Joe Bodek is born and raised outside of Philadelphia, PA. After his grandfather and father, he is a third-generation real estate entrepreneur. He received the guidance of his father, one of the largest developers and builders in the country at that time. He continued in the real estate business up until 2012.

After that, he became a mentor because he wanted to solve other people's problems and share his knowledge of real estate. He created a revolutionary mentoring system called the 'Earn While You Learn Lease Option Mentoring Program.' The most important factor of this program is that it costs a whole lot less money in comparison to other courses in the market. This course is for everyone who is facing financial problems but are eager to take real estate courses and make a living out of it.

Episode Highlights:

• Joe Bodek’s Family History And How He Became An Investor


• Leasing A House


• Types Of Lease Options: Sandwich And Wholesale


• Mastering Lease Options In Commercial Properties


• Future Goals Of Joe Bodek


• How He Became A Real Estate Mentor.

Connect with Joe:

Website: realestatementoringUSA.com

Email: JBODEK1@gmail.com

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TRANSCRIPTION

Intro: Hey guys, today I'm excited to talk about a subject that many people always ask me about. And to talk about that subject, I'm going to host Joe Bodek. Joe is a lease option mentor. And despite the fact that it has to do a lot with residential real estate, I think it's a super interesting subject nonetheless. And you could also apply these powerful techniques in commercial real estate, in what would be known as a master lease option. So, let's start and don't forget to check us out at DonandEden.com and remember you can always shoot us an email at Hello@Donaneden.com.

Lady: Welcome to the commercial real estate investing podcast with Don and Eden, where we cover all aspects of real estate investing with special attention to off-market strategies.

Don: Hey, Joe, how are you doing today? Welcome to the show.

Joe: Oh, good, Don, how are you? I appreciate you having me on.

Don: Yes, of course. I think it's important to have somebody like you because you're dealing with lease options, which is a very interesting subject, and I haven't had anybody in the show that is doing that up until now. So, I would like to hear everything there is to know about it. And I'm sure that the audience would appreciate that as well. But first of all, I want you to tell us a little bit about yourself and your background and how you got into real estate, to begin with.

Joe: Don, I'm not the usual story that you hear about the individual that was working in the cubicle, hated his job, hated his boss, saw the infomercial at three o'clock in the morning and went and signed up for it, got into real estate and of course, the rest is history. You hear that a lot out there these days. I'm not of that area. I was birthed into real estate. I'm the third generation. My grandfather was a developer, builder. My father was one of the biggest developers and builders in the country back in the 50s and 60s and early 70s. By way of explanation, if anybody lives in that split level, or knows what a split-level home is, my dad's want to make them famous. He claims he invented them. I'm not quite sure he did that but he made it kind of famous, he's got thousands of them. So, I was mentored by him for a number of years, work with him running about 3000 apartment units for him and learn to build houses and develop ground. So, I have a fairly decent background in conventional real estate. And then back in the 80s, he decided he wanted to retire, everything got sold off. And I went out on my own eventually got into creative real estate, dealing with wholesaling and lease options and subject to and those kinds of deals, and did that for about 25 years. And for the last, I think it was about 8 or 10 years, I'm not exactly sure, I started mentoring people and found that I was pretty good at coaching. And over the last 8 or 10 years, that's what I've been doing, mentoring and coaching people at least options and wholesaling. And that brings us pretty much up to today.

Don: Wow. So yeah, I got a lot of questions about this story. First of all, I want to say that you're very lucky to be born into a family that is dealing with real estate because you absorb things from an early age and you understand the potential of that business right on. It's something that I'm sure you're grateful for and appreciate right?

Joe: To have my dad is my first mentor was pretty phenomenal. His background was pretty amazing. It gave me a look at both sides of the coin because I got to do conventional real estate which is going out and buying properties and building apartments and all that and go building houses and developing ground. And then they got me the ability to go into creative real estate, which is a lot of fun to do. And of course, you don't have to work with banks as much and all the stuff that I did it was completely the opposite. I had to relearn real estate when I went into creative real estate because it was the opposite of everything I had learned. So yeah, it's been a good career. I've had a good time at it. I've been lucky. I've been around a lot of people that knew what they were doing.

Don: Yeah, we started doing creative real estate in the beginning. So that's how we started and that's how I feel a lot of people are getting started today. Because today you're able to start with creative real estate with no money and no knowledge, no college degree, and for me it was perfect. I'm sure it's very interesting that you got to see all types of real estate during your career. You're focusing right now in coaching and helping others, which I'm sure is very gratifying, right?

Joe: To be perfectly honest with you, I was getting ready to retire. I had done hundreds and hundreds of deals in the last 25 years, and I'm not a spring chicken anymore. And then, you know, what was I going to do sit around click coupons? That didn't make much sense to me. And people kept asking me, how do you do a lease option? How do you do this and coaching all these people? And somebody eventually said to me, why don't you open up a company and do this because you're pretty good at it. And that's how it all came about. So, I decided, well, I'm not going to retire, I'm going to keep doing it. And to be perfectly honest with you, I get way more of a thrill at a coach and a student to get them through their first deal or get them to expand their business and get it flying than I ever did build a house.

Don: You know, when you're in real estate for so long, then the money is no longer the main purpose if you ask for my opinion. I mean, of course, it is the thing I mean, you still want to make money, but it's not just money, it's also the impact, it's also the ability to affect people. And I feel the same when people talk to me about real estate wholesale, which is how I got started in the residential real estate wholesale. The first time you tell people about this, then they go crazy. They don't believe that you can even do things like that. Lease options are pretty much the same as wholesale. The first time you hear it, it's kind of hard to grasp, but then you realize how ingenious this is, right?

Joe: A lot of people, as you just said, they're kind of taken aback when they hear the word lease option. They think it's very difficult, got to go to night school to learn how to do this type of thing, and it's not. The best way I can explain it to your listeners would be if they're familiar with a car lease and how that works. This is the same thing. In a car lease, you go ahead and you lease your car for a period of time, usually it's three years on a car lease, and at the end of that lease period, you have the opportunity to either go ahead, you have the option to purchase that vehicle, or you can give it back and go get another one from the dealer or go somewhere else and get a car. Same thing here. You're going to lease property for a period of time, which you're going to establish with the seller. And then at the end of that lease period, you have the opportunity to go ahead and purchase the house at a predetermined set price, or you can say no, I'm want to move out and go find another place to live. So, the easiest way to look at it is it works just like a car lease, you just substitute a house. 

Don: Yeah. But then it gets a little bit trickier because you assign the lease to an end buyer, and you still able to make money on all the ends on the front end, back end, and the rent money. So, let's talk a little bit about that and how you make money as the investor or the entrepreneur and a lease option.

Joe: Okay, now, first and foremost, there are two types of lease options. We'll talk about this one first, which is called a sandwich lease option. And then if you'll permit me after we've done that, we can talk about the wholesale lease option. Sandwich lease option has three paydays to it, which is kind of unique. So, what happens is, you're going to go ahead and you're going to enter into a lease option agreement with the seller and you have the right at this point, to sublea