hey it's joe. this one is from ryan dybeck.he says, "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 inother states, particularly minnesota? i just need some peace of mind that i can protectmy real estate license and know that i have an attorney who's got my back if anythingwere to come up. i've been told over that our commerce department hates lease optionswith a passion, especially if you're licensed because now they have something to go afterand make an example of. however, i haven't given up what you teach. the biggest thingthey don't like is the fact that we're making a good amount of money up front from peoplewho will likely never exercise their option."
first, let me say you're also making moneyas an agent from people who are selling their property up front before they make any moneyon it, so if you sell to another investor who has not made any money yet and you makea commission on that deal and you make more commission than he makes as a profit, haveyou done something wrong? - no, of course not.it's the same situation here - what you're doing is facilitating a sale, you're makingsure everybody understands what's going on, you're disclosing all the problems to themwhich is one of the things that we have in the lease option agreement that we have everybodysign, so everybody understands what's going on in the transaction so you're not goingto have this kind of blowback with the commission.
also, it's very legal for a real estate agentto sell a property on a lease option. it's done every day, all over the country in everystate, every city and all over the world actually, so you're not going to have a problem withthat. now, if you have any questions about lease options and how to do them, then whati would do, if you're a real estate broker, is call your real estate board's online broker.there's going to be somebody on every board that you can call up (ours is called the lesahotline) and we can call that attorney up and we can ask them questions as a broker(i'm a broker as well). so you can ask them a question. you say, 'is it legal if i dothis? what's the best way to do this to protect everybody? do you have any suggestions onthis? would you suggest that i do it a little
bit differently? is there anything that youwould suggest that i do?' so you can do that for free if you're a real estate agent; they'lltake your questions. they want people to comply with the law, andthey want to be able to make sure that you have consistent answers to legal questions.now in addition to that, you can find any good real estate attorney that understandscreative financing - if you can find a real estate attorney that understands creativefinancing, they will be able to tell you whether or not what i'm suggesting is accurate.now, i know that it is legal. i know it's legal for agents to do it, but you want tomake sure that you do it properly and i understand that, so give them a call and get their personallegal advice. rather than me giving you the
name of my attorney, i think you'd be betteroff finding somebody locally that you can use that understands real estate investingwhere you're at. it may take you a few phone calls before youfind an investor who understands creative financing, so don't be surprised if it takesyou five or ten people to do that. just to find a cpa that understands how to use creativereal estate investing for a roth ira for my personal use - it took me several years tofind that person, so it's not always easy to find the right person for the job.but if you're going to ask the question, get somebody who's qualified rather than somebodywho just tells you no, because they don't understand it properly, which i somethingthat i see is common in attorneys. if they
feel uncomfortable or they don't understandthe process or they don't want to spend the time doing the research and you don't wantto pay them for the research, they may just tell you, 'don't do that.' and that can cutoff a whole side of your business. i once had an attorney tell me that i couldn'tcoach people, that i couldn't do what i'm doing at all unless i complied with a certaintype of thing which didn't make any sense and it would have destroyed my business. soi went and found another attorney and that second attorney said, 'well, you don't wantto kill your business so why don't you do it this way?' and so we made a few modificationsand we did it that way and we didn't have any problems at all after that and that'sbeen many years ago by the way.
now his second question here is,"assuming i get everything above handled, what are the different costs of getting theautomarketer up and running, including all of the other services i need? i'd need myclone sites changed to disclose agency and all of that stuff."the cost for the automarketer is $199 a month. it's a monthly fee, it's your infrastructure- it gives you the websites you need. you need four domain names because there's a bunchof different websites that you have and we have four different domain names that we use.those domain names will cost you $10 each per year, so you've got $40 a year for yourdomain names. we can do subdomains that don't cost anything but i suggest you have yourown unique domain names, but either way is
okay; i don't mind.and the other cost is voice blasts and text blasts. voice blasts and text blasts typicallycost 2.5 cents per message that goes out, which means that after all is said and done,i.e. outgoing and incoming messages, all your phone stuff is going to cost you between adollar and two dollars per lead that comes into this automarekter, at least that's whati've seen on average. actually i've seen it to be quite a bit less than that but i liketo set expectations properly. also the idea that you need to disclose agencyis absolutely true, so if you're a broker, when you set it up, there's a button in thesetup system that allows you to pick agent or non-agent. if you're an agent, then youjust want to pick the agent and it puts in
verbiage into the website that says, 'i aman agent. i'm not representing you in the transaction or i'm representing myself.' itputs some clarity and disclosure in that process so that you don't get bound up on that orhave any problems with that. alright, i hope all of this helps. good luck!
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