Myles 0 Report post Posted January 14, 2004 In talking with homeowners about lease purchasing, and trying to sell them on the idea, have any of you newer investors been asked certain personal questions about your real estate experience? I'm curious to know if any of you have been quizzed by curious homeowners, and if so, what answers you gave them. For example, what if the seller asked..."How long have you been doing this?"..or "How many deals have you done before?"...or even "How long have you been in business?" I would think that an honest answer in these situations may be a deal killer based on the lack of experience. Certainly, dealing with a new business, or an inexperienced investor may strip the seller of any confidence they may have had in you. Has anybody had to answer questions they would rather have dodged, or at least wish they didn't have to answer at all? Myles Share this post Link to post Share on other sites
moneynfast 0 Report post Posted January 15, 2004 Hi Myles, I have been calling on sellers, and so far I have never been ask those questions before. If they would ask me how many deals, I have done I would just tell them none, and that is the reason I am talking to you. Its best not to lie, be honest you can always say let me check with my partner he or she has more experience in this business than me. And you have alot of backup in this site. MichaelR Share this post Link to post Share on other sites
-Tony- 0 Report post Posted January 15, 2004 I agree be honest I have been doing this xx month but I work with associates (MC and everyone here) that have over 10 yrs of experience and this would be my X deal but I work everything out with my associates Share this post Link to post Share on other sites
grannyguru 0 Report post Posted January 15, 2004 Hi! I'm stumbling all over my words when I try to talk to anyone about this, but it's getting better. I'm suffering from paralysis of analysis, too. (Please Michael, don't send your uncle! I will talk to sellers too! ) In other words, I'm new and as scared as the next one. I live in a town so small that when I call a taxi while out shopping (without giving my name), they ask me how my son is doing. I have nightmares that they'll paste my image on a billboard and say: don't deal with her...she's new and poor. But I think the reality is this: Seems few are asked questions like that. I think if you are it's due to how you present yourself. (Or how I present myself!) But most important: even if someone kills a deal cause they think you're an amateur, obviously most folks you deal with won't be asking you that kind of questions... so just go on to calling the next one. We know that because everyone here, including Michael, will tell you they either are never asked, or almost never asked. And everyone will tell you they were new once, so it must be uncommon to be asked those questions. Therefore most people you deal with won't ask if you are new. I think most don't care who you are, if you can solve their problem for them. I also think they'll be more interested in what kind of t/b you get for them. (Can't help putting my two cents in, Michael.... after all, I am a mother-in-law!) Hope this helps, Alice Share this post Link to post Share on other sites
moneynfast 0 Report post Posted January 15, 2004 I agree with you grannyguru. I use to be scared to get on the phone. Yes we all stumble over our words. But thats what it takes to get good practice. And I am a grandpa. My second grandson was born new years eve. Michael Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 15, 2004 Myles, better feedback is hard to find! Can you feel the love in the room ?!It is so true that you will rarely be asked "How long have you been doing this?", or "How many deals have you done?" If you are asked this, take that as an indicator that the homeowner senses your nervousness and inexperience.The best advice I can give you has already been given: be honest. If you aren't it will almost always come back to bite you. For example: I spoke to a REIG a few months back. I met a new investor who was interested in lease purchasing. He bought my course, and jumped into this stuff enthusiastically. All was going well until he was asked those two questions above. He didn't expect to be, and immediatley told a fat lie. He said he was in business for a few years, and had about a dozen deals under his belt. Well, this homeowner, an experienced but tired landlord with about five or six properties she wanted to unload, replied, "Prove it". End of conversation, end of multi property deal. The air has come out of his sails quickly. Don't put yourself in this position!Be honest, tell folks you are fairly new but that you have an associate or a partner. You're not lying. It's true. I'm your partner and I'll help you. Heck, this board and all its members is your partner. Don't stress out over imagining what might go wrong. Pursue your deals and as obstacles arise, we'll figure out a way around them.Hi Myles, I have been calling on sellers, and so far I have never been ask those questions before. If they would ask me how many deals, I have done I would just tell them none, and that is the reason I am talking to you. Its best not to lie, be honest you can always say let me check with my partner he or she has more experience in this business than me. And you have alot of backup in this site.See what I mean, Myles .Seems few are asked questions like that. I think if you are it's due to how you present yourself. (Or how I present myself!) But most important: even if someone kills a deal cause they think you're an amateur, obviously most folks you deal with won't be asking you that kind of questions... so just go on to calling the next one. We know that because everyone here, including Michael, will tell you they either are never asked, or almost never asked. And everyone will tell you they were new once, so it must be uncommon to be asked those questions. Therefore most people you deal with won't ask if you are new. I think most don't care who you are, if you can solve their problem for them.Small town, Alice, but with a big echo . She's right, Myles.And I am a grandpa. My second grandson was born new years eve. Congrats, Michael! That's just the excuse I was looking for to imbibe this evening. Here's to Michael, Jr! Share this post Link to post Share on other sites
Xena 0 Report post Posted January 15, 2004 Motivated sellers don't ask. If they star asking you about your experience and credit report - they are not motivated. And you don't have anything to do with them anyways. Btw - did anyone have to provide sellers with their credit report? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 15, 2004 Btw - did anyone have to provide sellers with their credit report?Good question. Two, maybe three times in about seven or eight years of lease purchase deals, covering about 300 deals of one type or another. Share this post Link to post Share on other sites
