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How To Build A Virtual Business
Joe: Hey, it’s Joe Crump. This next one is from Jeffrey Walker. Jeffrey says, “Hi, Joe. Welcome back. Looks like you had a blast.” I think he’s referring to, I went on sabbatical over the summer and I made a movie which I’m very proud of and then we were just about finished with and we were getting ready to send it out there. So eventually you’ll hear me talking more about my move. It has nothing to do with real estate. It was just something that I’ve wanted to do all my life. I went to film school and that’s where I got my Bachelor’s Degree back in 1981 and the reason I got into real estate was because I wanted to make film. And I got sidetracked in real estate for twenty years or so and, you know, I had a lot of fun with real estate and I had a lot of fun with this business. But I also wanted to go back to my first love, which was making a movie and it was absolutely a blast this summer. We had a lot of fun and I’m anxious to share the film with you guys eventually. So that’s still to come. Give me a while on that.
Joe: His question is, “I’ve been following you for the past few months. I love your videos.” Thank you. “I’m in Austin, Texas. My question is, in Texas my understanding is that lease options are much harder to do. I believe you said you have to transfer it to a land contract after 180 days. I’ve put some feelers out there with realtors and no one seems to know what I’m talking about. Will your system allow me to do your system here in Texas or would I have to build a virtual business? Do you teach how to build a business virtually?”
Joe: Yes, you can. I mention this on the other video, that yes you can do it in Texas. After 180 days you transfer it into a land contract. Realtors don’t understand this. They don’t know how to do it. But if you talk to an attorney, they will be able to help you through this process. Or, you can just use the documents that I’ve created that are in my system as well. Either way works. If you buy my system and you don’t find the Texas stuff, send me an email and I’ll make sure to send you the, there’s only one document that’s different that we do. The rest of it is done by the title company or those types of things. So you just have to learn how to do the process to make sure that you comply with the rules and regulations of Texas. And Texas is the only state that I know of that has these kinds of regulations. And we’ve been doing this for a while. Texas has had it for a while. I’ve never heard of anyone coming under fire because of these laws, ever, since they became, you know, common. And I know people that are doing rent to owns out there that are a lot longer than six months. I wouldn’t recommend that, but if you do, I mean, I’ve seen so many people that are doing it with three-year lease options that don’t have a problem with it, you know, but there’s no reason to do it that way because you can do it and still comply with the rules. I think people just don’t understand how that’s done.
Joe: So transferring it over into a land contract is an easy way to do it. Or, if they don’t want to exercise the option, just continue it on as a lease, a month-to-month lease until they move out. So either of those things work and can be successful and you can still get the down payment and make your profit there in Texas.
Joe: All right. Hope that helps.