lhenley

Kyle, This is exactly what I'm doing. I have an agreement with an agent to send me the expired list each week. I look up the ownwer name and address on the county website, and send a letter to each one. When they call, I talk to them about their house and situation. If I can not work with them, I give that information to the agent, so she can call them and try to list the property. The way I understand it, an expired listing is open game for all agents. With this arrangement, she does not have to chase the expireds herself, I'm doing that and sending her the ones that are prime re-listing prospects. Lynn (FL)

I was wondering what database everyone is useing to keep track of both properties and tenant/buyers? Is there anything "off the shelf" that is good, or do people just create their own using Access or something like that? Thanks, Lynn (FL)

The idea may have started with LeGrand, but one of his students has taken it to the next level. When I was in the "I Buy Houses" mode, looking for property to wholesale, I'd get a 30-40% response rate on my mailings. Naturally, I could only work with a few, for different reasons, but my phone was ringing, which is what it's all about. I don't know the thinking behind the red ink on yellow paper, other than it really jumps out at you. You hand address the envelope, also, so it looks like a personal letter. Lynn (FL)

Here's the situation: Owners have been preapproved and want to move to another house. Property is about 60 miles from my area. Monthly mortgage payment is $1,100...market rent is $850. Mortgage balance is $135,000...comps are at $131,000. They're trying to sell as a FSBO for $140,000. They will L/P. I see my best choice is to do a straight Option and convert to Cooperative Agreement IF I find a T/B. Is this my best option, is there something else, or should I just walk away? Thanks for any and all suggestions. Lynn (FL)

It's called a "Wraparound" or "Wrap" for short. Like any cash flow, it can be sold if you need immediate cash. Lynn (FL)

I'm sure many of you are familiar with the marketing idea of sending a hand written letter to FSBO's. The "Yellow Letter" is writen on yellow-ruled paper using a red pen. I know from experience and this will pull calls when you say you want to buy the house, but has anyone used this concept when pitching Lease Purchase? If you've used this, what verbage did you use and what kind of results did you get? Thanks, Lynn (FL)

I probably can. Thanks. What's really cool, is, I already have a blog site set up with that name: http://lpadvantage.blogspot.com/ Lynn (FL)

I'm new to The Naked Investor and this forum. I do not have Michael's course, but I do have Claude Diamond's and am a student of his. I understand MichaelC is a student of Claude's also, and I see alot of similiarity information being passed back and forth. I see on several threads the mention of sending a "LPA Letter" to a FSBO. Could someone explain this a little more in detail, without getting in trouble for giving out some of MichaelC's copyrighted information? Thanks, Lynn (FL)

Last night, I talked to an agent who specializes in short sales. She said she's found that the banks just want the property off their books. She didn't think they would be open to the idea. Lynn

Bev, Please send me copies of the phone-voice mail scripts. Thanks, Lynn (FL)

Has anyone ever made a Lease Purchase offer to a bank on a property that's in a short-sale situation? I wondered if the bank would consider this type of offer, and if so, would I just make a normal L/P offer with a monthly rent and future sales amount? Thanks, Lynn (FL)