A Good Month For Slos

[<Steve> 82]

Hey everyone-

 

Wanted to brag a bit as this part timer has had a good month. I closed three SLO deals and all the tenant/buyers will be moving in at the end of the month.

I have two new SLO properties coming up for August as well, so it has been a busy summer so far.

 

This past spring I placed bandit signs and have found for me this has been the best bang for the marketing buck. Seems like after six months into the year when realtor listings began to expire, folks were ready to try the advantages of the lease purchase. Can't say I blame them.

[Doug Pretorius (ON) 9]

Very cool Steve! We love to hear those success stories, bragging or not

[MichaelC 160]

It ain't bragging if you're doing it. Way to go, Steve! Glad to hear you're doing so well. Maybe it's time to start thinking about changing your status from part timer...

[<Steve> 82]

Thanks Doug & MC

 

Maybe it's time to start thinking about changing your status from part timer...

That's the ultimate goal MC! It's not an overnight change, but each deal is a step in the right direction. From L/Os I am bringing in just about 50% positive monthly cash flow as compared to what $ are coming in from the day job. So it's head down and tail up to keep cranking in the deals.

[Craig 0]

Great Steve glad to hear your hard work is paying off.

[Guest Guest_Steve_*]

Hey everyone-

 

Wanted to brag a bit as this part timer has had a good month.  I closed three SLO deals and all the tenant/buyers will be moving in at the end of the month.

I have two new SLO properties coming up for August as well, so it has been a busy summer so far.

 

This past spring I placed bandit signs and have found for me this has been the best bang for the marketing buck.  Seems like after six months into the year when realtor listings began to expire, folks were ready to try the advantages of the lease purchase.  Can't say I blame them.

<{POST_SNAPBACK}>

 

 

That is great. Where are you located?

[Guest Guest]

Hey everyone-

 

Wanted to brag a bit as this part timer has had a good month.  I closed three SLO deals and all the tenant/buyers will be moving in at the end of the month.

I have two new SLO properties coming up for August as well, so it has been a busy summer so far.

 

This past spring I placed bandit signs and have found for me this has been the best bang for the marketing buck.  Seems like after six months into the year when realtor listings began to expire, folks were ready to try the advantages of the lease purchase.  Can't say I blame them.

<{POST_SNAPBACK}>

 

 

Care to share any of the details? Upfront and backend profits on these?

 

Congratulations

[Rich08 0]

Congratulations steve.

 

Just from curiosity, what do your signs say? I have never had much luck from my bandit signs. Glad they are working for you though.

[<Steve> 82]

Great Steve glad to hear your hard work is paying off.

Thanks Craig. After studying and learning L/O here, then putting it into practise, it is very rewarding to see things unfold. I never believed no money down deals were possible, but yes they are!!!

 

Where are you located?

NC

 

Care to share any of the details? Upfront and backend profits on these?

You're not the IRS are you?

1) my price $69K, t/b price $79K, 2.5% front end, $100 monthly pos cash flow.

2) my price $99K, t/b price $108K, 3% front end, $125 mnthly pos cash flow

3) my price $52K, t/b price $63K, 3% front end, $225 mnthly pos cash flow.

 

Not big numbers but hey...this isn't NY, CA or Florida for crying out loud. This area is doing good if we can pull 2% to 3% appreciation for the past couple years.

 

Just from curiosity, what do your signs say?

Got it from the man (MC) himself "We Pay Above Market Price for Your House" Included a phone number and web site address and am still getting calls from signs I placed last April.

 

Thanks for the Support

<Steve>

[AmyB 0]

Sorry ignore my last question. Steve if the tenant bails are you offering to make payments while it's vacant?

[<Steve> 82]

Steve if the tenant bails are you offering to make payments while it's vacant?

AmyB Yes. Finding the T/Bs is not a problem. When I advertise a property I typically receive 10 to 20 calls per day. Not all those calls qualify; however, the market for folks wanting Rent-To-Own is large. So if a tenant bails, I guarantee the rent payment to the seller wether the property is occupied or vacant.

[MichaelC 160]

And if I might chime in here...when doing a sandwich lease, it should be entered with the intent of honoring your obligations. And that usually includes making your payments to the homeowner as scheduled.

On the other hand, things don't always go as planned. And being prepared for the worst case scenario is a must. That said, we always operate with a safety net or two beneath us. In our case, that would include a clause or two in our agreement that allows us the right to cancel said agreement, and also a limit of liability clause.