<Steve> 82 Report post Posted August 23, 2004 In no way did I or would I put any money down!!! I am in possession of the property with not (1) penny out of my pocket. A true NO MONEY DOWN DEAL, and loving it! In fact with the Lease Option technique, the seller never even asked for any money. Go figure. <S> Share this post Link to post Share on other sites
MichaelC 160 Report post Posted August 23, 2004 Nice going, Steve-O. Don't forget to take a pic, (if you already haven't), and add this to your portfolio book. Quickly find yourself a tenant/buyer, make the payments to the seller, and you've also got another positive reference for the next homeowner/deal. Share this post Link to post Share on other sites
Guest Big Don Report post Posted August 24, 2004 Hello folks, Can you give me some idea what to do next. I e-mailed a few FSBOs and got 4 interesting replies. I’m not sure how to proceed. My first e-mail went like this Hi: I saw you house for sale on ForSaleByOwner.com. and was wondering if you’d be interested in selling it on a lease option? Here are the 4 responses · We have not looked at that option, we are really wanting to sell it. We are building another one and need not to have both. If you would be interested in seeing it please let me know. Thanks for the interest. · What terms would you consider? Let me know what may work for you. · I can't do a lease purchase. I am needing to relocate · Thank you for your interest. Are you asking me to finance the lease? Share this post Link to post Share on other sites
Kimberly 0 Report post Posted August 24, 2004 Big Don, Can you give me some idea what to do next. I e-mailed a few FSBOs and got 4 interesting replies. I’m not sure how to proceed.This is a copy of part of MichaelC's post earlier in this thread: Once responded to, I will reply with my second email which says:"Hi Joe,Thank you for the quick reply. Your house sounds like it may be just what we are looking for. Please let me explain.My company, Carbo Properties, specializes in Lease Purchasing. This technique has proven to be quite advantageous for homeowners. Done correctly, you can receive an above market price for your home in less time than it would take you to sell it traditionally. We are not Realtors and charge no commissions of any kind. In fact, our service to you is free! We'll even arrange to have the tenant/buyers pay all closing costs, too! The bottom line is that you will net many thousands of dollars more when you sell your property using the Lease Purchase Advantage. Presently, and as is often the case, we have more tenant/buyers than we do properties to offer them. Your property seems to fit our needs quite well. I have attached a flyer with some additional information to further explain about the Lease Purchase Advantage. Please feel free to contact me with your questions. Or please pass along your contact information to me, along with a good time to call and I will contact you.Thank you for your interest.Signature" I attach my LPA letter, and await to hear from them. And this can be done over and over again. All at no cost, and with little expenditure of time. The homeowners who don't respond have already expressed their disinterest, so no time is wasted, and no adversarial phone conversations have taken place. The homeowners who do reply, well, then we speak on the phone and see where it all leads to. My usual next step after speaking with them is to get an offer in their hands after doing my CMA. Rinse, and repeat.....Now you could do that for all of the responses. What terms would you consider? Let me know what may work for you.That one is definitely interested. · Thank you for your interest. Are you asking me to finance the lease?That one may be interested. · We have not looked at that option, we are really wanting to sell it. We are building another one and need not to have both. If you would be interested in seeing it please let me know. Thanks for the interest. · I can't do a lease purchase. I am needing to relocateThose two probably need more time before they become interested. Kim Share this post Link to post Share on other sites
<Steve> 82 Report post Posted August 24, 2004 Hello Kim and Big Don- I just followed the script from Michael's reply on this thread, used the second e-mail response when someone seems curious or interested. And it works! <S> Share this post Link to post Share on other sites
Kimberly 0 Report post Posted August 24, 2004 Steve, I just followed the script from Michael's reply on this thread, used the second e-mail response when someone seems curious or interested. And it works!Don't tell anyone, but...it works here too! Kim Share this post Link to post Share on other sites
Guest Big don Report post Posted August 24, 2004 Anyone have a flier they could send me ? Share this post Link to post Share on other sites
kennon 0 Report post Posted August 26, 2004 Hello, all you awesome people. I hope everyone is having a great day. I e-mailed 80+ people. Using Michael C's letters (thanks for the post) I have got somewhere around 30 responses. Not bad at all. 5 of them were good responses. Of those 5, I responded with the 2nd letter and the Lease Purchase advantage. Question 1. Do you use "Selling Your House with a Lease Purchase", or the one that says "Lease Purchase Advantage"? I know that it is probably a simple answer. I sent "LPA" and have got no responses. I was also wondering if one was better then the other? Question 2. This is a sixth response I got. I am wondering what your great minds can make of this, and what my response to it should be. "thanks for your interest! we actually are not interested in that - wereally are just wanting to get this off of our hands. If you would beinterested in that, please let us know!" Is there another creative way I could let these fine people know about? or should I just let it go. peacekennon And by the way I have made many more calls. I am getting better but no fish have bitten. I am learning in these great ways. I am also having lots of fun. thanks for any info you may be willing to part with. Share this post Link to post Share on other sites
Kimberly 0 Report post Posted August 26, 2004 Kennon, Hi! Emailing ~80 people is great! Unless they tell me the house sold and has closed OR that it burned to the ground, I send something back no matter what. It may be just a brief something asking them to keep me in mind in case things don't work out. I don't have a standard format. I've done this on an individual basis ONLY. Question 1. Do you use "Selling Your House with a Lease Purchase", or the one that says "Lease Purchase Advantage"? I know that it is probably a simple answer. I sent "LPA" and have got no responses. I was also wondering if one was better then the other?That one I had to look up. "Selling Your House With A Lease Purchase" is the Q&As for the seller. Obviously, I've never used it, so maybe now, I'll take a minute to read it! I send out the "Lease Purchase Advantage" with the second email. It may take a few days for them to contact you back. If they don't, you can always verify they received it. Okay, I've read through it now. I don't know that one is "better" than the other. They are for different purposes. One, the LPA, is pretty much a sales pitch. The FAQ is to answer their questions before the seller gets a chance to ask them. I haven't used the FAQ at all, so hopefully, someone else will chime in. Question 2. This is a sixth response I got. I am wondering what your great minds can make of this, and what my response to it should be. "thanks for your interest! we actually are not interested in that - wereally are just wanting to get this off of our hands. If you would beinterested in that, please let us know!"Just want it off their hands? That's it? Why? Find out, then ask them what their bottom line would be all cash, close in 30 days. Whatever they answer ask that's as good as they can do. Keep it up until you hit bottom dollar. Now, hopefully you know the values in the area. If it is a deal, flip it to someone else. Before writing a contract check for needed repairs. Find out what the sellers need and about the house and then you'll have enough to figure out what to do. And by the way I have made many more calls. I am getting better but no fish have bitten.While you're learning, it will take a lot of bait to get the fish to bite. It'll get easier. It's okay to fumble and bumble your way through at first. Don't be afraid to admit to the seller that you may not know everything just yet. It encourages the seller to want to help YOU!!! Kim Share this post Link to post Share on other sites
MichaelC 160 Report post Posted August 26, 2004 Question 1. Do you use "Selling Your House with a Lease Purchase", or the one that says "Lease Purchase Advantage"? I know that it is probably a simple answer. I sent "LPA" and have got no responses. I was also wondering if one was better then the other?Kennon, the document I use depends upon the type of deal I am pursuing. The LPA is geared towards a Cooperative Assignment, while the FAQ's document is aimed towards a sandwich lease. I think if you review both docs you'll see the differences and understand why I take this approach. However, my way isn't the only way or the "right" way. Feel free to try different approaches, always tracking the results of what is working for you. Mix the documents, tweak 'em, create your own, etc. Question 2. This is a sixth response I got. I am wondering what your great minds can make of this, and what my response to it should be. "thanks for your interest! we actually are not interested in that - wereally are just wanting to get this off of our hands. If you would beinterested in that, please let us know!" Is there another creative way I could let these fine people know about? or should I just let it go.Definitely worth a follow up on your part. You need more info about their situation and why they need to be rid of this property ASAP. It may very well be a lease purchase would work but they just don't know enough about it yet. One of our most important tasks is educating homeowners as to what we are offering and how it can help them.And by the way I have made many more calls. I am getting better but no fish have bitten. I am learning in these great ways. I am also having lots of fun. You are now only sowing the seeds. Your harvest will come in as you continue the effort. You know what needs to be done, obviously, because you're doing it. Keep speaking with sellers. Call and market. Make offers. Share this post Link to post Share on other sites
Guest Big Don Report post Posted August 27, 2004 Were do you get the LPA and FAQ Share this post Link to post Share on other sites
Kimberly 0 Report post Posted August 27, 2004 Were do you get the LPA and FAQFrom Michael's manual. You can order it from the site for $97. Just click on the "Manual" link at the top of the page. His contracts are worth more than that! Kim Share this post Link to post Share on other sites
Guest Big Don Report post Posted August 29, 2004 Thanks Kimberly, I have Michael's manual. I found what i was looking for. Share this post Link to post Share on other sites
JamesT 0 Report post Posted August 29, 2004 Hmm, this is interesting. On my second email to people (after they respond to the first bland email) I've been including the LPA doc. However, my first priority is to sign people up to Sandwich Lease. So I guess I should be sending the FAQ doc. Anyone figured out a good way to target the customer with emails that first go for a SL then if that doesn't work go for the CA? Thanks!James Share this post Link to post Share on other sites
Sold ! 0 Report post Posted August 29, 2004 James, FOCUS. Determine what YOU are after and then start contacting people with that in mind. But...........Listen to them and find out what pushes their buttons. Have more than one solution in your pocket......if SL doesn't sound like what they want, go CA. And vice verse. It's important to have an arsenal or stuff ready to be pulled out when needed. sold ! Share this post Link to post Share on other sites