Purchase and assignment contracts

I have just come from the buying summit in VEGAS: DEAN asked me to post this question.

Is there anyone in Texas doing Sandwich Leases and Assignment Contract terms deals, successfully ? As a DIAMOND member, I have called the 800 line on numerous occasions with NO answers, SPECIFIC to TEXAS, I would appreciate any help.

Furthermore I asked this question to a panel at the BUYING SUMMIT, Dean himself was there and two other experts, did not have the answer. Dean asked me to post this question on the site and I have done several times, and now I am trying this forum, any help ? ? ?

Thanks
Corky Ballas
Houston Texas

__________________
Dancing With The Stars Actor
Corky Ballas
Houston Texas

http://www.jdsupra.com/post/documentViewer.aspx?fid=22da1f6e-eb72-4d2c-b...

Thanks for the article but this really does NOT ANSWER my questions, for the contracts necessary to do a SANDWICH LEASE or L/O in TEXAS, as a paid DIAMOND member, this is EXTREMELY frustrating to say the least.

I read the article and it does seem to answer your question. You don't need contracts to do something that can't be legally or is ill advised to be done in the state of Texas.

Also, anytime you have questions like this it is best to consult your LOCAL Real Estate Attorney. You have one on your team right? Dean's programs are the best educational products out there without question. However, he nor any of his team provide legal advise no matter what level you are. This is your responsibility as the owner of your own RE business.

Take 100% responsibility for yourself and your business.

Good Luck!!

Michael

Also, anytime you have questions like this it is best to consult your LOCAL Real Estate Attorney. You have one on your team right? Dean's programs are the best educational products out there without question. However, he nor any of his team provide legal advise no matter what level you are. This is your responsibility as the owner of your own RE business.

I am not ASKING FOR LEGAL ADVICE, I am asking how to do the STRATEGY in my STATE, I was told clearly it was being done in my STATE, and obviously it is not. What do they say at the seminars, "under promise and over deliver".

Do I have to consult an attorney in my state, for the 25-1 strategy too? No, because it's being done!
Do I have to consult an attorney in my state, for buy fix and sale? No, because it's being done!
Do I have to consult an attorney in my state, for wholesale? No, because it's being done!
Do I have to consult an attorney for the bandit signs? No, because it's being done!

Do you get my frustration here? What are you not understanding? As a DIAMOND, these answers should be in place.
So really consult your local attorney means, "I don't know the answer to the questions you paid for?" Nice 'CYA'.

Really ? ? ? ?

Do I need a severe poor me attitude adjustment? Maybe. If a dance instructor teaches the basics of the Tango and his student does not put forth the effort, is it the instructors fault the student never learns?

What is a diamond?

Don't get frustrated, Fix it!!

Of course you would not have to consult an attorney for the simple strategies you listed. Now for example when you get an accepted offer using the 25/1 system THEN you would need a title company or a lawyer!! Laws vary state to state. YOU need to know YOUR states laws. This is your responsibility. Not every strategy taught works in every state all the time.

I would report the instructor that specifically stated L/Os are being done in Texas. No one knows everything. This would stop any false information being passed on in the future.

What consult your attorney means is "We don't supply legal advise" period. Dean always advises his students to consult their attorney, this is not CYA, it is common sense and most excellent advise!!

Time to look at another option besides L/Os in Texas. You could do them in a state where it is easily done!! OR wholesale, conventional buy and hold ect. ect.

Good luck and remember you are 100% responsible for your business!!

Michael

From the article I provided..."Look carefully at Section 2(a)2 of the Property Code: “An option to purchase real property that includes or is combined or executed concurrently with a residential lease agreement, together with the lease, is considered an executory contract for conveyance of real property.” There is an exception for lease-options for six months or less - otherwise, the residential sales contract promulgated by the Texas Real Estate Commission would have violated this provision if combined with a temporary lease. Note that options not combined with a lease as well as options on commercial property are not affected."

Key phrase - "Options not combined with a lease" - You might want to look into a "contract for option". In a contract for option, no option is given until the conditions are met and no equitable interest exists until the conditions are met, and it is independent of the lease. Not meant to tender legal advice, or not saying it's how it's done in Texas. Just saying it may be an avenue to approach and run by an attorney.

It IS legal in TX if you do it correctly.

John Jackson In Fort Worth is one of the few who has been doing them successfully for over ten years. He offers training programs, which I have attended that are excellent. With the training, you also receive "TX legal" contracts that he spent many thousands of dollars to have drawn up.

His website is leaseoptionclasses.com. He is a good friend of mine, so if you contact him, tell him I referred you.

Karen

Wow!! This is a very good question, and I will also like to know the answers. Sometimes there are questions which we do not quite understand and these questions should be answered by the experts. When asked by a DIAMOND?