Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums
CS1977

CS1977's Post-Mentorship Progress Thread

Recommended Posts

Wow!

 

Congrats again, Christine.

 

Just curious on a couple o' things...

 

1.) How'd you present your CA to this seller? Strickly by the book, cold call over the phone...???

 

 

2.) Is the owner/rehabber getting any out of that $6k. Not trying to be nosey or personal.

I'm just wondering if you're offering up-front incentives (some cash) to the owner.

Or is he just wanting the cash flow and back end?

 

 

Thanks

Share this post


Link to post
Share on other sites

Thanks everyone!

 

Adam, truly, you sealed it for me in deciding to just go for it and book that flight.

 

Jason, nothing for the seller at all...she didn't say anything about the 6k....I know that that won't always be the case, but I try to let sellers know from the get-go that the option money is for me only. :unsure: I presented the whole CA idea over email. I think we really didn't even talk on the phone! She saw one of my ads on craigslist in Feb. and emailed me with some questions...then she didn't email again til the beginning of this month when she said she was ready to go ahead. She had bought the house in October and her and her fiancee rehabbed it. They are going to make out pretty well in the end--it was a 2 yr. lease.

Share this post


Link to post
Share on other sites
Jason, nothing for the seller at all...she didn't say anything about the 6k....I know that that won't always be the case, but I try to let sellers know from the get-go that the option money is for me only. :unsure:
You'll be surprised. More often than not, the seller will not be asking to receive any option money unless you put the idea, somehow, in their head first.

Share this post


Link to post
Share on other sites
You'll be surprised. More often than not, the seller will not be asking to receive any option money unless you put the idea, somehow, in their head first.

 

 

 

Werd.

But on the massive # of CAs I've done (2), I wound up splitting some of the OC $$ with the sellers.

Not bad paydays, though, considering the risk (none) and time (very little) I had in those deals.

 

So, Michael (or anyone else) do you even give them anything up front?

Maybe 1 month's rent?

 

 

Thanks.

Share this post


Link to post
Share on other sites
So, Michael (or anyone else) do you even give them anything up front?

Maybe 1 month's rent?

 

 

Thanks.

Usually, no. But, if the deal hinges on the homeowner getting some cash, I won't walk unless the demands are unrealistic. I figure if I have to, at worst, split the option money 50/50, half of something is better than all of nothing.

Share this post


Link to post
Share on other sites

Things like "CAN'T SELL YOUR HOUSE?" or "WHAT IF YOUR HOUSE WON'T SELL?" or "HOUSE DIDN'T SELL, NOW WHAT?" It's these types of phrases and marketing that will bring in the type of people that you want to attract and already prequalify them for these types of deals. I really should show you guys the pictures of my business cards...but that will cost you money :unsure: But basically it is a double sided business card that has information to attract seller's on one side and info to attract tenants on the other side. It's perfect, it works great and it get's the point across.

 

What part of the paper do you run these ad's in?

Share this post


Link to post
Share on other sites

oh pretty pretty please can u show us??? :unsure::lol:

 

good ideas...and yeah, where should you run these type of ads?

 

 

 

Things like "CAN'T SELL YOUR HOUSE?" or "WHAT IF YOUR HOUSE WON'T SELL?" or "HOUSE DIDN'T SELL, NOW WHAT?" It's these types of phrases and marketing that will bring in the type of people that you want to attract and already prequalify them for these types of deals. I really should show you guys the pictures of my business cards...but that will cost you money :angry: But basically it is a double sided business card that has information to attract seller's on one side and info to attract tenants on the other side. It's perfect, it works great and it get's the point across.

 

What part of the paper do you run these ad's in?

Share this post


Link to post
Share on other sites

Okay, first congrats Christine...

 

Second, I'm confused, are you guys asking me where I post these ads since those are my words or are you asking someone else...I'm tired :unsure:

Share this post


Link to post
Share on other sites

Oh ok I was confused too. Yes, which section of the paper would you post those ads?

 

 

 

Okay, first congrats Christine...

 

Second, I'm confused, are you guys asking me where I post these ads since those are my words or are you asking someone else...I'm tired :unsure:

Share this post


Link to post
Share on other sites
Grrrrr

 

This is very frustrating. I have had some good possibilities with the first house but they keep falling through. It was my first house I signed up and I was over-eager. I think his rent is too high. He had said 1600 but finally I got him to lower it to 1400.

 

I think he needs to go to 1200, 1300 MAX. The house needs work. Nothing HUGE--but paint, replacing some bedroom doors, new window AC, carpet is so old....

 

Anyone have advice for this situation??? Should I approach him to do the fix-ups? He said he'd do the fix-ups for the one girl who was going to move in, but she fell off the earth.

 

So if he was gonna do it for her, shouldn't he do it now regardless so that the house would show better??

 

I want to have a nice little open house but I am EMBARASSED!

 

He reminded me again today that he is going away at the end of the month and wants someone in there by 4/1.

 

:angry::unsure:

 

Has anyone used a reverse credit? Here is how I think it would be applied.

 

In Christine's case:

The seller went down to 1400. You the investor offer a reverse credit of 200 per month if the seller will go down to 1200 per month. If the selling price was 100,000 and the property was rented for 6 months then the new selling price would be 100,000 + the reverse credit, which would be 200 * 6. The new selling price would be 101,200. This would allow you to have a monthly cashflow and let you pay the reverse credit out of the profit.

 

I would like to hear your thoughts. I have not yet tried this but I could have used this with the first property I sold.

 

tomas

Share this post


Link to post
Share on other sites
I GOT PAID!!! See kids, it really does work!!!!!

 

Thanks MC!!!!!!

 

 

ChristiineCheck1.jpg

 

That is great. You deserve it for all the work and heartache you put in to it.

 

tomas

Share this post


Link to post
Share on other sites

Hi Christine,

 

Real glad to see you are doing ok, I was hoping to get a response from you in regards to when you say you sent out 2 c/a

 

What do you use to fax or mail them a short offer?

 

Was wondering as I know we don"t want to send our contracts or fax to much that can be used by the seller to bypass us.

 

Hope you have time to answer as I talk with sellers that are not close enough to be running out to there properties and would prefer to send them my offer via fax, mail, or email

 

Enjoy reading your sucess it has to inspire all

Thanks,

Tom

Share this post


Link to post
Share on other sites

Hi Tom, and thanks!

 

I always send offers via email. I do not send blank contracts ever (ok once I did and got spanked by MC but I learned my lesson ;) ).

 

The offer I send is based on MC's but with my own little tweaking. There is no worry about sending out an offer without being in person (at least in my opinion), do you mean the contracts?

 

Yes, the one deal I did was a 30 min. drive away so I just told the seller to meet me at the property to "go over agreements." She was fine with that and that's what we did. It's definitely worth it to go in person so they see you are a real person, and trustworthy, etc. Plus you get to look them in the eye and say "I will need 45-60 days to find a t/b, is that agreeable?" and "There is no cost to you, the t/b pays my fee." Oh, and "I will need keys to the property in order to show it to prospective t/b's." JUST to make sure that those important things are very CLEAR. :P

 

If when I meet the seller to look at contracts and they sign/initial them (3 copies total) and we are in business, then I take the rent to own sign I have (already) brought in my car and put that sucker on the lawn ASAP.

 

Hope that helps,

Christine

 

 

Hi Christine,

 

Real glad to see you are doing ok, I was hoping to get a response from you in regards to when you say you sent out 2 c/a

 

What do you use to fax or mail them a short offer?

 

Was wondering as I know we don"t want to send our contracts or fax to much that can be used by the seller to bypass us.

 

Hope you have time to answer as I talk with sellers that are not close enough to be running out to there properties and would prefer to send them my offer via fax, mail, or email

 

Enjoy reading your sucess it has to inspire all

Thanks,

Tom

Share this post


Link to post
Share on other sites

Christine, One thing I never understood was the timeline. When you say you need 45-60 days to find a t/b what exactly does that mean? I mean what if you find a t/b in 30 days, but the t/b doesn't want to take possession for another 30 days, that's 60 days, so is your contract still ok? Is it 45-60 days to get a t/b to sign, or 45-60 days to get a t/b to take possession (ie. start making monthly payments)? Or for the extreme example, what if you find a t/b on day 59, they have a down payment but don't want to take possession until another 30 (or even 60) days. Now were are at 60+30=90 days? Would this still work? Could you please clarify this? Thanks, Rob

Share this post


Link to post
Share on other sites

×
×
  • Create New...