mamasanta25

Jeff, I have been there, about a month and a half ago. Now calling on sellers is a piece of cake to me. However, as you already know, dealing with t/b's is now my obstacle that I will overcome. I will become stronger and wiser in this area, just like you will. Keep it up, your first deal is not too far off.

Good Advice, Thanks guys. I really want to just find someone else now, but it may not be so easy. We'll see. Jersey JEff, she IS the only one actively interested at this point. I am showing it to a guy tomorrow who sounds interested on the phone, but he has to see the place. She is also a good candidate in the seller's eyes, because she can be in there by the 15th of May, and this is what he needs. And Michael, I know you are right, I did mess up because of nerves. Even when I showed the place to the lady on Sunday, she told me, "YOu know, you can relax." I was like, hmmmmm, it is obvious to others that I am nervous. I felt sort of small right then and there, but I know my confidence level will rise with time. I AM certainly glad I am getting this experience. Wish me luck. Samantha

HEY, I didn't mean to quote the whole entire post, Michael, I thought I highlighted one sentence, who knows??

Okay, I met with a woman yesterday who has yet to return the application to me. I have not collected any money because she has not given me the app. She doesn't want to fax it to an office max because she doesn't want to do that with such personal info. I don't have a fax machine yet, maybe this weekend. If I meet her in person, how much should I ask for? I think 250 sounds decent, but I don't know. We have yet to speak about option money, because we haven't spoken since yesterday. She called me today while I was stepping out for a half hour. Figures. I waited all day for her, and then she called right when I left. But as soon as I DO talk to her, I will ask how much option money she has to put down, and then discuss the deposit. Well, wish me luck.

I e-mailed him the document and asked that he fill it in, with my direction included in the e-mail, and that we would swap copies when we meet again. So, I will fill it out, sign it, and swap with him, he will sign it, pretty simple. The main point is, he has it, can read it, and let me know of any concerns if he has any. Personally, I think he just wants to move his condo, and doesn't care about the terms.

Thanks a lot everyone. Great advice and insight. I have received more calls, I am showing the place again Wednesday. I don't yet have a contract signed with the seller, but he trusts ME enough to have given me his garage door opener and key. Should I still get that CA signed by him right away?

I suppose i already know the answer to that question. (the one in bold) The main point we need to reinforce is that the option money comes off of the purchase price. the t/b doesn't have any business knowing that we jacked up the price a bit in order to work the deal. sorry for the messy typing, i have a 9 month old on my right arm

Okay, Couldn't I find out how much she has to put down today? She is supposed to be calling me to meet and return the completed application to me. Then if she says two, I say, I was thinking more around 5, could we meet in the middle? Michael, believe me, I read that section in your manual 15 times yesterday, all the way to the house, and I did stress the benefits to the woman right away. But, I didn't ask how much she has to put down. I said we are less worried about the amount, and more worried about the quality of the t/b. I said she would have to sit down and figure out how much she has to put down on the house she wants to buy. That's where we left things yesterday. I will make sure to figure that all out on the phone next time. (with the next t/b, i mean) My main question was what do we tell them if they ask where the money goes. I kNOW it goes toward the down payment, but where does it go? Into a void? Idon't think so, it goes into my bank account. And if we say it goes toward the down payment, when the buyer actually tries to obtain financing, will his or her bank consider the option money down payment money? And Summer, I was [/b]telling myself that last night, that I am the one who is making all of this happen, and if it weren't for me, the seller, and the woman would be a lot less happy. Mr. Seller would still be trying to rent out his condo, which nobody wanted, and Mrs. Buyer would still be renting. So, I do see the value of my services, believe me. Thanks for your input.

Hello All, When dealing with option money, how much information do you give to the tenant/buyer? The woman I am dealing with now understands the basic concept, but we haven't discussed actual numbers yet. I know we have to before we sign any lease agreement, but my main concern is how much info to give her. She knows it comes off of the purchase price, as well as the rent credits, do I tell her that I actually pocket it, and wouldn't she figure that out anyway? I KNOW we aren't scamming anyone, this is not what I am getting at, I just feel like she may be like, "well, why should I give this woman my money? She isn't a bank." I am supposed to meet with her tomorrow to get her lease application, and check her background. Let's hope for the best. Thanks everyone for your help and support. Samantha

Thank you Michael

Man, it goes something like this: RENT TO OWN, 50% RENT CREDIT condo,1500 sq feet 2 br 2 ca ga, fp, city, 1300 per month/ 147k phone number That's the general ad, not to the t, but you get the picture. I put it in a section in between the apartments for rent, and homes for sale. It is it's own section. The lady at the newspaper says it will stand out more that way. I hope so.

Hello all, When you are waiting for t/b's to call on your ad, (which is NOT cheap,), how can you feel productive? I made every call possible this week, for my area ,and those surrounding. I really want to place an ad in my local paper to get calls from motivated sellers, like the one that says, AAA credit, family needs home to l/p in good area. But it costs MONEY. And unfortunately, I have extremely low marketing funds. I am running this one ad to find a t/b for this condo I am working with, but what if I get no calls, or what if I don't find a suitable t/b? Then my name will be squashed all over the place. I can hear it now, "OH, YEAH, she had a good idea alright, but nothing came out of it." And I don't want a disappointed customer, especially on my first deal. Well, my point is, I have low marketing funds, and I have to wait and whether or not I will have to re-run this ad for the t/b, which I probably will. I set up the LLC last weekend, because I thought I would be signing a CA with the seller, which I will be, but anyway, my point is I am out 130.00 right there. I realize that it will only take one deal to provide me with the funds I need to do what I want to as far as marketing, but until then, what can I do? And how long do I wait until I lower the asking price and/or rent on a property that nobody is calling about? KEep in mind, the ad has only been in the paper MONDAY, and will be back in Sat, and Sun, but I am asking hypothetically, because it COULD happen. I know there are 100 questions in here. Thanks for all responses everyone. Samantha

Andrew, that is a fabulous idea. I am game. Samantha

Good Day All, When starting out, as most of us are, do we stick with one deal at a time? Just until we are more experienced. Opinions? I don't know, I just feel like I want to call everyone possible every day, because time is money, and I don't want to lose any.

Dave T, I think that you have given very sound and competant advice. Thank you, and thank YOU for the question, Jeff, I had not thought about that yet, but we all need to think about these things.

Nick, yes the fmr is around 11-1200.

Thanks for the feedback guys, like I said, the ad is already in the paper, so wish me luck.

Nick and Michael, are you guys saying I should not have done this deal? If I don't get calls from a t/b, should I just lower the monthly rent to 1200? Thanks.

Well, I went ahead and did it, placed an ad rent to own, 50% rent credit, 2 br condo, 1500 sq ft, town it's in, 1300/month, 147k,

Oaky, I don't know who is following my scenario, and who isn't, but I talked with the seller this morning, and told him I had to come up with the numbers before I can meet with him to sign the contract. He said that's fine, but he still wants me to put an ad in the paper, because he wants someone in there ASAP. I don't have the numbers because the property isn't in the database, but I DO know that he bought it for 136,000 less than one year ago, and my realtor friends said I could add at least a 3 % markup to that to market it today. That would be around 140,000, then we agreed on a 50% rent credit, and then you have to factor in the option money. HOW MUCH should I advertise the property for? 145,000 is what I am thinking, should I do more???? Please respond asap, I have to place the ad within an hour. Then, should I do a three day, or would that be pointless, I could do a 7 day, and which section is more efficient, real estate, or rentals?? THANKS ALL, I AM STRESSED!!

Jeff, I have to travel like an hour to get to the seller, so I will only want to make one first trip. I am going to have to tell him that I can't meet tomorrow, and we will have to make it for next weekend, because I have school during the week. I will make sure to call him around 11, since our appointment is at 1, so that he can make other plans. I will let him know I am having trouble finding comp prices, and those are necessary to formulate a plan to sell his condo. CORRECT ME ANYONE IF NECESSARY!

Thanks Jeff, that was helpful.

What do I do, I can't come up with any numbers for this condo of this seller I am supposed to sign a CA with tomorrow. What do I do? Should I cancel and try again on monday to find a helpful title or property management company? I need to find the fair market value of this condo, and the info is NOT available on data quick, or any of those websites.. Customer service says that there is no info on the property, just the address. HELP, please, I don't want to lose a deal because of this. Thanks to you all. Samantha

Hey all, When doing a cooperative assignment, I understand you are out of the deal once you do your work, structure the deal, find the t/b, and sign the papers and get paid. BUT... how do you advise the seller from that point? He/she may not know what to do should the t/b NOT exercise their option. Do I tell the seller he can contact me should that happen, and then I will structure another deal, or do I tell him how to do it himself for future reference? Any help is appreciated, I have to meet with a seller tomorrow, and I don't want to be ignorant to any question. Thanks. Samantha