Kyle(IL)

I would but it hasn't served me very well. I think its too wordy. I think my contracts that I have are easier to understand and less threatening than the LOI. Where are you finding motivated sellers? It's tough around here? I've got bandit signs to put out but have to wait for the ground to thaw out. Seems like there's plenty of buyers but sellers don't see any reward in a lease purchase.

Thanks for the advice. That makes a lot of sense.

Yes I explained that and he agreed that this is a better option. However, he is still afraid to commit. I know I'm not supposed to waste my time and go over there unless I know I can get signatures but I think he just wants to know I'm not just another scammer like the last guy. I think I make it worse because I feel compelled to tell him how I'm am different and want to put the most qualified TB in the property. Its hard to explain the benefits of something without sounding like your selling. Which I don't mind selling if it is the right thing for the owner but I can just feel that the guy thinks this is too good to be true or same thing different spin. Kind of feel like saying do you want my help or not... is that the best option once you've explained everything and answered all objections?

Thanks for the tips. Update... 1 out of the 3 sellers that said yes initially has actually answered my phone calls after I sent them the letter of intent. This guy has already been burned by someone who put a renter in his house. The renter moved out in 3 months and left a bunch of junk and a cigarette odor in the house. He's trying to clean the place up by the first of the month. He really likes the concept but obviously has trust issues that I'm trying to work through. He sounds motivated but keeps insisting that I come look at the place. Almost like he thinks its an impossible sell? Which it may be. Also I have a buyer lined up that is looking in that area and could afford it. I'm still making calls to fsbo's and sending more emails to FRBO's. Also placing ads on craigslist that say things like "Looking for a place I can rent to own" and "Can't sell your house? Facing Foreclosure?" ect... I also have "marketing partners" that responded to some ads I put on craigslist. Basically they call sellers, prequalify them, and send em to me. I offer $500 per deal closed as payment. I was surprised how serious people took the job. I have gotten several decent "warm" leads. Haven't found that true motivated seller yet. Still grinding away...

Yea but maybe we can work out a consulting agreement or something. He just left the state a week ago. The home has very little equity and hasn't gotten any interest lately. If it ends up being dead its ok because that is the smallest payday. I'm talking to all the sellers tonight to go over the letter of intent so hopefully they'll be ready to go by tomorrow.

I did try email marketing to several fsbo sites and didn't get one person that was interested. Also, on a couple of the sites, after sending 15 or so emails the website will actually cut you off and say that you cant send anymore for security purposes. Basically they are flagging you as spam and your done. That's when I started writing down numbers to call. I'm actually glad I did. No one ever got mad or anything like that and were happy to talk about the property. One of my "yes" sellers actually said "no. I had a friend that did that and it didn't turn out well for him". I simply talked about what I can do and that I could mitigate a lot of the risk up front by making sure the TB was a worthy applicant. He ended up saying yes after just a few minutes. I think this is one seller that I definitely would have lost if I just sent an email to. As for the people that said yes, I told them that I would send them a simple letter of intent outlining the deal. Once they look it over and agree to the rough numbers and my intent I will then go to the property to get my agreements signed, pictures taken, lockbox if needed, ect... I actually don't have any CA specific contracts right now or I would just skip the letter of intent process with two of these sellers.. One of them said sounds good just want to run it past my attorney. So who knows on that one. I fully understand that time is of the essence. I will be getting my paperwork tomorrow for any seller that is ready to sign docs.

Actually sellers around here seemed receptive to the idea if they were motivated. Ok I called about 40-45 fsbo's yesterday and here are the results. 15 didn't answer/ or sold 20 No thanks/ or I cant do that if I wanted 7 Maybe/"we were just going to rent it but this sounds a little better" 3 Yes 1 Yes but have to call back due to lack of sellers info on the property. Inherited property I thought it went pretty well and I figured out pretty quick what questions mattered by just looking at my Yes/Maybe spreadsheet that I have compiled. What do you guys think.

Hi everyone I've been lurking around here for a little bit and gained a lot of useful ideas and thought that I would join to maybe ask some questions along the way. I just started this business though I have tried other things in the past. LO's just makes a lot of sense to me and at first it seemed too good to be true since hardly anyone out there is talking about it. I'm going at this full time right now since I'm on unpaid vacation.(laid off again). Long story short, I've been working my butt off since I got out of high school (I'm 27) and figured out pretty quick that working for someone else is a hamster wheel. I told my wife the other day that we deserve better and we both agreed that if we are going to go down, it might as well be in our hands rather than someone else. So I've been gathering FSBO numbers and making a bunch of calls. I just need to get some contracts and I'll be good to go. I talked to adam king and decided I liked his ideas and the fact that he returns emails quickly so ill be getting his course. Hope I didn't just get myself banned on the first post. First question: Does anyone have any good ideas to get TB's before I have any inventory? Or should I just rest on the fact that there will be someone once I get a good deal put together?