Wrong Number Surprise

[Gene 0]

The weirdest thing happened today and I am not sure what to do. I was making FSBO and FRBO calls today and accidentally called the wrong number. While the phone was ringing I noticed that the last four numbers dialed were 0604. I meant to dial 0640. I then hung up and called the correct number. The person who answered was not interested in what I had to offer.

 

About 8PM tonight I get a call from a woman wondering why I had called her earlier. During the day I had left messages for several people and was not sure who she was. So I explained that I was looking for homes to purchase with an L/P agreement. It turns out the woman was from the wrong number I called earlier. She immediately says that she is interested in a lease purchase. Then, goes on to say that she has three properties that she is selling and wants to sell them to an investor. Next she says that all of the properties are currently filled. She has a five bedroom that is leased until next May, a four bedroom that is leased until next August, and a 3 bedroom with a 5 year lease. All of the properties are straight rentals.

 

I then asked if she would like me to send her some additional information explaining how I buy properties. She said that was not necessary, she understands lease options and is just looking for a serious investor to buy her properties. I then asked if she wanted to send me some information on each property. She said she would prefer to provide that information over the phone.

 

I am skeptical of this person because she was a little vague on the phone. The caller also had a strong accent and I am not sure we completely understood each other. She did not provide much information about the individual properties and would not give me any pricing. She said she would call me tomorrow afternoon to discuss the details.

 

Does anyone think it reasonable that this person might be willing to lease option properties that are already filled?

 

Gene

[option8 0]

Absolutely...

Pain is pain and she sounds like she recognizes relief when she hears it.

 

Here's the challenge.

 

If the properties are already rentals, and you take them on a sandwich lease, you inherit the landlord headaches for the duration of the lease. If you are interested in having these properties in your portfolio, and you are willing to ride out the leases so you can RTO these with new tenant buyers, go for it.

 

OR

You can get them under contract on Lease Purchase with Option to Buy (individually) and find another investor who'd like to obtain properties on terms --- I guarantee they are out there! All it will take is a small ad.

 

Since they are occupied and can't be LOd until the leases are up, she can't expect any upfront money.

 

Where are you located?

 

option8

[Gene 0]

Option8:

 

Where are you located?

I am from the Northwest suburbs of Chicago.

 

Thanks for the advice. I think it will be interesting to find out more about the homes. The town, Vernon Hills, that the seller mentioned is definitely a higher end area. I actually work just south of there.

 

Gene

[-Tony- 0]

To add to what option8 said, you could always chat with the renters to see if the might be interested in owning. Although I don't like doing this ex. High Mr. Renter I would like to offer you the opportunity to own this house, you will now take on all mait., have to give me some option money and your rent goes up (depending on the cash flow). Now, I don't like to do that doesn't mean I will not try in a situation like this.

 

Doing it like this you can cancel their lease w/ the HO

[4Rmgt 0]

Gene,

 

As a fellow Chicagoan, let me just say congrats on your lucky misdial. One reason the lady might be looking to get out is simply she is at the retirement age and wants to simply walk away from the duties of landlording.

 

By having you as an intermediary she gets someone else to take on those burdens, maintains the property in her name for a while yet still collects payments, gets an option payment up front, and possibly a full payment at the end of the lease term.

 

So look what might be in it for you. Get copies of the leases, see what out clauses there might be in there for you, that might help you end the lease, and get a new T/B in there.

 

Always good to hear some succcesses from other Chicago Investors.

 

PS - Go Cubs!

[Gene 0]

Tony & Ryan:

 

Thanks for the input and advice. I thought she would call back yesterday. I was working the phones most of the day and did not here from her. When I first talked to her she mentioned getting back to me by the middle of this week, but then stated Sunday. If I don't here back today I will call on Tuesday to see how serious she is.

 

Thanks again,

 

Gene