dan332

Hi Bev, Just spending time looking through all your fantastic posts/tips&tricks, especially on marketing. I was a little confused on the CL email you use below.. if the property is with an agent and they come back with YES the owner is interested, do you go ahead and try to work with the agent somehow? Or just ignore the reply? Thank you! Dan The ad will say something like.. For info on this rental house please call John at 415-111-1212 (since I don't know if John is a realtor/agent/prop management or the owner).....My email reply would look something like this... -------- Hey John, is the rental property in _____________ still available? If so, do you know if the owner would be open to leasing it to pre-buyers instead of ordinary tenants on a rent to own basis? If so, I'm very much interested as I am currently assisting a family relocate to that area where they can purchase a property at the end of the lease. If the owner is interested and if the property meets our needs, I will take care of the entire transaction professionally for the owner at my expense to protect his/her rights in the deal. Thank You, SuperWoman :-) Rent To Own Professional Independent Consultant (Not An Agent) <<<========== This is what gets me most of the biz PS. If not interested, please disregard or forward this email to anyone you know of in need of filling their vacancies FAST with quality tenants.

Has anyone tried doing CA's with REOs? Dan

Doug, how do you work this when you have more than one property? Push 1 for this property, push 2 for that property, etc..? Or just describe the general RTO deal and ask them to leave a #? Dan

Hey Doug, yes, this lesson being learned today.. kinda tied to the phone. I cant really give them directions in a message because to set up a drive by I have to get their name, call the gate and set them up to get in. But certainly with properties in ungated communities a voicemail message is the ticket.... Dan

Hey Michael, At least I know that signs work.. must have had 15 calls today.. 2 more as I am typing..probably 2-3 real prospects. If I get a couple more deals, will need a real system! Also, being in SF, several callers kind of struggling with their English.. lucky my wife is fluent in Spanish, otherwise who knows what the end deal would look like

Just an update.. Lead from a mortage broker.. I agree to meet the potential T/B to show the inside i/o insisting on a drive by first because he wants to do it all in one shot. Prospect shows up in a fancy new mercedes (MB had told me guy is on the verge of losing his old house up north- hmmmmm). Looks things over, says he needs to think about it and will call me back. No objection to price or deal, but says that since house is occupied, he cant visualize it very well because its too cluttered (it is a bit, but not that bad). Anyway, good practice. Placed several RTO signs last night around the perimiter of the development (inside no signs allowed, even on the property itself). 4 calls by 11AM today. But the thing is, first question out of their mouths is "whats the rent?" (My signs say RENT TO OWN and have a tel number). I have to explain this is rent to OWN not a straight rent. Wondering if I should re-word the signage? Any comments?? Or is this pretty much par for the course? Dan

Re the HOA: Luckily: - this first deal is 10 minutes from my house - The owner gave me her code so I should be able to call people in for a drive by. Lesson learned... ask sellers whether their home is in a gated community. I hear you re Craiglist.. posts look like they get buried pretty quick. Sounds like Phil's tip on deleting and reposting is the easiest way to keep it fresh. Dan

Steve, Phil, Thank you very much for your input.. much appreciated! I will definitely post in FRBO also, just have to re-write it somewhat because CList bounced it when I tried to post a duplicate. Do you re-post every couple of days to keep it fresh? I should have signs in hand in a couple of days and if the front lawn is a no-no, will put on or in the window. Thanks again- -Dan

Hi all, After getting the manual and some excellent mentorship advice from MC, I have signed up my first seller on a CA. Now I need to get the phone ringing with potential TB's- Have posted the home to Craigslist under RE for sale, and plan on calling a bunch of mortgage brokers over the next couple of days. I dont know if a print ad is worth it right now, figured I'd wait and see how the low cost/no cost marketing works first. Any opinions on Craigslist RE for sale vs RE for rent? Which is the better "market"... renters or buyers? Also, this is a gated community and the HOA doesnt allow signs. I'll have to place a few RTO signs around the perimeter, although I am thinking of telling the homeowner we should just place a sign on the lawn and figure the (likely) worst that can happen is a warning letter from the HOA to take it off before any fines are imposed. Comments? One more thing, is it worth calling RE agents and offering them a finders fee for buyers they cant get qualified right now? Suggestions, comments? I would greatly appreciate any suggestions on marketing for TB's that all you more experienced folks find work in todays market. Thanks! Dan

I would say the worst case scenario is someone findng a reason to sue you over this. Unlikely, but in today's litigation crazed atmosphere, it is a possibility. On the other hand, can you think of a reason why the homeowner, faced with a refi or a foreclosure, would select the latter? (And by the way, refunding the option money might be one way to calm down an irate and disappointed tenant/buyer. But refund the rent credits? Shouldn't be necessary. They were never the t/b's in the first place, as the option to purchase was never exercised.) Probably not. Unless the lender is actively searching property records for just such a document. Thank You Michael!

Thank You Michael, So should I assume that worst case scenario if owner cant/wont refi and TB or myself doesnt want to exercise early is that I'd have to refund the TB's upfront and option credit monies and then I could just walk away? Also, if I record the option agreement in order to start seasoning, would that likely alert the lender?

Hi, I posted this also in the Legal forum, but that thread is kind of short and in addition, I'd like to get some more recent input if possible. Most of the posts seem to say that DOS is rarely a concern, but if it was enforced and I am partway into a SLO, what would be my liability... ie wouldnt I then have a big potential problem delivering the property to the TB if he wants to exercise? So would it be a good idea to notify the lender upfront and ask for approval, just to be safe? Or would this pretty much always kill the deal? How would one reassure an owner concerned that they might have their loan called? Thanks- this site is terrific BTW. Dan