"tired landlords"

[mamasanta25 0]

Hello All,

Aside from networking at local real estate groups, I need suggestions for either writing to, or calling up landlords; and proposing the lease purchase option to them. I would like to try with single family homes also, but in my particular town, it will NOT be too easy. At least half of the property in my town is rental property. How can I format a letter to send out to a few landlords? I would like to suggest to them the lease purchase option, or possibly even a land contract deal(which I have yet to learn all about). In the letter, should I say that I belong to a property management company? I wouldn't even know what to call it if I did. Thanks for all your help. I want to get my first deal under my belt. By the way, great manual Michael.

Samantha T.

[Jonathan RexfordFL 8]

Here is a letter that I just thought up in the last 3 minutes....lol

 

 

Lease Management Services

P. O. Box 650099

Vero Beach, Florida 32965

 

 

 

Fat Cat Land Lord

Beachfront road

Island of No where 32988

 

RE: Management headaches

 

According to the records of Clerk Court you own some property in this area. I am sure that you are either tired of property management or tired of paying nonsense fees to a property manager. If I can show you away to stop all the pain and headaches at know costs to you would you be open to a three minute conversation that could put more money in your pocket. We offer a NO COST management to your property. What we would like to propose is the opportunity to purchase it in a few years. In the mean time the only time you will hear from us is each month with a check or when we are ready to BUY the property. I don't know your current situation or even a reason why you are wanting to sell....but what I do know is if you could spare 3 minutes you and I will find out if we could or should do business.

 

 

 

Sincerely

Jonathan Rexford, Manager

Lease Management Services

[Dannyga 0]

Heres one please tell me what you think, also the top half could be used on a postcard.

 

Vacant Rental? - NO MORE! Put your rental properties on "auto pilot" with the "Perfect Tenant". I’ll lease option your rentals on a long term basis and take care of ALL the hard stuff. You just tell me where to mail the monthly rent checks.

 

For a "no obligation" proposal, call 24hr recorded message 1(800)123-4567 and never be faced with problem tenants, late payments, maintenance calls,

vacancies, evictions and all that other management nonsense.

CALL TODAY 24HR RECORDED MESSAGE 1(800) 123-4567

 

Dear Friend,

 

My name is Danny Pollock and I want to lease your house,

(not the one you're living in), the other one you own “the rental“.

I don't want to "list your home." I'm not a Realtor, and I'm not associated with any real estate firm, or real estate management firm (you've probably had your fill of them).

 

Perhaps you've got a tenant that's better than most. But if, you're like most reluctant landlords, you'd rather just get your money out and be through with tenant headaches forever.

Either way I'm definitely interested in leasing your house on a long term

basis, 2 years or more.

 

If you have had enough. call my 24hr recorded message 1(800) 123-4567

 

Warmest Regards,

 

 

 

Danny Pollock

[mamasanta25 0]

I think that is a very good basis for a letter. That gives me a great starting point. Thank you.

[MichaelC 160]

All good suggestions, folks. Thank you.

Samantha, keep in mind there is no one best letter or contact method. What works best for you in your area, may not be what is best for me in mine. With marketing, and I cannot stress this enough, you need to remember a few things:

1) Start today

2) Work within your budget. It makes no sense to go broke with an expensive newspaper advertisment if you can only afford to run it once. What happens next week? Are you out of business before you even had a chance to begin?

3) Diversify your marketing methods.

4) Be persistent. To accurately gauge the effectiveness of your marketing campaign requires you give it time. Perhaps three to four months time. For example, do not think that you can put up, say, twenty bandit signs and determine from that how effective they may be. Generating phone calls and replies to your various marketing techniques requires you to be persistent and requires some time for your marketing to sink into the consciousness of the public.

5) Reread 1 thorugh 4 again.

 

Thank you for the positive feedback on my manual. Remember, it comes with this board and lots of helps and support. Let's get a deal done and brag about it!

 

One last thing, for now........for contacting homeowners, whether they are experienced landlords or not, you can certainly use the Phone Script as a guideline. Truth is, the first ten calls or so will be nerve wracking. But, guess what? The next ten are a heck of a lot easier. And it continues to get easier from there.

I will agree that it will NOT be easy, as you suggested. That's OK. If it were, there wouldn't be any deals left for you. You already know more than a lot of people out there doing deals. Don't put any obstacles in your way by thinking this is too hard. You can do this by putting forth the effort and using the resources you have available at hand.

[mamasanta25 0]

Thank you for the feedback, Michael. I will certainly have to use the phone script at first. This may seem like a minor worry and question, but what corporation or partnership should I suggest that I am from? I am in the process of thinking for a name that I can put on some business cards, something a bit creative. Anyway, as it is, I feel as though I am not knowledgable enough yet, and I will need to speak with the utmost confidence. (I am also a young woman, which there are not many in this area who do this sort of thing.) I am sure people will ask questions. This is Racine, WI, a generally small town. People here are nosey and very aware of the community. I will be the first person to "break this ground" in lease purchases, so to speak. (At least here in Racine) I know this because I have seen one "rent to own" sign for the entire four years I have been here. It is entirely uncommon. I am certainly excited to be a ground breaker in this area. I do know that people will be skeptical, and want to know exactly who I am and where I am from. Small town folks. I am still not used to them, being from Chicago and all. Anyway, any suggestions? Thanks for all your feedback everyone.

[MichaelC 160]

As for what company you are from, or what company name you select, that is entirely a personal preference. I think what is more important is how you present yourself, and that you are providing a service to the homeowner. It's very important for you to remember that when you are speaking to a genuinely motivated and interested seller, the name of your company is irrelevant, as will be your gender, Samantha. That homeowner's concern will be how can you provide a solution to his/her problem.

You say the local folks will ask questions. I say that's good. This gives you the opportunity to talk about what you do and how you do it. This enables you to become comfortable talking about your business, too, which is an important early step.

You are correct when you write that you are not knowledgeable enough yet. "Yet" being the keyword. You will get to the point where you certainly don't feel that way. But, that takes some time, working over some rough spots, and gaining hands on experience. Don't pressure yourself thinking you need to get a deal today. Lay the foundation now for future and long term success.

[chitown83 0]

Just wanted to voice an opinion here. Tell me if I have anything good here. I read your post saying you wanted to be targeting tired landlords. I could see that doing this to SFH landlords might be a good idea. But when it comes to multi-unit dwellings it would seem to me that a rookie would be getting in over their head in trying to run a multi unit building. My family owns one and I can only imagine if someone with no experience had to face the headaches of it. First of all these tenants aren't like T/B's. They love to call you for every little problem. Also, you have a much larger chance of vacancies, thet you have to fill. I personally would get some experience with tenants and real estate in general before jumping into the multi-unit arena.

 

Jim

[MichaelC 160]

Jim, I couldn't agree more. Multi units are heavy on management, and the typical tenant in these units is a whole different species than our usual single family property tenant buyer.

Multi units can be fine investments, but for the experienced, not as a first deal.

[mamasanta25 0]

Thanks gentlemen, I will certainly keep that in mind.

Samantha