catch you up tonight at the teleconference

    shimon

47. Peter
    January 26th, 2010 at 7:18 pm

    Hi guys, listened to the teleseminar pt 2 last night. Great work and enjoyed the hour, I actually listened on my media player so was able to stop/start review as I listened. Just one question [for now] Great role play for the Landlord/LO scenario, but did I miss something – how does this work with a Seller? Thanks guys and will be on ‘live’ tomorrow.
    PS Looking forward to the w/e

48. Nana
    January 26th, 2010 at 1:01 pm

    I have a transaction I would like to submit for the challenge. Exactly how, do I do this?

49. Parmdeep Vadesha
    January 25th, 2010 at 11:32 am

    Hello everyone!

    We are going to be answering your latest questions posted to the blog this afternoon – please keep your eyes peeled for a special email from us with access to all the answers (you must be registered for the £1m Lease Options challenge via the box above to get the email).

    Our next teleconference will be taking place on Wednesday. Look forward to speaking with you all then.

50. Wajid Hussain
    January 24th, 2010 at 8:44 pm

    In order to do a lease option what forms do I need and where can I get them from.

51. Gerry Fox
    January 24th, 2010 at 5:07 pm

    Hi Guys,

    Really enjoyed Phil’s ’script’ last week … would it be possible to discuss what changes would be necessary for the ‘Private Seller’ phone call (as opposed to the private landlord).

    Many Thanks … Gerry

52. Craig Milbourne
    January 21st, 2010 at 10:23 pm

    Dear Mentors,
    the last webinar was great (sadly I could only join 1/2 way through) and the role play by Phil was excellent pointers – great simnple script and Im a big fan of Phils. It was clearly a win win with Richard and with lease options being so flexible and creative there is potentially nearly always something that can be done.

    However, in the rough and tough world of negotiation and the 1st phone call there is of course a lot of objections and objection handling from landlords and vendors even for the simply laid out concepts. Ive found in London particularly hard getting a landlord to agree 20% off rent as apparently rents always rise, there are never voids and they’d accept the guarantee for 5 years if it was at current open market rate – hmmm why would I want to do that? there clearly is no logic in that for an investor. not a win for me.

    My rapport building is very good and my negotiation is probably fair to middle over the phone in the first call as Im struggling on occassions to convince a pretty savvy 10 years experienced london landlord for example who’s never lost out of property yet.

    So what I wanted to ask – could you compile or provide a dossier for frequent and common objections that we can put in the toolbox to try and convert more calls.

    As sometimes is just one more hurdle to keep that golden egg in tact.

    Craig.

53. gavin
    January 21st, 2010 at 5:14 pm

    hello all did we all enjoy last night ? i did but i do have a couple of questions such as i now understand how to approach landlord/vendor with the old i have a client who is interested speech, but i dont where do i find them/generate them, especially tenant buyers? and it was mentioned by phil to send over a draft proposal when potential deals are on the table, is there a copy of this anywhere we can download and tailor to our needs? i do appreciate that the answers are in forthcomings conferences but i do want to get the ball rolling on this one.
    Now just for a minute if you could imagine that the challenge was laid down a month earlier could it have been called the £10 million challenge in time for the next workshop? or would Shimons and his team not been able to cope?
    Now with comments like that i had better at least be able to get 1 deal done in time hadnt i? so please team you may call me 07500104844 with any early pearls of wisdom you may have for me

54. IAN T
    January 21st, 2010 at 11:22 am

    How much is it worth if property seriously de-valued ie £90,000.

    have I answered my own question about your dealings….trading options is a large part of your business!

    cheers

55. IAN T
    January 21st, 2010 at 9:04 am

    Many thanks chaps for another great teleconf. A couple of really good nuggets of info, one of which I would like to ask a further question about;

    re; Future value of an option;

    example; 5yr sale option agreed 110k,

    TB wishes to leave after 3yrs,

    option fees paid to date 10k,

    what would the value of the option be if;

    1) RIS value of property 105k.

    2) 110k

    3) 115k

    Is there a formula to calculate this or would demand determine the value of the option by auction?

    Having just asked this question, I now realise that there is a whole other world of trading options out there and is this something you guys do regularly?

    many thanks Ian

56. Jeremy Vernon
    January 20th, 2010 at 11:12 pm

    I have signed heads of terms which will be sent to Shimon (via Paul) as soon as I have confirmation from the lender that they will give the consent to let and transfer the loan to interest only.

    Property is in negative equity but has planning for another house adjoining it so should be able to add value that way to achieve asking price.

    Lets hope I can get it completed in time

57. Craig Milbourne
    January 20th, 2010 at 9:37 pm

    Team,

    I have 469K agreed on a Lease Option in Fulham. Ive emailed verbal heads of terms (in a document) to Shimon but I need some quick advice from him before fully instructing as the vendor is a solicitor so already added meet to bone with some legal terms I need to understand before fully agreeing.

    Craig.

    Can Shimon pls call me on 0789 443 0246

58. Craig Milbourne
    January 20th, 2010 at 9:36 pm

    Team,

    I have 469K agreed on a Lease Option in Fulham. Ive emailed verbal heads of terms (in a document) to Shimon but I need some quick advice from him before fully instructing as the vendor is a solicitor so already added meet to bone with some legal terms I need to understand before fully agreeing.

    Craig. Can Shimon pls call me on 0789 443 0246
    craig.milbourne@gmail.com
    http://www.bondlettings.com

59. Barrington Walker
    January 20th, 2010 at 7:32 pm

    Hello I would like to declare that I have completed a lease option deal this week. Paperwork will be going through tomorrow so as you can imaging i am extremely excited!

    Can someone tell me how I get my free ticket to the workshop in february or will that be explained on tonights conference call?

    I will be on the conference call. Thank you for your resources page also as I have found the audios from last year have helped me to structure my deal in Ealing.

    Thank you

    Barrington Walker

60. Parmdeep Vadesha
    January 20th, 2010 at 2:43 pm

    P.S. we’ll be answering questions from the blog on tonights call (details have been emailed to all £1m challenge participants).

61. Parmdeep Vadesha
    January 20th, 2010 at 2:41 pm

    Hi Gavin,

    Yes other sources of private for sale/rent properties will be fine.

62. gavin
    January 20th, 2010 at 11:06 am

    Hello everybody, whilst working through tonights task of 10 rental and 10 for sale properties via gumtree. Am i assuming correctly that i just want private landlord/vendor details from whatever source as gumtree wasnt very good for my area although some private listing sites are very good, but have they already been screened by the business running the site

63. Sean Thomson
    January 17th, 2010 at 3:48 pm

    I have entered and what a great challenge to be part of. I am upping the stakes and would like to say that I have just instructed my dear solicitor (Shimon) on a portfolio of 10 properties all under LO. It is a pity he doesnt deal with Scotland as we would have had a further 16 properties to add to the list.

    So BRING IT ON everyone

    Sean Thomson

64. Peter
    January 17th, 2010 at 9:50 am

    Hi Deep et al,

    Like Gavin I signed up as soon as the site was opened, unfortunately I missed the call as I was travelling. Are you posting the assignment / documenyts / telcast here or mailing them to the memebers?

    Thanks

65. Jas
    January 16th, 2010 at 9:57 pm

    Hi there,

    Good teleconference.

    I had two questions about the gumtree assignment.
    Are we interested in property that has been posted by an agent, individuals or both?
    How far back (date-wise) should we restrict ourselves to, or is there no posting date restriction?

    Finally I just wanted to confirm that it was property for sale and property for rent that we are looking for (can’t quite remember and was unable to take notes as I was driving at the time)?

    I have one further question about Lease options.

    Say you have a lease option with some tenants and they pay you a deposit upfront and monthly top-ups for the option to buy the house they are renting years down the line. What happens to the deposit money and top up money if they decide not to buy the house in the end? Would you return it to them or is it yours to keep?

    Thank you.

66. Parmdeep Vadesha
    January 15th, 2010 at 2:07 pm

    Hi Gavin,

    We will send you all the resources including the recording of last nights call very shortly. This will allow you to get up to speed very quickly.

67. Phil Martin
    January 15th, 2010 at 1:07 pm

    Dear Margaret Ann and William,

    For Buyer…

    mary@edinburghconveyancing.co.uk
    0131 445 3208
    http://www.maryrmcqueen.co.uk

    For Seller…

    John Ward

    0131 467 7550
    http://www.solicitoredinburgh.co.uk

    Kind Regards,

    Phil

68. gavin
    January 15th, 2010 at 11:17 am

    I seem to be missing out here as i am now aware of a teleconference last night (recieved the link this morning) is there links to literature i should be recieving as i signed up for this about 2 weeks ago

69. IAN T
    January 15th, 2010 at 11:11 am

    could you turn the blog upside down and read from most recent at top as with ur comments down there vvvvvv cheers

70. Richard Shepherd
    January 15th, 2010 at 11:06 am

    Hi everyone,

    Thanks for all of the great feedback. We’ve got comments, emails & facebook messages flowing in!

    Apologise for the quality of the line last night. We had way over 100 people dialling in last night and the line almost tumbled over.

    Thanks for all these questions. We’re going to answer them in a separate audio over the weekend and we’ll post back to the site on Monday afternoon!

71. Richard Shepherd
    January 15th, 2010 at 10:52 am

    Hi everyone – thanks for the great feedback and all the emails & facebook comments flooding in.

    Apologise for the line quality. We had way over 100 on the line and the line almost tumbled over.

    We’re putting together a special audio this weekend to answer all of your questions. What we’ll do is to post the audio to our resources page for you on Monday!

72. Parmdeep Vadesha
    January 15th, 2010 at 10:12 am

    Thanks to everyone for making last nights call a success! We will be sending you all the link to the resources page in the next couple of days.

    We will be sorting through your questions posted here later this afternoon.

    P.S. please keep the questions coming

73. MARK
    January 15th, 2010 at 5:37 am

    Hi thought the quality of sound could of been better but overall enjoyed it.Couple of questions I want to do some leaflet drops is there a particular area that lease options work best?.Im from the north east in Yarm were the cheapest house sells for around £160,000 at the moment im time rich cash poor so I have little money to start with.
    Second ? if im doing a lease option deal were there is no mortgage on the vendors house but they want a lump sum to spend on thier new house could i get them to re mortgage me pay the re payments if this is possible what type of mortgage do i take out ? Im guessing a buy to let mortgage if so how would I raise the 25% deposite for the buy to let mortgage ?
    Many thanks
    Mark

74. IAN T
    January 15th, 2010 at 12:02 am

    oops 1st mistake!

    the option fee for purchase should be at least …………..£1 !!!

75. IAN T
    January 14th, 2010 at 11:55 pm

    Many thanks chaps for the teleconf!

    My option deal involves a property owned outright by a member of my family.

    It will be easy enough for us to sell using only a LO and have a “gentlemen’s agreement” for me to collect my share, however;

    I would like to use the this as an exercise to form the “sandwich option” where I have the advantage of a very helpful vendor/lender.

    Am I over-complicating the deal unnecessarily?

    The deal is made up of 3 parties. I would also be necessary to clarify the arrangement for Taxation.

    the deal in a nut shell;

    Purchase option

    purchase price £115,000 (todays MV 105,000) – term 7yrs rent 500p/m, option fee £0

    (or do I buy for 105,000 with option fee of 10,000 on completion?)

    Selling Option

    sale price £132,000 – term 4yrs initial fee £5000 – monthly fee £250 (with £3000 discount at the end of term for timely payments)

    What do you think to this structure? I think it’s sensible, vendor and TB are OK with this although no H of T signed yet.

    Do I go for it and aim for the golden ticket!!?

76. Craig Milbourne
    January 14th, 2010 at 10:42 pm

    typically what % below open market rent do you offer for guaranteed rent to landlords for say 3 to 5 year leases?

    and do you typically cover maintenance? to what amounts? e.g. £100 per issue…etc

    Regards,

    Craig Milbourne

77. Steven Fletcher
    January 14th, 2010 at 9:25 pm

    Great teleconference, realy enjoyed it. Have a question regards the example on pg 10 of HowToProfitAfterTheCrash.com_challenge_part_1.

    It was stated that it should be a fee up front not a deposit to avoid confusion etc.. The top up, does this go towards the purchase price or is it just a premium rent? I can see 110k (option purchase price) less 100k (current price) = 10k where does the other 1k come from?

    I can see the benefit to the TB as they can purchase the house at 110k and presumably if its over 5yrs or so the house will then be worth much more, so a good incentive.

    Will certainly be looking for a lease option this weekend and gumtree now

78. Genghis
    January 14th, 2010 at 9:23 pm

    Hi great strategy, I have a few questions around cash flow and how money changes hands, etc. Suppose a house is worth £100K, seller mortgage/debt, etc £90K and you agree a purchase price of £110K with tenant/buyer (5 year option), sellers monthly mortgage £500pcm, market rent £500pcm for simplicity and monthly top-up by tenant-buyer £250pcm and initial option fee £5K,

    1. What happens to the £750pcm every month ? – do you pay £500 direct to the sellers mortgage lender or to the seller.

    2. Then where do you place the £250pcm ? Does this go into your bank account (£15000 over 5 years) and is it then credited against purchase price of £110K so at end of 5 years buyer has only £95K to pay. Or does the initial fee of £5K also get credited against purchase price so buyer only has to pay £90K ?

    3. When the tenant/buyer comes to purchase the house at the end of 5 years, how is money transferred between the tenant/buyer, yourself and the seller ? and do you help the tenant/buyer arrange a mortgage ? So in this example if the tenant/buyer has already paid £20K, do you arrange a no money down mortgage so that the mortgage lender lends £90K thereby clearing the sellers mortgage. How do you declare the £20K deposit already paid to the lender ?

    4. If the property doesn’t value up at £110K for whatever reason after 5 years and the tenant/buyer can’t get a mortgage, what then happens, do you extend lease for example ?

79. John Birch
    January 14th, 2010 at 9:16 pm

    I went straight to Gumtree and did various area search’s, such as St Helens, Ormskirk, Lancashire & West Lancashire could not get any property to show up. Can only assume I am doing something wrong.
    I am Dying to know how to get a lease option deal off the ground. regards to all John

80. Neil Stovell
    January 14th, 2010 at 9:16 pm

    I am in talks with a vendor at the moment he has a property thats worth 100k but has a mortgage on the property of 120k !
    I am struggling to structure this deal…..any advice would be really appreciated!! mortgage is 450.00 rentals in the area between 625-650

81. David Wilkins
    January 14th, 2010 at 9:15 pm

    Firstly thanks for the teleconference and putting this together, I’m certainly looking forward to this.

    Questions:

    1. Do the options need to be registered with the lenders ( as per commercial) to make them valid?

    2. What is the best way to cover yourself against interest rate inflation for the term of the lease?

    3. What are the tax breaks of owning a property that a vendor can maintain while still granting a lease option on the property?

    That’s all for now,

    Kind regards,

    David.

82. Margaret-Ann Drummond
    January 14th, 2010 at 9:10 pm

    Hi Everyone,

    I just wanted to take this opportunity to thank each & every one of you for organising & delivering the £1 Million lease option challenge tele conference tonight. William & I have are really excited about learning more!

    Phil, thank you for offering to help with solicitor details in Scotland who do lease options. Would you be kind enough to call or email me on the details below.

    Precious256@hotmail.com
    Tel 07766 702831

    Regards

    Margaret-Ann & William

83. david richards
    January 14th, 2010 at 9:07 pm

    Hi Guys,Thanks for a great tele conference.
    can you just fill me in on the details you need for the Gumtree excersize. I only caught, make a note of when posted…

    Thanks

84. Anwar Butt
    January 14th, 2010 at 9:06 pm

    Excellent teleconference, Im not sure if Im able to make some of the future dates will there be any pod casts posted on the forum to catch up on anything missed?

    Anwar

85. Olu
    January 14th, 2010 at 5:14 pm

    I can’t wait for this first teleconference tonight. Recently gazumped by an investor doing one of these lease options – cost me £4k! Want to see how I can do one of these myself!

86. Saddat Abid
    January 14th, 2010 at 4:18 pm

    Excellent work guys! You’ll do it and others who follow your footsteps will achieve success too.

    Anybody who considers doing LO must have a creative open ‘positive mindset’ to GUARANTEE success!

87. David
    January 12th, 2010 at 11:29 pm

    I’ve joined the challenge. Hopefully as a novice investor (only one rental property so far) I’ll be able to put a deal together tooand win one of those £1000 tickets!

88. Dreena
    January 12th, 2010 at 7:48 pm

    It has taken me some days to screw up what little courage I have and actually join the challange. If I could just pick a paper and start ringing rental adverts I would not have been so hesitant. In my home area there are no private adverts and the rental value in relation to house prices just doesn’t work very well. However by talking to everyone I’ve met I have come up with a possible deal in a town not too far away, but it is complicated and I need some reassurance that I have the right figures in mind to make it work. I can’t afford financially to make a mistake as this would be my first lease option. I am determined to somehow secure a deal by 20th Feb.

89. Parmdeep Vadesha
    January 12th, 2010 at 7:43 pm

    Well done Adam and Ian. Look forward to catching up with everyone on the first training teleconference this Thursday! (if you do not have the details of the call please email us on info@howtoprofitafterthecrash.com

90. shimon rudich
    January 12th, 2010 at 6:18 pm

    Hi Ian
    i agree you should get double points… though no 2 tickets! please email me the heads of terms asap as per the terms of the competition.

91. shimon rudich
    January 12th, 2010 at 5:24 pm

    #### OFFICIAL ANNOUNCEMENT ####

    Adam Labno is the first one to OFFICIALLY enter the challenge and to win a FREE ticket for our next workshop (subject to the option complete before the worshop).

    I think that once he heard about the free ticket he worked twice as hard to get the option agreed as he attended the first workshop already.

    WELL DONE ADAM!

92. IAN T
    January 12th, 2010 at 5:04 pm

    Great stuff, thanks for the info! Do we get double points for the “sandwich option” that I’m suggesting and should I be speaking to you already? cheers ILUVLO

93. Labno
    January 12th, 2010 at 3:55 pm

    I’ve sent my paperwork into Shimon..get your deals sent into MS Law before the main event see you there!

94. shimon rudich
    January 12th, 2010 at 12:43 pm

    hi Ian
    well done. you (and everybody else) will shortly receive an email with all the criteria to qualify for the challenge, including what value goes towards the competition.
    good luck and good hunting challengers!

95. IAN T
    January 12th, 2010 at 11:46 am

    I need help now! when are these webinars happening? I’m buying for 115,000 and selling for 129,000, which value goes towards the challenge? Hooray for LO!

96. Peter Bright
    January 11th, 2010 at 11:33 pm

    I missed the last w/e so got my ticket ear;y this time round, really looking forward to the whole experience and learning a lot from these talented succesful people. Can’t wait for the mentoring to start!!

97. Julian Marsh
    January 9th, 2010 at 8:49 pm

    Hey there experts. Have heard a lot about this challenge on the Internet and at various networking events that I have been attending in London. Hope I’m not too late to join. Thanks for the opportunity.

98. Jas
    January 9th, 2010 at 2:55 am

    This sounds great. Can’t wait to learn more!

99. Lynn Cardiff
    January 8th, 2010 at 7:03 pm

    Hi it’s Lynn here from snowy Wales. Great to see you all last year in London. If you need help with anything, even just admin for the event in February, please give me a call. Happy to help out.

    Am looking forward to all the materials for the challenge

    Lynn

100. Pete in London
     January 8th, 2010 at 1:24 pm

     Well said Mark! Im fed up of wasting my time on strategies that do not work. Lease options is the future of property investment! Thank you to the experts for sharing and good luck to everybody involved with the challenge

101. MARK
     January 8th, 2010 at 10:33 am

     Hi fed up of going round in circles and not taking action im going for this one speak soon.

102. keith mealin
     January 8th, 2010 at 9:15 am

     Thanks Ms Mendonca,for the introduction to the £1 million lease options challenge,you have realy been giving the competition exposure on facebook,got quite a few people stirred up with regard,look forward to participating,thanks a lot for the heads up,and as you requested notified people on my friend list.speak to you soon kieth.

103. shimon rudich
     January 8th, 2010 at 7:20 am

     good morning challengers!

     i am really very excited and looking forward to work with all you

     paul and stuart if you need any legal advice (same for any other partecipant) just either put the question on the blog or drop me an email (shimonrudich@ms-law.co.uk) and i will endevour to reply

     joanna, yes the law in scotland is different, unfortuantelly i am not qualified to give advice on scottish law but i am aware of investors in scotland doing it so will be a question of finding a solicitor there that can draft you the paperwork

     suzanne, vinny, adrian and all the others that are eagerly commiting to the challenge, that is EXACTLY the right attitude. couch potatoes are definetly not welcome here!

104. Olusola
     January 7th, 2010 at 11:37 pm

     I am keen to do my first deal and join the rich list. Let’s get this done. Looking out for the resource to help me start off.

105. Nana
     January 7th, 2010 at 9:54 pm

     Excited to be taking part!

     Bring on the challenge

106. Perry O'Donnell
     January 7th, 2010 at 6:50 pm

     Hello Lease Option Experts!

     I am an experienced property investor and I live in N Ire. Haven’t the time at the moment to join the challenge (my new born baby is 4 and a half weeks old) but I have booked my ticket for February. It will be nice to meet you all in person as I have heard many good things about you all.

     Oh and good luck to all the £1m lease option challenge participants.

107. Suzanne Mendonca
     January 7th, 2010 at 4:47 pm

     £1m lease options challenge by Feb!
     With motivation, positive mindset and desire everything and anything is possible. As a property investor I am always learning. Very excited and grateful to be offered this opportunity. Thankyou

108. paul ming
     January 7th, 2010 at 1:18 pm

     WOW! Great idea,very interesting,and the kind of challenge that merrits my attention, didnt know anything about it til Suzanne Mendonca introduced me to this site,looking forward to future participation..!

109. gary singh
     January 7th, 2010 at 12:04 pm

     Hey folks..Great idea to get this baby rolling! I am both very intrigued and excited by the opportunity this brings but also am a bit fazed of the ideal option criteria, legals and the continued running of the option.. i.e. Tenant Buyers etc!!

     Fantastic opportunity guys especially with the offer of mentoring. Cant wait!!

110. Parmdeep Vadesha
     January 7th, 2010 at 9:51 am

     Hello everyone – thank you for all your comments above and via email/facebook etc. We are just as excited to be involved in the £1m Lease Option Challenge with you! We will be emailing all registered challenge entrants beginner training material very shortly.

111. Tony Hawcutt
     January 7th, 2010 at 7:07 am

     As with Stuart, I have a deal in place just need a bit of guidance.

112. Stuart LM
     January 6th, 2010 at 11:44 pm

     Increadible timing. Just had phone call from motivated seller who has too many secured loans against their property and I initially thought that I couldn’t help them. Now I can! Just need a little help on the legals.

113. Abdul Masoud
     January 6th, 2010 at 11:24 pm

     I want in as well, but need to learn a bit more. This is a new concept in Scotland and quite a few people no nothing about it and as such very hard to break through the LO market. But you what, me and my mates are up for it.
     Regards.
     Abdul.
     Edinburgh

114. Craig Milbourne
     January 6th, 2010 at 10:55 pm

     Hi All,
     Best of luck to everyone. Gauntlet grabbed and takign on the challenge. Looking forwards to contributing to your challenge.

     Eagerly await next instruction.

     Craig.

115. Penny
     January 6th, 2010 at 10:35 pm

     Wow what a great idea! One deal to get me going will do me fine as I have just started in property.

     Good luck to everyone participating in the challenge. Hope to catch up with you all in February.

     Warm regards

     Penny

116. adrian
     January 6th, 2010 at 10:26 pm

     Hi guy’s what a fantastic challenge. Count me in as i know i will make my first option deal before the 20th feb. Even though i have no experience or knowledge.
     I’m counting on you guy’s to give me that me the info to achieve it. And i know you will come through.

     Keep smilin

     Adrian

117. Vinny
     January 6th, 2010 at 10:02 pm

     I declare that I’m going to complete my first lease option by 20th February!!

118. Luke O
     January 6th, 2010 at 9:27 pm

     Hello. i missed the 8pm launch. hope i didn’t miss anything!

     i have watched the video and i have registered. lookingg forward to further instructions?

     thanks

     Luke

119. Steve Raines
     January 6th, 2010 at 9:15 pm

     I’m in! Trying to figure out this facebook thing. Might have to email you guys for help with that. Thanks for the video, eagerly awaiting the next one in the series.

120. James C
     January 6th, 2010 at 9:14 pm

     Hi, James here..Can’t wait to participate in the £1Million L/O challenge..

121. Louise
     January 6th, 2010 at 6:17 pm

     We’re ready and waiting for the launch here in Bristol!!!!

     P.s. thanks for the phonecall earlier this week Deep. I have booked in for the workshop in February with my business parter Kat.

122. Priti Kaur
     January 6th, 2010 at 4:11 pm

     Hello property mentors. I stumbled upon this website from a Google search on lease options. We live in Seattle – is that a problem? I would like to take part if you will accept my registration :-0

123. Nick Walsh
     January 5th, 2010 at 8:13 pm

     recently finished the wendy patton $900 cd/dvd/manual course on lease options which was very good though a little americanized, have lealeted and phoned to let adverts from local paper and visited several homes and made offers on lease option basis just waiting for one to say yes.

     off to deliver 500 more lease option type leaflets in th e morving and will be offering lease option leads from all over uk next week as my google ppc start thursday, having help from cairo egyp seo expert for $75!

124. Miki Wetherill
     January 5th, 2010 at 5:25 pm

     Hi Guys
     I love the whole concept of LO and definately want to take a part in the £1m challenge! Bring it on!

125. Kassandra Martin-Dell
     January 5th, 2010 at 5:14 pm

     Hello Property Guru’s

     I attended the workshop last year on Lease Options, it was fantastic! I’m very interest to know more about the £1m LO challenge. I haven’t had any successful leads yet – but I’m optimistic and hopefully by the end of this year with your knowledge and expertise I will be able to quick my full time job, and work for myself full time

126. Prashant Patel
     January 5th, 2010 at 4:27 pm

     Hello Richard, Phil, Shimon, Hanif and Parmdeep. I have attended your workshops in the past and have always come away with valuable tips that I can use to continue building my medium sized portfolio.

     I think your latest venture is an excellent idea. Wishing you all the best with it – look forward to catching up with you all in February.

     Prashant K Patel

127. Suzanne in Cheshire
     January 5th, 2010 at 2:40 pm

     doh! just seen the timer at the top of the screen. please email me as soon as you have more information up. i have registered my email address. thanks a lot

128. Suzanne in Cheshire
     January 5th, 2010 at 2:39 pm

     Hello. eager to see what this is all abouit! i have heard a lot about lease options in the press and on the internet, but no idea where to start! when is the next video due??

129. farah
     January 5th, 2010 at 1:04 pm

     hi guys, thanks, v excited about this! Have learned a fair bit about this and even called a few ‘leads’ but no joy as yet. I can’t wait to work with you and and really see a profit in 2010!

130. Steve Raines
     January 3rd, 2010 at 6:20 pm

     Hi Guys,

     I attended your lease options workshop in London last year and came away hugely impressed with the concept of lease options. I have since used lease options to increase the cashflow from my small (but growing!) portfolio. Thank you for helping us newbies out there in property get going in property using these creative strategies. I will be taking part in this challenge (i have registered above). Can’t wait!

     Steve

131. Paul Atkinson
     January 3rd, 2010 at 5:16 pm

     £1m in lease options – no way will you achieve that! Great idea though – can’t believe it hasn’t been done before. All the other teachers SAY they can do it but you guys are actually going to walk your talk! Don’t believe you’ll do it – but gonna tune in on Wednesday to see what the catch is! Paul Atkinson

132. Parmdeep Vadesha
     December 31st, 2009 at 12:04 pm

     Please keep the feedback coming guys – we’d love to hear any thoughts you have about the challenge or any questions you have about lease options.

     Parmdeep Vadesha

133. Vicki Wusche
     December 30th, 2009 at 9:16 pm

     Hi Guys – couldn’t make the last event and really looking forward to hearing more information and of course rising to the £1m challenge Is the challenge £1m LO each ?? Will you help with the marketing and advertising angles ?

134. admin
     December 30th, 2009 at 5:57 pm

     Hi Joanna,

     Yes we will be covering both. You are correct, some of the legal aspects are different. Shimon Rudich, our Lease Options lawyer will be covering the differences and how to overcome them on one of our upcoming “£1m Lease Option Challenge” teleconferences. Watch this space if you have not already opted in for more information.

135. rob jones
     December 28th, 2009 at 9:54 pm

     I look forward to the information. I’d love to do one. I’d even share my profits with someone willing to hold my hand a little.

136. Joanna
     December 28th, 2009 at 8:36 pm

     Good to hear about your Lease Option Challenge.
     You say it covers the whole of the UK. Scottish Law is different from English: will you be covering both?

137. Heather
     December 28th, 2009 at 5:51 pm

     Sounds like a great idea ! Lots of people out there with a little bit of knowledge who just lack the confidence to do a deal – often I think because of concerns about the legal aspects.

138. parmdeep vadesha
     December 23rd, 2009 at 7:23 pm

     This is going to be fun – lets do a million pounds worth of lease option deals!