<Steve>

You can also let the buyer's lender hold their hand through the process, letting the lender say what is needed to make things work.

I'm anxious to hear back from the homeowner. I am also thinking in addition to mandatory renters insurance, that if they have a "bad dog" that the T/B is required to get their own insurance & provide proof to me/homeowner. I'm sure the seller would like it, not sure about the tenant/buyer. Unless the t/b is willing, I would move on to the next. I'm a minimalist when come to taxes and insurance, but that's just me.

I just did a CA with an attorney (not a RE attorney) and his house, and he mentioned he was surprised to learn that the landlord is responsible for the tenant's dogs. hmmm This is state specific.

Baron- My market is so bad there are no buyers and there is no new inventory coming on the market. “They” are saying that this year new inventory for this spring is 17% less than last year. And last year was shit. Real estate agents are left sitting in their office with their feet on their desk. For me Craigslist is nothing more than the local-yokel investors flipping run down houses built in the 1920s. You know things are bad when it makes your day to find a pretty house just to be able to send an email to. So I hear your pain with FSBOs & FRBOs. When I first heard, back when, that John Jackson was marketing to sellers with listed properties I said, What? This guy is crazy! But obviously it works, especially if you are focusing on expired listings; I would think the seller would be more motivated. Oh, and Jackson he’s still crazy. Anyway, I have to do triple time with my marketing these days. It’s like when mom would give me the cake mixing bowl and I would scrape the bottom for a taste of whatever was left. Did anyone else do that? Unfortunately, I don’t see things changing soon with the political climate we are in and the demonizing of businesses making a profit, resulting in a crap economy. So, we are in for an even longer haul. Or, until the majority come to their senses. You get what you vote for. So I market to sellers where I can find them and nothing is sacred. One marketing technique isn’t going to get the job done. Many times I will find listed properties on FSBO sites. You can obtain email address, phone numbers, the seller’s real mailing address and any other info. With that send multiple mailings and email them. Use all the marketing techniques available. I have found that there are pockets of several houses for sale in a specific neighborhood that make a good place to put a few bandit signs. Hitting the same sellers with more than one marketing technique brings in some calls and I am able to plant a seed, so when the seller is motivated enough I am ready to make a deal.

I have been in deals with agents, not by choice, and have worked it out that the seller pays them at close, not me.

Baron, yes I understand the connotation of the word investor. I don't use it myself as I don't invest anything with L/Os; because we don't have to. I guess I was meaning to be clear on what your intentions are to the agent and the seller. I think sending info of what you do directly to the seller is a good idea. It couldn’t hurt. And like any seller, it all depends on their motivation. If they send you back to their agent, unless they are clueless, they are probably just not motivated enough to kick the agent to the curb and speak with you. And unless you are going to pay the agents commission, as you mention, I doubt the agent is going to try and talk the seller into it. The one thing I do have issue is that you are giving up your front end profit to pay a commission? If you do a SLO you should get monthly cash flow and unless it is a larger than normal percentage, I am not sure if the risk to reward would be worth it. Instead, I would offer the commission to the agent when the property is Sold. Let the seller pay it from the proceeds of the sale. This way you can get the front end profit and receive the monthly passive income. You may need to collect a smaller back end to cover the agent’s commission, but that’s icing on the cake. And the agent may not even remember a year or two down the road anyway.

Well, MC is right that you need to be upfront with the agent that you are an investor. I would always try and speak with the seller directly. An agent cannot explain or represent what I do as well as I can. How are you thinking you are going to arrange to pay the commission promised? I am sure that peaked the agent's interest.

This seems more like a mailing opportunity. Send your information and what you do directly to the seller and suggest they contact you. If the agent thinks you are trying to take her/his listing it will be a lost cause. Love SLOs

It's the typical app fee nothing extra.

Hey Erick- I charge $25. a good deal as compared to apartment app fees that can be $50. I want their application to see if they are even worth dealing with, and them making a small commitment with an application and paying the fee. Yes, I continue to market the house to others and I let the tenant/buyer know that too. I am not going to tie up the property for a week or two while they are doing their due diligence; and then they decide they don't want the house because the inspector says the paint is chipped on the base board of the second bedroom. If someone else comes along and wants the house and qualifies they get the house. It's a first come first serve. I have even set appointments to show the house while the inspector and tenant/buyer are at the house. If the tenant/buyer wants it they better move fast or someone else will get it. If they can't see the value they are getting with a Lease Purchase because they are unable to purchase today, and they want to haggle and complain, go find an agent and another house as they are wasting their time.

I tell them the same. Before we go into any agreement or start the lease they would need to complete their inspection at their cost. This way I can continue to market and show the house to others. I do ask to receive an application and the app. "fee" before their inspection.

Like that it does Not need to be a hard sell Jonathan (good reminder) & the gift card is a nice touch.

Erik- There are 10 ways to skin a cat. And it's what ever is comfortable for you and the parties involved. Keep it simple and be creative in make things work for everyone and you getting paid. Each deal is a little different.

I typically always need to update the agreements when a t/b is found. Lease start date, pets if any, fill in the blanks with the occupants and vehicles etc. The seller and I re-sign the modified (final) agreements and then the t/b signs the assignment. If the seller is out of town, update the agreements and send to the seller to sign and return, then finish up with the t/b. Have the t/b give you all the funds and then distribute. Lastly, I give my key to the tenant/buyer.

I like it...Straight to the point Sometimes less is more.

I like to put the web site on everything I can. For me I just don't like the phone. So, the majority have already got an idea of what I do when they call or I can send them to the web site for more detailed info. But, speaking directly with the seller is the best way to get across what I do and all the Advantages.

If you want to be controlled by big brother and told what to do and how to do it be a Realtor, and have limits placed on your success. If not, then be an investor in real estate, to use your talents, be creative, and treat people fair to have the freedom to maximize your success.

Send her information on capitalism and the opportunities of a free market. Sorry, I have issues. Just give her the Naked flyer of what you do. She can google tons of info. and/or contact her attorney for legal advise.

I agree too, the best way is to get this deal assigned and get paid, then let the seller and buyer work through it to close. If not, the other way is to record your option and have the seller also sign a release-for-fee that you give to the closing attorney. The attorney will mail you a check at close. The risk is that the property may not close and you are out. You may also be a sounding board if issues come up. So you need to keep in mind you are not representing others, only yourself.

Hey Erik- I don't ask for a S.S. card. Many times if someone is self-employed or has ther own business, I will ask for a copy of last years taxes returns (first couple pages) as they may not get a pay stub. I don't see the harm in asking for a W2. But like MC said, giving extra info. is voluntary and depends on the individual. The more information a t/b gives the better their chances to get the house.

I ask if a potential t/b would volunteer a copy of their driver's license to prove who they are, and proof of employment like a copy of a pay stub. Any information that they do not want to disclose they can cross through it.

I think my opening line would be: "I am not an encyclopedia salesman or a Jehovah’s Witness and I don’t do vacuums. I want to buy your house."

Done deal. They agreed to my offer, which was their demand plus my releases. Looks like I will have a "refund write off" on the next tax return and the seller can move-on. Now on to the my next legal issue between a seller & tenant/buyer for property damage. They have been in the courts for about a year now and a judgment passed and is now on its second appeal. The t/b only owes $1K and keeps appealing. I have been to court twice as a witness and there isn't a judge in town that wants to hear it. They just keep rescheduling and passing it on to the next judge. Quite funny except it makes me have to get up to early. Oh, the Naked agreements held strong in court. These guys are just, well, stupid.

Hey MC- I thought about calling their bluff and fight it, but the regulation is what it is. The t/b is using it to get out of his obligations in the deal. His attorney will just tack on another $2K or so for attorney fees etc. and then also go after the seller if he can't get it from me. It was like only a three day notice and the t/b was out yesterday. The seller is out of state and is now stuck having to make the payments. They were freaking out some. I think the best I can do is to end this is by paying for the t/b to go away and it will also help the seller move on. Good example how this type of regulation helps no one. I'll just take it on the chin for this one.

Oops, Looks like I am getting snagged with my state’s Home Owner Home Buyer Protection Act. Seems a t/b from a CA deal last year is skipping out on his lease and has brought an attorney in and nit-picked the deal. Seems I was a little late in getting the memorandum recorded and now the attorney is demanding the option consideration be returned. Real Bummer.