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dan332

Can this be made to work?

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Chris, since you're looking for a general idea of how long. It usually takes me 2 weeks to find a serious and qualified T/B. In my current market if I can't find someone in 30 days then I'd rather move on. That will however change as the market slows.

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We have a high rate of success only because we have so many follow ups in place.

It is about 90% that purchase.

We do get some that move out unexpected, but only a handful.

We get some houses that need carpet cleaning, or touch up paint.

I'll spend $400 or so getting them cleaned etc., then normally the seller goes with us again.

 

It takes about 45 to upwards of 60 days on average to find someone good.

15 days to find deadbeats!

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We have a high rate of success only because we have so many follow ups in place.

It is about 90% that purchase.

We do get some that move out unexpected, but only a handful.

We get some houses that need carpet cleaning, or touch up paint.

I'll spend $400 or so getting them cleaned etc., then normally the seller goes with us again.

 

It takes about 45 to upwards of 60 days on average to find someone good.

15 days to find deadbeats!

 

Pilot, 90% close is really impressive. Do you mind sharing your main methods for locating your TB's? I see from a previous post that most of your marketing is internet.. I assume this means Craigslist, etc.. right? Any other important sources? Or is the 90% more a result of your hard work to follow up and work with them to repair their credit and find them financing?

 

Thank You!

Dan

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Out success is ONLY due to the tremendous follow up with our database.

Without it, I bet it would drop to 20%. People aren't bright.

 

I don't use Craig's list. Maybe if I was looking for a "Woman wanting farm animal" or something. OR a bumper to a 1970 Nova.

 

I use our website, and also rentalhouses.com

Due to the volume, we get a small break on the price.

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90% success rate.....awesome! About the 45-60 days to find a qualified t/b: Do you start your lease periods with the seller/homeowner 45-60 days out to allow you time to find a t/b or do you generally eat 1-2 months of rent payments? I think I know the answer to this question, I just want to make sure haha

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I like using BEVS! advice by targeting FRBO"S for CA's rather than FSBO's. I'm finding that most (not all) are investment properties where the owner doesn't REALLY care if they sale the house or not. Worse case scenario, they get a quality tenant for 12 months ;)

 

Phil

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Something weird is obviously going on amongst landlords in California. Around here landlords swear at me if I ask if they want to sell!

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We don't eat any payments.

If we can't assign the deal, we'll cancel, and start over.

I usually date the docs 90 days in advance anyway.

 

I agree that investors are for the most part easier to deal with.

Plus they can bring you multiple houses.

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Something weird is obviously going on amongst landlords in California. Around here landlords swear at me if I ask if they want to sell!

 

 

Doug,

 

When I pitch a CA to a landlord, I emphasize the advantage of having a TB instead of regular tenant, rather than the selling aspect. (i.e. No maintenance issues, possible home improvements adding to value).

 

Although I make it clear that the TB has the OPTION to purchase the house, I also tell them that 50% or less don't which is reassuring to the owner since many would prefer NOT to sell. If need be, I will give them a little of the option money as added incentive.

 

Phil

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