verbatim

Been getting calls from owners in the 30-50k area off signs and was curious to know if anyone has ever made anything happen in the lower end of the spectrum? If so what were the details? Verb

Have a 3/2 home in a decent neighborhood. Renters and home owners on the block. owe 63k can sell for 80k, more on l/o. has just dirt in front yard, no grass. 3 windows were damaged when someone broke in to steal the air conditioners & tile is needed in the kitchen. My initial thought was to l/o in a 'work for your down' fashion allowing them to choose & fix the tile. Now that the windows are damaged $ will have to be spent to repair but everything else seems to be in good condition. To those of you skilled in lease options, will the less than perfect curb appeal have a negative effect on the deal happening? Verb

3/2 comps between 85/90. 62k owed 3 payments behind @ 700 per month only needs tile in the kitchen as it was rehabbed after a fire from what i have seen. They just want to be ride of it. Any advice would br greatly appreicated.

What was it in ypur commercial that caught realtors attention & has them calling? Let us know so we dont put that in any commercials we do. You must have said something like "I can Sell your home with no Realtors commissions. Everyone knows Realtors are the scum or the earth!"

Have you been getting many calls from realtors asking a variety of questions abou thow you do your business? I just read a post where Cruz is experiencing this from his radio ads.

Correct me if i am wrong, but you may want to get a authorization to release so you can confirm mortgage balances to make sure you are not setting your t/b up for failure.

What other questions have they been asking you, and why? Have you asked them why the interogation... I wonder if Lydia has been experiencing this...

since most sellers ask for not only first months rent but a piece of the option money, is telling the seller initially that your fee is a 5% downpayment and letting them talk you down to 3% a way to get what you initially set out to get? Then negotiate it so that you get the first 3% and anything above that will be given to the homeowner. Just a thought, has anyone done this? Verb

Since your ad stopped playing on monday the 1st, are you still receiving calls or did the slow down dramatically? Just curious, Verb

So Steve, did the seller come down on the initial price? You said he was asking FMV? If so, What would the profit be for you on this deal? I assume you would get monthly cash flow and money on the back end right?

when making promotional items, with a website or a phone #, do you think it would be a good idea to put the same phone # you use for bandit signs? Like paper ads for in the we buy houses section, do you use the same # you use on bandit signs? The reason i as is because there is a chance the 'sign police' may see it an dput 2 and 2 together. Just wondering how the seasoned investors approach this.

Since shes already renting it out now and is already 1/2 way there investing wise - are you sure she doesnt want the reference to learn & copy the technique you are trying to master?

Owner has 30k in equity they dont want so they stopped paying and filed bk 1 week ago. home worth 140k they owe 107 including taxes etc. total cost of items filed in the BK is 157k. Is it possible to speak with the bankruptcy trustee and somehow get it. It needs little work so i cant use that to get lower price. Average days on market is 90. What do you all think? Verb

If you spoke with a owner who owed 40 on a home worth 50, and they wanted 50 - leasing wouldnt be attractive, would you do a COA or do it another way. She is living with her fiance in his home, her mom died and left her a home[free & clear], and her son is in her old home that she wants to sell for FMV. I know the answer is simple and i am probably missing it, but if anyone could help me out i'd appreciate it. Thanks Verb

How many people call back off the letters you mail? Verbatim

If you spoke to a seller who just bought a home 1 year ago & now had to relocate, how do you present the COA to the seller? Any help giving would be greatly appreciated, thanks Verb

A seller owes FMV of home & is renting it to cover mortgage. 3/1 been renting for 1 year for 575 per month and the mortgage is 575. they are tired of being landlords. Tenant is on a month to month lease. is their a possible way to do a COA? I have never read about anyone doing 1 on a rented property? Any assistance given would be greatly appreciated. Thanks in advance,

nice question, i was curious about that also. i thought there had to be 'consideration' for a contract to be legal???

Does the winner of the car have to keep the ads on it? Verb

What do you do to keep the negotiating doors open when there is still room to negotiate and make a profit? I have had sellers say they will need to speak with the spouse but dont hear back from them. Verb Discussion boards - where we help people help themselves

Adam, when they hit you with the 'i need to talk to my wife' crap, how do you overcome that?

I was refered to call a guy who has been in real estate for 30+ years and presently has over 50 properties. He's in his 60's and obviously successful in real estate. Since we are in the same city im sure he can be helpful in many ways. The person who refered me to him did tell him i may call but since he doesnt know me from adam, what questions should i ask when i call him? Verb

Thats a great idea Mark, any way you may be able to share the special report with the group? Verb

Thanks to all that have responded to this question. I greatly appreciate it. You all really help speed up the learning curve and reaffirm all the things i have read in various books. Below i will post the input i have recieved from various individuals, just in case someone finds themself in a similar situation in the future: look up taxes on assessor site determine what home owners insureance would be Next speak with a Mortgage Consultant, * make sure he/she is up front and that you get a good feel for im/her, there are too many unscrupulous ones out there. This will give you an good idea of what your payment will be with everything included (P.I-T.I and possibley PMI). Next ask the seller what he is charging for rent and also go ask the renters. Remimber cash flow is important, but your main goal should be to have someone else building equity in the property for you!!! Determine the ROI. You'll need to see the lease. Look at comps for home value and rental value I also look at the seller Schedule E, you'll find a lot of the expenses there. Beware, the expenses may be high for tax purposes. ask to see the financial statements for the past three years. This way I get a look at what has been replaced, what keeps breaking, how much profit is really being made, etc. In these statements, I look for opportunities to make the property more profitable for me. Look for the right things to be wrong. Excessive property management fees, high vacancy rates, getting the shaft by the contractors over-charging, bad tenants, etc. These are all problems usually related to poor property management by the owner. If the owner balks at my request to see financial statements I assume he has something to hide such as deferred maintenance. If the owner has failed to keep financial records I assume that he/she has failed to do other things as well. How long have tenants been there and are they likely to stay. Are they gang members or drug dealers Do they pay on time. Have they taken care of the place Whats the reason the landlord is selling. That would deffinatly be a question I would be asking, and is the answer believable. Does it need work? When I go to buy rentals, the first thing I look at is location. Am I comfortable going there to collect rent? is any existing financing currently on the property. Typically the buyer takes over the existing lease and the deposit. Get credit in closing for the deposit. Your possession will start the day of the sale When I took over a rented house, I gave the exisiting tenants a break on their rent as in incentive to sign up on *my* lease. I wrote it all out beforehand, and it began on the date of sale, and ended at a mutually agreed upon date. In the event the sale didn't go through, it would be null and void after a period. Make sure that you don't take over a house where the tenants are *NOT* on a lease. Also, strongly consider a fixed rate, long-term mortgage. Later, you'll be glad you did. The seller might complain about you asking about the mortgage info. They usually do. Just explain to them that you need to make a reference to it in the contract and without it, you cannot proceed I explain to them that it costs me money to buy and maintain these properties. The marketing, screening, and repairs are all factored in and yes, they all cost money. So, with that said, you EXPECT to profit...otherwise you won't be in business very long. <TELL THAT TO SELLERS Once again, thanks to all - if i left anything out please let me know Verb message boards, where we help others help themselves!!!

Hi all, I have been approached by a seller of a rented home. It may be a stupid question to the seasoned investors, but what am i looking for on the part of the seller and how should i determine whether or not to buy. I mean should i be asking them what they pay for month on the mortgage and try to get it for that. I need help negotiating with landlords. Any kind of basic steps or advice you can offer for buying rented homes would be greatly appreciated. Thanks in advance, Verbatim