Carny

No, I don't own the house, I just mean if I wanted to buy one, and got someone to sign a LP (not exactly sure how I would do that), would that make much difference with the mortgage company?

Be careful dropping off letters without a stamp, i'm pretty sure it's a no-no with the authorities... The way I see it is, if they've already shown interest in your program and your at their house, why not meet them? It may be a little nerve-racking at first but you'll get used to it and it will no doubt help your communicating skills regarding what you do. Keep up the effort! <{POST_SNAPBACK}> I'm not nervous about meeting with them or talking with them, I just don't want to bug them too much. Yeah, I guess I am overthinking a bit. thanks Oh, I never mentioned mail boxes, I'm not one to incriminate myself

She didn't want to elaborate, I'll call her again and try to get more info.

Congratulations! Sounds like you're doing great! I would also like everyone to know that I wouldn't have any problems with a secret helper, so feel free

I just met with my first interested seller, everything seemed to go fairly well. The only thing I'm concerned with is leaving the contracts for him to review without getting him to sign anything. Was that a bad idea? I didn' want to tell him he couldn't keep them, but I'm worried that he may just use them to write his own contract and cut me out of the whole deal. How do you usually handle this?

I also meant to ask about creating a note to sell and do an owner finance deal. I'm not really familiar with that process at all.

I know I asked a similar question to this already, but I think this one is different enough to warrant it's own thread. How much effect would it have if I applied for a mortgage on a house that I already had a signed LP on? If the rent and purchase price were both higher would I pretty much be in, or would I still have to qualify pretty much exactly the same way?

I called a fsbo today that said she would be happy to do a lp if she could get rid of her house but she has to have it out of her name. I think this may be a good opportunity, but I'm not sure what to do. I personally couldn't get approved for another mortgage, and I don't have much cash on hand either. Any ideas? Maybe a sub2 or something?

I've been delivering info packets myself to people that want them, just dropping them off at their house but not talking to them or bugging them. I've been doing that because I don't want to wait on the mail, and the email addy I have is @yahoo, so I thought they may think that's a little weird. Do you use your personal email or am I the only one without a business?

So do you usually have a particular one in mind when you call or just go for the SLO if the opportunity presents itself?

How long or how many of these did you do before you became an actual business? I have a bit of a dilemma. I want to get cards, signs, billboards, radio and tv ads, but I don't have a business phone, or a business for that matter. I don't want to invest in all this stuff and have my personal # on there if I'll need a business phone soon, but I don't want to get a bus. phone until I've at least done my first one. I guess I'll just make a few cards and signs for now, unless any of you have a better suggestion.

Does the mortgage company have to approve you when you do a sub2?

I think I read the reviews on Amazon, some of the people clearly screwed it up themselves (or at least clearly didn't follow the book), and some you couldn't really tell if they did it right or not. It's not a forum so you can't ask them details. There were several people that it worked for also.

I thought it might be handy (for me at least) to compile a list of questions most commonly asked by sellers, as well as those that are rarely asked and may have caught you off guard before. So far for me it's been "I need the cash for xxxxx" My reply is always "You can do the lease purchase AND get the cash. Once you have a signed lp agreement you can take that to your mort. company and they'll refi you for the cash you need" Sounds good to me, how 'bout you?

I've been fairly busy the last few days. I've printed up an information packet with a few different things (comparison to realtor, an example, top 10 advantages for lease purchase, and faq's.) I also made a few flyers with tear off tabs to post at grocery stores, etc. I hung 4 of them last night and got my first call this morning. I was barely awake when she called, and when I started to explain that a lease purchase would be similar to a rent to own she practically hung up on me. Oh well. I also called some old classified ads, 29 actually. 3 want to meet tomorrow, 5 wanted more info, 1 wants me to call him in a day or two. 3 were sold and probably 3-4 were realtors or investors. So that's 9/31 so far that were at least a little interested. Hopefully at least a couple will follow through. I'll stick with this, assuming it works, and it sure looks like it does. I've been dying to get involved in real estate some how, but I haven't had the means or been able to find partners that share my excitement. I finally have something that I can do alone with minimal investment, so I'm pretty happy at this point.