OOT deals

[efete1 0]

Hi all;

I may have asked this already, but I wanted to clarify. How many of you are doing CA's or SLO's in other cities? I was thinking of checking out other markets a few hours from here. How do you market these? Signs are a great way to market, but how do you get them placed far away? I know you can fax documents but many sellers are leery of doing deals with those they can't meet. Thanks for any advice. Happy investing!

 

Eric

[jhanson8 0]

Hey efete. I've been giving the out-of-town thing a go since September with no luck. I'm running into the same problems as with my local contacts, except the out-of-towners buy into it even less because I'm not near them. Most seem to think I'm a scammer because I'm not there to meet them in person.

 

But, when you think about it, 80-90% of the people we contact aren't going to be interested anyway. That number should be a little higher for people outside your area. The nice thing about this investing technique is that you don't need every contact to say yes.

[MichaelC 160]

Eric, my marketing is strictly online. Craig's List, Backpage, Postlets, etc. So location of the property doesn't matter. Signs help, of course, but practically speaking, they can't be utilized in this scenario. In the past I have asked the homeowner to place signs, with my number on them. Some are willing, others aren't.

As for some sellers being leery, yes, that is certainly a possibility. But I run into that even when doing local contacts. If the homeowner is motivated and needs help, and your ideas are presented with the benefits to them quite obvious, the deal will get done. Keep pushing it, Eric. You'll land some deals, I'm sure.

[Doug Pretorius (ON) 9]

I've only put one house under lease option that was OOT without ever meeting the seller or seeing the house in person. I had it all set up where the seller was going to show the house for me and everything, but sadly she found a regular tenant before I found a T/B.

 

I do find that the deals are MUCH harder to put under contract when they're out of your area. But that could also be because I'm using email marketing to get them, which has a very low conversion rate anyway.

[dionwisn 0]

Im working on one right now its a CA. I got the deal and two days later found a t/b whos supposedly emailing me the lease app and very interested in buying. I think with these deals you have to listen to your conscience. During our initial convo he asked how much is the down. I used MC's old turn the table around trick which I think I learned from the manual and It worked. So if everyhting plays out I'll collect a check for 4k.

[Doug Pretorius (ON) 9]

That would be nice Dion! Let us know how it turns out.

[dionwisn 0]

That would be nice Dion! Let us know how it turns out.

I completed that hybrid today. Worked out a deal with the seller that i would pay him

$1200 to cover the difference in rent that he'd be missing. Since he did'nt want to lower the monthly. And my t/b does'nt want to spend more than $1,000 a month. I decided its better to make something than nothing. The seller works for Bank of America and has really been hard to work with. With a little confidence and controll over the situation I got my portion of the deal.

[Doug Pretorius (ON) 9]

Congrats! Give us details!