lhenley

Yesterday, I talked to an Out-of-State owner, who's house is vacant. It was listed at $194k, but is now at $179k. I found it from the MLS Expired list. She's allowing an agent friend to put his sign in the yard, but she says she can sell herself. She has stopped making payments, but don't know what the total arrearage is. When I asked what the approximate balance, she said that if her agent friend sold and got his 5% commission, she'd break even. This means she owes around $170k. Her mortgage payment is around $1,400 per month. She wants it off her hands, but is open to a LP. Market rent would probably be in the $1,200-1,400 range. Since she's open to a LP, should I persue it. And if so, how do I deal with the back payments? Would I be better off taking it over with a Subject 2? Thanks, Lynn (FL)

What kind of response are you having? Are you only buy using CA Lease Purchase, or are you a "Transactional Engineer"? Lynn (FL)

Steve, If I use text for Lease Purchase, I only get a small response (if any). If I use some type of "I want to buy your house..." text, then I'll get a good response, but I then have to wade through all the "Full Price - All Cash" sellers. Usually, after the smoke clears, there's not much left. Lynn (FL)

Steve, Yes, I've used a scaled down version of the LPA on a postcard, also. I was just wondering if you had found something else what was working better. How often do you remail to the same list? Lynn (FL)

Steve, Can you give us the text of your postcards? Thanks, Lynn (FL)

One question would be: What subject(s) would be discuss there, that we can't discuss here? Lynn (FL)

Erik, I'd be interested. Lynn (FL)

Michael and John, Thanks for your feedback. I've been thinking more about it, and I think I'll leave it up to the "experts", and spend my time finding properties and tenant buyers. Lynn (FL)

I know John works with a local credit repair service to help inprove his TB's credit score, which will allow them to qualify for a mortgage sooner. I was wondering if anyone is doing this themself and providing this service either as part of your program or an add-on? I've found a couple of companies which will sell you a software package to start your own credit repair service. I was wondering if it would be a good add-on product to offer or if it would be best to leave that to someone else. Lynn (FL)

Birtane, I have no problem getting sellers to call from my marketing, but like I said in my opening message, they are in a cloud about what their property is worth. Today, I made an offer on one. Based on my Realtor's (more on that later) CMA, the property is worth $131k. The owner finally admitted she owes more than that, and naturally, can't take my offer. I'll let someone else talk about how much above actual value can you raise the price. I've always heard that you can go up as much as 5%, and still be OK. I have a working relationship with a couple of Realtors. The one I work most with, I had approached her about sending me the expired MLS list, in exchange, I'd refer her to any owners I could not work with, but wanted to relist with another agent. I've referred 2-3 owners to her, and she's even listed and sold one of those. She's also where I get my CMA's. I email her the address, and she emails me the CMA. I hope this answers some of your questions. Lynn (FL)

I had 2 recent FSBO's call from my marketing. Seller #1: Insists house is worth $125,000. Realtor CMA comes in at $99,000. Seller #2: Insists house is worth $145,000. Realtor CMA comes in at $131,000. Both wants ALL CASH. I can't see any deals here, or am I the idiot? Thanks, Lynn (FL)

Cole, Come up with the information you want them to get you, and create them a script. Tell them to limit it to only that information. Lynn (FL)

Cole and John, Are you using someone local, and if so, how did you find them? After you mail to your MLS list, do you follow-up with another mailing to the same list, of just move on to the next batch?

You looking for someone to train, or someone who will train others? Lynn (FL)

Yes, I understand, but was wondering if I was missing something, since it appears John is doing something different. Lynn (FL)

I fully understand how the Sales Price + Option Consideration + Rent Credits = FMV, and sometimes to get there with FSBO's, you show them what they'd actually NET if listed with a Realtor - Commission - Closing Costs, etc. Doesn't John take the price the seller wants, and adds his fee on top, or am I missing something? Lynn (FL)

Chris, WHAT...no more follow-ups? Just one letter to the FSBO...take it or leave it? Lynn (FL)

I too get a good response with the "We Buy Houses" type letter, but then you have to weed thru all the garbage deals. In your brochure, we you promoting only Lease Purchase (the attachments did not work). Lynn (FL)

Yes, that would be good. Thanks. Lynn (FL)

John, I don't think you're a Realtor, right? So, how are you getting the listed owner's mailing info? Thanks, Lynn (FL)

Cole, How about an update. Did your mailings go out? If so, how's the response been? Lynn (FL)

Michael, The mock up looks pretty good. I tried to sign up, but it wouldn't let me. Guess that isn't turned on, yet. Lynn (FL)

Steve, Are you "buying" only with SLO's or CA's? Lynn (FL)

Cool...let me know when it's ready. Lynn (FL)

I too like the www.afreetext.com better. With your service, will you be able to send texts without knowing which service the people are using? Lynn (FL)