[01:54] Eric: Introduce yourself, who you are, where you're from and how you got introduced to us.
George: My name is George Briesacker. Currently I live in Elkhart, Indiana and I think it was a phone call somewhere along the line when I was trying to sell a piece of property and I believe you people called me and said you had a deal for me. So I examined that and it seemed to be a pretty good deal and it's been working out fine.
[02:32] Dan: You actually tried to list this property a few years back and it didn't sell. We wanted to know what was your experience like listing the property and what happened leading up to us doing business together?
George: Yeah, it didn't sell. I listed it and not a lot of takers on it, and I thought it was fairly priced. So nothing much was happening. Again, I've had several people call or send me postcards or letters wanting, hey "we'll buy your house cash" and those people I kind of steer clear of. But when I talked to you folks on the phone, you laid out a brief description of it. I said okay, let me see the contract. When we got to the contract, and we negotiated some of that contract, that worked out okay. Then we set up the deal and it's been working out fine for me.
[03:38] Dan: During the beginning stages of this process, did you ever think, "What if i don't get paid?"
George: Sure. Sure I did but then I looked at the contract and if you don't send the checks I will foreclose or I will cancel the contract. I just looked at the contract carefully and I've read contracts before. This isn't new to me, but anyways we did talk about the contract some, the way it was worded. We changed a few words here and there but when we were done, it was acceptable. And I thought it was a fair deal and you people apparently think it was a fair deal for you too. So, a win-win situation.
[04:34] Eric: If something was to happen, we do have cash reserves too as well, you know, just to make sure that you always get your check every single month. So we did just want to mention that.
[07:11] Dan: You had your lawyer review the lease option agreement (the rent-to-own) agreement. Even though your lawyer suggested a number of changes, we made the few necessary changes that would still allow the deal to work. Here's the main question: at the end of the day, was it your lawyer or yourself that made the final decision to move forward?
George: I did. Yeah, without a doubt, lawyers are advisors. They're not decision makers.
[07:44] Eric: Exactly. Yes so you're a very strong-minded individual. Most people would allow their lawyer to make all the decisions for them... so why didn't you do that?
George: Why didn't I... oh gee wiz... well I guess I felt confident that the way the contract was written even though he had some hesitations about it, it wasn't that critical what he was suggesting. It wasn't that much for me. So I just said, hey, we'll go along with what we got, with the changes that were made, it was acceptable and I don't remember exactly what he was saying. But anyways it was it was not critical.
[08:38] Dan: What has your experience been like so far since we have initiated the contract?
George: Been very good. I mean I'm very happy with it. Like I said my responsibility to the property... I don't have any anymore, other than paying the taxes and the insurance, which I keep up on... [George continues to talk about how he preferred to take care of the property taxes and insurance]
[09:50] Eric: Have we paid on time every month?
George: Absolutely, every month. Other than the one time which wasn't your fault it was the fact that the post office didn't forward the mail. Other than that it's been on time every month so I don't have any problem with that at all.
[10:15] Eric: How are you paid?
George: With a check.
[10:22} Eric: Have we stayed true to our word on what we said we would do thus far?
George: As far as I can tell! You're paying me, and for the house, I drove by it a couple of months ago when I was up here. I drove by, looks like there's somebody living in it. I don't know what you folks do with that. I'm dealing with you. Whoever's living in the house, I don't know who it is, and I don't care to tell you the truth. that's your responsibility. Yeah and that was one of the things of the contract I didn't want to have to be responsible for [oh gee] the refrigerator quit, I don't care if the refrigerator quit, you guys care whether the refrigerator quits. So being a thousand miles away there wasn't much I could do about it anyway. So yeah it's working out great! You pay on time and as far as I can tell whoever's living in the house is happy. They don't call me because they don't even know who I am.
[11:28] Dan: What would you say to a homeowner like yourself who may be asking themselves, "Are these guys real? Is this a scam?" What would you say to someone who may be thinking that?
George: Yeah and I can understand because there's a lot of people out there trying to rip you off but when the contract became effective, when the money started coming in, that was was the key thing. The first check came and it was a good check. I said okay. So you know, it builds your confidence. Not knowing exactly who you were but I had a contract and then I considered it to be a valid contract. If it wasn't you can't take my house and run off to California with it so I knew that.
[12:17] Dan: George, I just want to touch on something you said. It's probably a given, we all know what you mean, but can you explain what you mean by a "good check?" Like, the check was "good?"
George: Oh, when I put it in the bank, it don't bounce, you know. Every time you put the check in there it's a valid check. The bank has no problem and the funds end up in the bank when it clears. I've never had a problem with that.
[12:56] Dan: It's not a check that I even write, its automatically generated from our business bank account, so its a computer generated check that gets automatically sent to you. So I haven't manually sent you a check... ever. It's set up as a recurring thing every single month.
[13:29] Eric: How has this relationship with us benefited your life and made your life easier? Also, how has this given you the freedom to focus on other things?
George: Well number one, rental properties can be a headache and if you're having a problem selling it you know you got to pay a realtor to sell ...... ...... ...... ...... and so anyway it helps me in the fact that I don't have to worry about that piece of property. It's insured, the taxes are paid and I keep getting the monthly income from it and I don't have a lot of responsibility. It's very easy on the mind like I said, I lived a thousand miles away from that piece of property and there wasn't much I could do if you're going to be a landlord and you live a thousand miles away. Then you got to get a management company to run it and then there goes most of your profit because you don't you know it just costs too much to do that and if you need repairs you got to trust somebody else to do it... So as far as ease of mind, I love it! I mean to tell you the truth I don't have to think about that piece of property! The income comes in every month and I'm happy as a clam!
[15:26] Dan: What would you say to other homeowners that are interested in doing a lease option, the similar deal like we did, that are unsure, that are on the fence due to what their friends/family may think or say? What would you say to homeowners like that?
George: Well it works for me. That's what I can say. I did my due diligence and examined the contract and tried to determine how things were going to go and the way the contract was written; was that if you don't pay then you lose the option which, and like I say, you can't run off with the house, so yeah it's the kind of thing that if you default, if you don't pay, if there's a problem somewhere that we can't resolve then the contract becomes void and you [I] get the house back. That's until the end of the contract whereby you either buy the place or walk away. And so to me it's a great way of doing business especially, I'm old (80) and I just don't want to mess with it anymore ..... ..... ..... I'm very confident, you know, and my relationship with you has been going on for a year almost and it's working out fine so I don't know, I guess, you got to put trust somewhere. But like I say if you defaulted, if you didn't pay, if for some reason things went awry, you can't take the house to California with you.
[18:24] Dan: Who still owns the house? Who has legal title to the property?
George: I do. Right now I own the house. You have an option to purchase it but I own the title to the property. I have not signed over any titles, deeds or any such thing. You have an option to buy it. I'm happy with that and you're happy with that and like I say at the end of three years our contract expires and at that time you either pay off the rest of the house or I get it back... one or the other. So, sounds great to me and like I said, I still hold title to the property.
OTHER HIGHLIGHTS from George
[01:23] George: I tell people all the time I'm doing real estate with people in California, I don't know who they are but hey they keep sending the check! As long as you keep sending the check, I'm happy!
[04:45] George: We did have a problem one time but it wasn't your problem - it was mine. I had come up to Indiana from Florida. I was away and had the mail forwarded and typically those checks are not forwarded - they're sent back. So I didn't get the check. Well as soon as I notified you that hey, I didn't get the check - and I knew the reason why - it was they didn't forward it, they sent it back. And when I notified you, you made it right just within a few days. I got a new check and so, that worked out for me! It helps with the confidence, you know... the checks come promptly every month. And to tell you the truth it makes me very confident that our continued relationship is working out okay
[20:52] George: The concern was to really eliminate a headache of trying to either keep the house vacant [which is not a good plan] because first off you get no income from it. Secondly, vandals, what have you. All kinds of issues can happen with a vacant property.
[21:12] George: ...It worked out after we had our discussions and I reviewed the contract and saw what you're saying you're going to do. So initially, yeah, I had some concerns. Well we'll see... After the checks started rolling in, my concerns went away and I haven't even thought about that property! That's the deal, It's no worries and right now I got enough worries!
[23:41] George: ...Well it's nice meeting you folks. It's good to put a face to some of the names. Daniel there, I talked to him before. So yeah, good to talk to you. I'm happy with the contract and with the service we're having and it's working out for me. You know, I got no complaints at all. None.