Don`t listen to the MORONS...

NeilUttamsingh

New Forum Member
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Hi Everyone,

To those of you that attended Ron LeGrand`s training in Edmonton, we are now back to `reality`.

As Ron said, don`t be afraid to `whack` those that get in your way.

This morning I had to `whack` my real estate lawyer and real estate agent.

They both don`t understand the concepts and were giving me reasons as to why the concepts won`t work.

They are now `Whacked`.

As such, I highly recommend sticking with those people that `get it`. (REIN real estate lawyers and realtors)

Don`t let the dream stealers get in your way.

Onwards and Upwards,

Neil.
 

housingrental

Frequent Forum Member
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Hi Neil
For the those not familiar with Ron LeGrand
Which concepts did your realtor and lawyer think wouldn`t work that you think will?
Thanks
 

NeilUttamsingh

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QUOTE (housingrental @ Oct 19 2009, 09:20 PM) Hi Neil
For the those not familiar with Ron LeGrand
Which concepts did your realtor and lawyer think wouldn`t work that you think will?
Thanks

Hi Adam,

One of the concepts that Ron taught was Options.

Options = Acquiring the right to buy a house for one price and usually selling for a higher price or purchasing yourself.

My real estate agent that I was using said that it was and `a bad idea`, and a bad way of `doing business`. She admitted that she had never heard of the concept of optioning before.
The lawyer said the same thing.

I am no longer going to use them.

I am happy to provide more details if anyone would like me to.

Best Regards,
Neil.
 

ZanderRobertson

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WHACK `EM!

Good move Neil. It`s just like every other aspect of the system. You have to work with the minority, not the majority. Way to be decisive.

Zander

QUOTE (NeilUttamsingh @ Oct 19 2009, 07:38 PM) Hi Adam,

One of the concepts that Ron taught was Options.

Options = Acquiring the right to buy a house for one price and usually selling for a higher price or purchasing yourself.

My real estate agent that I was using said that it was and `a bad idea`, and a bad way of `doing business`. She admitted that she had never heard of the concept of optioning before.
The lawyer said the same thing.

I am no longer going to use them.

I am happy to provide more detail if anyone would like me to.

Best Regards,
Neil.
 

manojsingh

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Neil, you will do great. Your decision was right to remove them if they do not share your vision.
 

DineenJJ

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I`m not surprised your Realtor would tell you options is not a good idea for obvious reasons, but luckily you don`t need a Realtor for options!

WHACKED!
 

BrianPersaud

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QUOTE (DineenJJ @ Oct 20 2009, 10:53 AM) I`m not surprised your Realtor would tell you options is not a good idea for obvious reasons, but luckily you don`t need a Realtor for options!

WHACKED!


Options are how lot of large deals get done and probably has been around for over a 100 years. Developers and commercial building purchasers use it all the time...gotta admire people who like their sandbox and cant see out of them
 

housingrental

Frequent Forum Member
Registered
Isn`t there some issue that if regularly doing this it can be viewed as trading in real estate without a license?

Ie you can be fined significantly ?

Is it possible that that`s why your realtor / lawyer said this is a bad idea?

Can any realtor / real estate lawyer comment?
 

BarryMcGuire

Inspired Forum Member
REIN Member
As Brian said the really good thing about options is that they have been around for a long time. Further, I believe, The basic notion of options work approximately the same in all jurisdictions whether it be ONT, BC, AB or ...? As for trading in real estate, you CAN`T say to a homeowner, " give me an option and I`ll sell your house for you ". That prob would be trading in real estate. If you use an option to get control of a property and then find someone to buy your interest, you are working for yourself, not for the seller.

Cheers

Barry

QUOTE (housingrental @ Oct 20 2009, 05:42 PM) Isn`t there some issue that if regularly doing this it can be viewed as trading in real estate without a license?

Ie you can be fined significantly ?

Is it possible that that`s why your realtor / lawyer said this is a bad idea?

Can any realtor / real estate lawyer comment?
 

seanverret

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Can someone please explain how these "options" work to someone who was not at the seminar.

Thanks
Sean
 

ChrisRudd

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QUOTE (NeilUttamsingh @ Oct 19 2009, 09:38 PM) Hi Adam,

One of the concepts that Ron taught was Options.

Options = Acquiring the right to buy a house for one price and usually selling for a higher price or purchasing yourself.

My real estate agent that I was using said that it was and `a bad idea`, and a bad way of `doing business`. She admitted that she had never heard of the concept of optioning before.
The lawyer said the same thing.

I am no longer going to use them.

I am happy to provide more details if anyone would like me to.

Best Regards,
Neil.

Hi Neil,

Would you be willing to let us know the name of your new lawyer who will work with Ron`s concepts, if you have already found one in the area?

Thanks,

Chris
 

BarryMcGuire

Inspired Forum Member
REIN Member
QUOTE (ChrisRudd @ Oct 21 2009, 11:10 AM) Hi Neil,

Would you be willing to let us know the name of your new lawyer who will work with Ron`s concepts, if you have already found one in the area?

Thanks,

Chris

Folks, for investing in Ontario, I have sent all my materials to James Quigley, so he will be ready for your questions.


James S. Quigley
Associate
Ricketts Harris LLP
Barristers and Solicitors
181 University Avenue
8th Floor
Toronto, Ontario
M5H 2X7

t 416.364.6211 x253
f 416.364.1697

e-mail: jquigley@rickettsharris.com

Hope this helps,
 

Zee1960

New Forum Member
Registered
Gotta LOVE it!Do you know how many Real Estate agents I have "FIRED"?
How many CONTRACTORS !!!!
I have fired on the JOB!!

I am generalizing, however say this from experience, they see a skirt (woman) and think what? . . . I`m stupid?
Yet...they are the ones coming back at their expense
(time & material) to get the job done RIGHT!
NTS:
New post for Woman Investors!

I also think Brian had a great comment - "gotta admire people who like their sandbox and cant see out of them
"
...more room for YOU, Brian and REIN members to play in.

Happy castle building!
 

housingrental

Frequent Forum Member
Registered
Hi Barry
What if your doing this on an ongoing basis?
Is the legality distinction limited to not representing it as a sales service to the owner? Or is it if your doing this as a course of business?
Ie can you do ten options in a year and be in conformity?


QUOTE (BarryMcGuire @ Oct 20 2009, 08:05 PM) As Brian said the really good thing about options is that they have been around for a long time. Further, I believe, The basic notion of options work approximately the same in all jurisdictions whether it be ONT, BC, AB or ...? As for trading in real estate, you CAN`T say to a homeowner, " give me an option and I`ll sell your house for you ". That prob would be trading in real estate. If you use an option to get control of a property and then find someone to buy your interest, you are working for yourself, not for the seller.

Cheers

Barry
 

BarryMcGuire

Inspired Forum Member
REIN Member
QUOTE (housingrental @ Oct 21 2009, 06:58 PM) Hi Barry
What if your doing this on an ongoing basis?
Is the legality distinction limited to not representing it as a sales service to the owner? Or is it if your doing this as a course of business?
Ie can you do ten options in a year and be in conformity?
What you want to be doing , in actions and words, is using options in your business of real estate. You aren`t working for sellers, you are working for yourself. Options could be your only strategy or just another arrow in your strategic quiver. If this is how you run your business, you can do as many options as you want in a year and not be worried about being classified as a realtor.
Remember that incorporating at least one corp to hold your Quick Turn properties and profit is a good idea at least and at the minimum get the best tax treatment on those Quick Turn profits. More on tax later.

Hope this helps

Barry
 

JimWhitelaw

Inspired Forum Member
Registered
QUOTE (seanverret @ Oct 21 2009, 10:19 AM)
Can someone please explain how these "options" work to someone who was not at the seminar.


The option concept is fairly simple. Instead of buying a property outright, you create a contract with the seller that gives you the *right* to purchase the property at a given price in exchange for a small fee (as little as $10). Then instead of selling the property directly to your buyer, you assign (sell) the option contract to them in return for a large fee and they purchase directly from the original seller. Your profit is the big fee.




Have a look at some of the docs in this section of the downloads area, in particular the "Option to Purchase" contract. That should help to understand how the deal works.



http://myreinspace.com/downloads/critical_forms/m/lease_optionquick_turn_forms/default.aspx
 

housingrental

Frequent Forum Member
Registered
Thanks Barry!
QUOTE (BarryMcGuire @ Oct 21 2009, 09:40 PM) What you want to be doing , in actions and words, is using options in your business of real estate. You aren`t working for sellers, you are working for yourself. Options could be your only strategy or just another arrow in your strategic quiver. If this is how you run your business, you can do as many options as you want in a year and not be worried about being classified as a realtor.
Remember that incorporating at least one corp to hold your Quick Turn properties and profit is a good idea at least and at the minimum get the best tax treatment on those Quick Turn profits. More on tax later.

Hope this helps

Barry
 

AndyLuchies

Inspired Forum Member
Registered
Pardon my ignorance,

what is Ron Legrande`s basic strategy in one sentence? buy, renovate, sell? Or wholesaling?
 

GaryMcGowan

Inspired Forum Member
Registered
QUOTE (jessandy @ Oct 22 2009, 09:38 PM) Pardon my ignorance,

what is Ron Legrande`s basic strategy in one sentence? buy, renovate, sell? Or wholesaling?

yes, all the above and include lease options.

Never pay more than roughly 70% of the appraised price and leave some on the table for the next guy.
We were also taught how to located sellers that will sell at such a high discount. Four 12 hour days of extensive training that I have already started to use.
 
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