I Owe It All To The President Of The USA...
Yes, it was Donald Trump who started me on Lease Options. Not personally, of course: I’ve never met him, but I read one of his books some years ago wherein he explains how he acquired HUGE properties in Manhattan without buying them. He controlled them using Lease Option Contracts and became a billionaire…
Donald Trump says ‘Control everything, own nothing’ and options are a way of ‘piggy-backing’ a vendor’s existing mortgage to control a property and profit from it without having to go through the mortgage process yourself. The benefits of this will be obvious – no need to tie up you cash in a mortgage deposit, no fees to pay, no surveys to pay for, no credit rating checks involved, no long timescale involved!
This was a ‘Eureka’, ‘Lightbulb’ moment for me. It all seemed so easy, and I figured that if it worked over there, it should work here too, right? So I piled in and started…
Well, it wasn’t easy. I knew the basic idea, but I didn’t really know how to find suitable properties or how to negotiate them. I had problems having a contract drawn up as well – no solicitors knew what a lease option contract was or how to write them. TBH, not many do today!
I spent six months driving round the country visiting estate agent after estate agent and didn’t do a single deal. It would have been easy to become discouraged and give up but I had an idea, a vision, and I wasn’t going to quit. Six months without a deal didn’t make me a loser, but quitting would have!
I persevered and it all started to come together. During the Christmas holidays 2010 I sat down and broke down my whole strategy into it’s smallest elements and re-wrote my whole approach. What I had been using beforehand hadn’t worked, so I changed it and came at it from a new direction.
During the first seven months of 2011 alone, I acquired 48 properties using options, and the MOST I paid for any property, including the fuel to go and see them, was £55! Even if you have enough cash, you can’t buy 48 properties – you can’t get that many mortgages, and you certainly couldn’t do it in 7 months!
During August of that year I wrote a book: ‘How To Acquire Properties For Just £1 Each’, and in September I started speaking at property investor events around the country about lease options. Very few people had ever heard of them, but today they are common and almost everyone has.
During my many speaking engagements around the country I make a point of saying to property investors – experienced and newcomers – that if you are not using options as a way of building your portfolio, you are losing out, big time. Options are the closest thing to Free Money you will find.
I’m telling you this to illustrate how an idea can turn into reality with imagination, desire, and focused action. Creating this reality didn’t just change my life – I have completed 94 Option deals now and have made a LOT of money – but it is also helping other people who are now using options too.