esk456

No arguments on the first point. To be clear, I would only consider doing this if the additional charge on the card (and ensuing payment) would still keep them under the income/debt-ratio qualifying guidelines. On the second, it looks like Square addresses this somewhat. In the FAQ, it states that they hold any deposits over $1000 for thirty days, for the stated reason that most chargebacks occur within that period of time. Since most businesses take 30 days to get paid anyway, I'm ok with that. Of course, no keys/possession delivered until money is fully cleared into the account. Most people need 30 days notice to move out of their current situation regardless.

Does anyone take credit cards for down payments? Looks like it just got a lot easier to do so... https://squareup.com/

Umm.... "next"? But, if you wanted to keep the door open, something along the lines of: "We are more than happy to send a filled-in copy of the paperwork to your attorney for review once we have an agreement in principle. That's only good sense on your part, and I would do the same thing if I were in your shoes. After we meet, we'll go ahead and call them for you so we can shoot them over. Let me know when you want to meet up." Or, if for some reason you think it's a good deal and not a waste of time, you could close more strongly with the old assumptive close, a la "So what's a better night for you, Wednesday or Thursday?" But, really, if they are being this much of a pain in the a$$ up front, they're not likely to get easier and more flexible over time.

Where is a good place to get blank bandit signs and H-stakes?

We all know that in today’s market, the name of the game is finding qualified buyers, even more than sellers. Add to that, another piece of information that I’ve heard in various forms in various places: “Bandit signs are dead. Well, for sellers. They’re GREAT for finding buyers”. For purposes of this discussion, let’s just assume that last part is true, since this is only about finding buyers anyway. So then: - I need to find buyers to sell houses to, and - Bandit signs are good for this Now, going one step further: We know that we want to make things easy for people. And simple. People are busy. If it’s not easy, or simple, they simply won’t do it. So, I see signs like this at traffic lights all the time: “3/2, 1400 sq. ft., low dn pmt, bad cred. ok, call xxx-xxxx” Sure. Sweet, simple, and to the point. BUT, it requires the buyer to take multiple steps. They have to call a number, and then either have a conversation they’re not prepared to have, because they’re tired, and it’s been a long day, or they are out with the family and the kids are too noisy in the back. Or, leave a voicemail if you don’t answer it, but who the (*&(& leaves voicemails these days? No one, that’s who. I’m BUSY, caller id should be ENOUGH, dammit! And if you don’t call me back, then to hell with you! Or, perhaps they will find a pen, or even better yet, use the voice memo function on their phone, then later on that week collect that information from their dialed-in, closed-loop time management system and schedule an appropriate time to call you for followup. Not. Gonna. Happen. So, what if, instead, our bandit sign says THIS: “3/2, 1400 sq. ft., low dn pmt, bad cred. ok, text ‘lowdown’ to 123456” Aha! Now THAT’S something our buyer can do! And they can do it right then and there. EVERYONE has their phone available with them in the car, right? Of course, that’s when you’re SUPPOSED to talk on the phone, is when you are driving! Hellloooo, obvious! So then, now it’s a one-step thing they can do immediately without thinking about it. They send a text, and instantly get back a more detailed blurb about the house or program, along with my phone number, and website URL for even MORE info. Now then, what if I take a short video of each property, and put that up on the website, and then promise them live moving pictures, in the SMS autoresponder! Click for video and pics! Wow, I just made it simple, and easy, AND I gave them something to watch on YouTube when they get home to boot? I just might be the Chosen One. But even if I’m not – that’s ok. Because now, I’ve got their phone number. Viola! Everytime I sign up a new property – SMS blast, baby! Instant, real-time updates for new properties, price changes, or even sales (“Oops, you missed out on this one, but plenty more to choose from!”) What do you all think about this for building a buyer’s list? No, they’re not pre-qualified in any way, except for A) they must have SOME interest in a house of that type in that area, and they can at least afford a cellphone. So, actually, I guess they are pre-qualified, at least a little bit. What do you all think?

Just to kick in a little on this... certainly, do what John says. But beyond that, it has been my experience that normally when agents are offering to bring a buyer on a house I have advertised, they are often just trolling for a listing, "Oh, they had another appointment", that sort of thing. Some time back, after getting burned a few times, I made it a personal policy to no longer meet with "buyers agents" unless they had an actual BUYER with them (and to nicely tell them that up front, before we meet).

You now have my interest piqued, sir. Please continue...

Ugh. I've only had to do this once. Bad memories. It's amazing how similar yours looks to mine did though. Minus the R2-D2 cooler, of course. I, uh... don't think I've actually seen one of those before, lol. It WOULD make an amazing keg tap, though. Almost makes me want to take up home brewing...

Jonathan, when you say "the management" of the calls, are you meaning the volume was too high? Because if so, that's a problem I dream of having right now. As for the "calls that are not nice", well, I have this button on my phone that has a picture of a red handset, facing a downward motion, that seems to handle that quite well, lol. Especially if I'm getting so many calls that I have to watch my minutes!

Well, that's why I'm doing this, so I can *have* more "fish'n time" in the long run!

Thanks Michael, that is good to hear, especially coming from you. I am in the Knoxville market.

Thanks jvmccall, I was hoping you'd respond as your own stated experience results on this and other forums are a large part of my inspiration for this. Especially the post-its. Would certainly be interested in any more feedback you would have on it.

I have wanted to get this business going for a while now, and am hopefully nearing a point where I can devote the proper time and attention to it. My goal is to create a viable and sustainable marketing plan that I can fund out of existing household income. In my current situation, I think I can swing about $500 a month, as well as making the time necessary for the various elements of the mix. My goal is to make an average net profit of $2000 a month. I am hoping that one CA deal per month should at least bring that in. Obviously, if I could get two deals, or more a month, or more profit per deal, that would be wonderful. My medium-term goal would be to replace my current net salary of around $4000 per month, but that needs to be net, after expenses. Here is my proposed marketing plan and budget. Please tweak or alter as you see fit in your recommendations:  Bandit signs - @25 per week, 100 per month, $200 per month  “Roop”-style post it notes @500 per week, 2000 per month, $100 per month (amortized)  Voiceblast - @~30-40 calls to FRBO’s per week, @~.60 to .70 cents per call, ~$25 per week, $100 per month  PPC ads – Keywords and phrases purchased capped @$25 per week, $100 per month, to drive traffic to website. (I am considering this one ‘experimental’ based on the quality of hits/leads it provides)  Emails to online ads (Craig’s, Backpage, etc.) - $0  Networking/referrals/business cards - $0 (business card expenses amortized per month are less than a lunch out, I consider this more of a baseline, fixed cost)  Car magnetics (2 sets, one-time cost) It should be noted perhaps that this will all be directed towards a specific target area and price range in my city whenever possible, based on market research conducted by running blind L/P ads in paper, as well as anecdotal conversations with associates. To put it another way, we only want to sell houses that people want to buy. To put it another way, it’s not a “deal” if we can’t sell it. Well, that’s it in a nutshell. Will this plan, consistently and faithfully executed, week after week, start meeting my stated goals within 3 months? What do you think? And if not, what would you do different?

I don't understand this statement. What difference does a subject-to make vs. a L/O if they are still making payments on it? They are still on the hook for the mortgage and PITI either way, everyone understands that, right? The main difference (besides the transfer of deed, of course) is the tax deduction. Generally speaking, L/O, they get to keep it, Sub-2, you get to keep it. So, the sub2 is better for you in both those regards, BUT... if you take the deed (sub2) then move into it, with them being upside down on the payment, there is the chance that they could eventually default before you refi, leaving you holding the bag for that extra ~300 a month. Are you ok with that? Because if it's the roof over your head, AND you have the deed, it will be harder for you to walk away. Of course, the other way to look at this is that they are giving you a house, and willing to supplement your monthly payment for at least some period of time, so things could certainly be worse. Is there any actual equity in this house? If so, that broadens your options. Speaking of which, what is your intended exit strategy? Do you plan to stay in it for a few years, then sell for a profit? Refi, and stay forever? Stay in it until you pay of the loan? Move out of it and rent it out in a few years? What is your goal here? It's hard to give you advice or recommendations without fully knowing what you are hoping to get out of this - but at least this is hopefully some food for thought.

Hate to be the fly in the ointment here, but putting myself in the shoes of a T/B (which I think is a good thing to do), I can't see myself paying someone $5000 for the right to buy a property at 17k over FMV, within the next 12 months, in a flat or declining housing market, with no rent credits to boot (unless that 17k back-end spread is your funding for said credits). What's in it for the tenant/buyer? For that matter, how much EQUITY is in the property (i.e., what is the mortgage balance, in comparison to the 280k ARV?)