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<Steve>

E-mail Flyers to FSBOs

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You can "arrange" anything with the seller that he accepts, basically.  If you feel you need a 30-60 day window with which to find a TB, you'd write your contract to state that it begins on such and such a date 30-60 days out from the time it was signed.  It's all in what you can negotiate with the seller.  You should also have some sort of escape clause stating that you can cancel at any time before the start of the lease.

 

As far as option money, that's your fee and I'd try to keep as much of it as possible.  earnest money of $10.00 might be a nice jesture to the seller, but try to limit your liability to just the earnest money.

 

Regarding getting a TB in "early", the lease begins on a certain date and that's when you should try to get him in.  If you find him NOW, talk with the seller and see what you can arrange.  All good questions and there are no right answers.  A dialogue with the seller and negotiations of what you need and what he'll accept is going to change with every deal you do.

 

Good luck.

 

Thanks SOLD> I need that LPA letter.........I have 2 emails back from sellers requesting more info..YES....I should have the manual soon though. but would like to respond back to them asap....

 

Good luck to you and I look forward to hearing more good news...

 

Akin

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FIRST TRUE NAKED INVESTOR SANDWICH L/O!!!

Nice going, Steve! Excellent deal! I may have missed it, but did you need to put any of your own money down to secure the deal?

 

In regards to putting an option deposit down between you and the seller..Can you arrange to have that option deposit paid to the seller when the TB is found? Do you normally have a 30-60 day window to find a TB..meaning you dont have to pay the rent for 30-60 days giving you enough time to find that quality TB. So if you get lucky and find one within 30 days...You collect the option deposit from the TB then you pay the seller their option deposit. IS this possible??

 

Then if you do get a TB in early, are you able to collect that extras month rent because you dont have to start paying the seller for another 30 days?

 

Thanks,

 

Akin...

 

Hey Rich...Do most sellers want an option deposit?

 

Akin

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I am just getting started myself and haven't really gotten that far with my negotiations yet to offer a blanket "Yes" or "No" answer. but, the few that I have spoken with haven't brought it up, really. I'm guessing it's all in how much they know about what we do, how motivated they are and how much you 'spill your guts' to them about the whole process.

 

From what I am reading on this board, emphasize the net to the seller at closing and show how you can make him more money by dealing with you, and they won't care about much else nor about how you get them there.

 

Good Luck ! :wacko:

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Do most sellers want an option deposit?

If you bring it up, yes. If you don't bring it up, it's a whole lot less likely they're going to ask for one.

 

I'm guessing it's all in how much they know about what we do, how motivated they are and how much you 'spill your guts' (my emphasis) to them about the whole process.

Learn from those of us who have, and DON'T!

 

I need that LPA letter.........I have 2 emails back from sellers requesting more info..YES....I should have the manual soon though. but would like to respond back to them asap....

If you've already ordered the manual, PM or email Michael, and ask that he go ahead and email you the contracts and other forms. Then you'll have it.

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A response from a seller today after just one day of marketing to 15 emails:

 

Hi Akin,

 

Our property has been on the market for about a week and we are looking to sell by December. We will be purchasing a new home, which is why we are selling the Condo. As far as the lease to purchase, I understand what it is, but I would be curious as to the time frame for purchasing. We would prefer to sell our property and be done with it, but we are also interested in keeping our options open. Let me know if you have any further questions, or if you are still interested.

 

Thank you,

 

Sarah

 

Its that easy....I am glad there are marketing tactics like this for us to utilize....

I have a total of 3 interested in more info, 3 sold already, and 2 not interested. The rest of them were undeliverable. Thats an awesome response rate.

 

My question....I will be emailing her back asap, but wanted to wait until I get the LPA letter to attach. Is there anything else that anyone would mention on the reply email. ALSO does anyone have a script that they use when they first call the sellers. I mean one big question I would have as a seller is "why would I want 2 mortgages"?

 

Any thoughts???

 

Akin

 

Akin

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Do most sellers want an option deposit?

If you bring it up, yes. If you don't bring it up, it's a whole lot less likely they're going to ask for one.

 

I'm guessing it's all in how much they know about what we do, how motivated they are and how much you 'spill your guts' (my emphasis) to them about the whole process.

Learn from those of us who have, and DON'T!

 

I need that LPA letter.........I have 2 emails back from sellers requesting more info..YES....I should have the manual soon though. but would like to respond back to them asap....

If you've already ordered the manual, PM or email Michael, and ask that he go ahead and email you the contracts and other forms. Then you'll have it.

 

 

Thanks Kim..YOU ROCK.. I just emailed him. I am excited about this because I know that I can present a winning solution. Its all about being yourself and making sure that they understand that they are the ones coming out on top...

 

I definitely wont bring up the option unless they are looking for more..

 

Akin

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ALSO does anyone have a script that they use when they first call the sellers. I mean one big question I would have as a seller is "why would I want 2 mortgages"?

Have a conversation with her. A script is just a guideline. Believe me, she won't follow it! Find out about the condo. "Gee it sounds, terrific, why are you moving?" That kind of thing. Relax and talk to her. That's it. Don't let it confuse you, because it is so simple.

 

I've never had anyone ask why they'd want two mortgages. They don't. They may be concerned that they won't qualify for a mortgage on their new home. The current mortgage will be taken care of by the tenant/buyer and this will allow them to qualify for another mortgage if they haven't already and their credit is decent.

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Guest Guest

Not only THAT, but if you can get them a positive cash flow by increasing the rents a couple hundred bucks over their PITI, they'll be able to show that as income and be able to qualify for sure !

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You've got mail. :blink:

 

Hello Michael,

 

Could I too get a copy of the FAQ Questions.

 

 

Thanks for considering.

 

Rich

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You've got mail. :blink:

 

Hello Michael,

 

Could I too get a copy of the FAQ Questions.

 

 

Thanks for considering.

 

Rich

Be happy to, Rich. PM me and I'll attach it to my reply.

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Hi MC,

 

Hope your doing well. Is it ok if could get a copy of the FAQ's as well please?

 

Thanks,

 

GG

 

 

You've got mail. ;)

 

Hello Michael,

 

Could I too get a copy of the FAQ Questions.

 

 

Thanks for considering.

 

Rich

Be happy to, Rich. PM me and I'll attach it to my reply.

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Since this thread is still up towards the top I thought I'd add a little about an experience I just had with one particular FSBO site.

I went through basically all of the listings in my state 3+ bedrooms and in the price range that my tenant/buyers are interested in and copy/pasted my simple message with my phone number and literally sent it to over 500 listings. I had some success the first time I did this (same site, smaller area) a few months ago, in fact one house I'm selling now came from there, so I figured I'd give it a shot again on a bigger scale.

I ended up getting a phone call from a rep from the site this morning, apparently they have people who screen the emails or something? Anyway, I just told him I'm a private individual not a company and that I was working with some people who are looking to rent-to-own in the area which was the reason for the emails. He offered to send me MLS listings too and said he'd send the emails through! LOL!!! :lol:

Anyone else been "caught" by FSBO websites while doing this?

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Hi Chris,

 

I got flagged on" ALLTHELISTINGS.COM" for i guess sending emails to so many but after a few days i was able to continue, although they never called i got the flag message

 

I know your a realtor and no hard feelings but realtors are on sites all over the place sometimes not showing until you check ad out. I think they never mention to seller of our inquiry to a lease purchase, in fact they may be responsible for me being flagged

 

Anyway just to mention i did use website you mentioned to me some time ago and thanks

 

Tom

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Chris, you're just a stones throw away from appearing on America's Most Wanted. ^_^

And, yeah, most of us at one time or another have been "warned" by these websites about our immoral, unethical behavior. :unsure:

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