When contacting homeowners through email

[The Real Deal 0]

I have been contacting homeowners on various websites and online classifieds. After sending out the first email to the homeowner to get their interest I have been getting a lot of "not interested at this time". My question is, do you guys send out the second email to them anyway with a message stating "Just in case you change your mind hear is what I do"?

[jlspartz 0]

If you didn't explain the benefits within the first email, I'd send them a second "If you change your mind" email with the benefits outlined. They may not fully grasp what you can do for them.

[MichaelC 160]

Real Deal, I'm assuming your first email is the straightforward, "Would you be interested in selling your house with a lease purchase"? Followed by the second email, which goes into more and greater detail, correct?

If so, the drop off in replies to the second email is to be expected. That means it is working as planned, avoiding the drudge of speaking with homeowners who have no interest in working with you. So don't think of it as you are doing something wrong. You're being time efficient, in my opinion.

That said, with the homeowners who reply with some variation of "not interested at this time", it's your call if you want to follow up with the second email. I say go for it. What have you got to lose? Maybe an irate email back telling you to get lost? Big deal. Move on. In the meantime, don't be surprised if several of today's "Not interested", track you down in a month or four and ask if you're still interested.

Keep pluggin' away, Brandon. You'll hit on something soon.

[jlspartz 0]

Question along the same line - When you get people that write back things like "I need my home free and clear to get the next one" or "That won't work because I'm moving to a different state", should I bother writing them back and explaining further, or just treat a no as no, even though they're wrong?

[lhenley 8]

I usually write back with something such as: "Please keep my contact information and feel free to get back with me if things don't work out, and you need to look at other options."

 

 

Lynn (FL)

[<Steve> 82]

That won't work because I'm moving to a different state

A Sandwich Lease Option maybe a solution.

[MichaelC 160]

Question along the same line - When you get people that write back things like "I need my home free and clear to get the next one" or "That won't work because I'm moving to a different state", should I bother writing them back and explaining further, or just treat a no as no, even though they're wrong?

Jamie, when I hear the "I need to sell this one so I can qualify for a new mortgage" routine, I explain that many lenders will view a lease agreement as sufficient in terms of "clearing" the existing mortgage so the homeowner can move ahead and get their new house financed. Doesn't always soothe them, but it's worth a try.

If their moving to a different state, I emphasize the advantages of a lease purchase and t/b's versus a straight lease and tenants. And like Steve said, maybe a sandwich lease would work for them, emphasing how you are the responsible party and they won't be dealing with tenants and toilets.

Again, worth a shot.

[Jason (AL) 1]

If it's a rental property, are lenders still allowing 75% of the rental income

to figure into their financing?

[MichaelC 160]

Jason, I think it's a lender by lender decision as to how they consider rental income.

[jlspartz 0]

Thanks for the good input everyone. I'm replying to the messages with a combination of a benefit that covers their concern like you mention MC and a feel free to contact me if you change your mind or things don't work out like Lynn mentioned.

 

Most lenders consider 75-80% of the rental income, but not all. So, when people buy and hold they can just keep going if they can get 133% of what they owe through rent, it covers itself at 75% for their debt ratio. I know this from others much wiser than me.

[DrRE 0]

In my area all the major Lenders require 1-2 years seasoning before the rent would be considered. The only exception was my local credit union which required none. This information I got from 2 Mortgage Brokers, visiting Banks and such. It put a big hurt in my business. Herbster

[jlspartz 0]

Interesting comment from Craigslist (bitter) person:

 

"Unless you are someone interested in purchasing our home, I don't believe you are supposed to be using Craigs list to contact me."

 

I don't see any policy and I don't feel like writing that person back to explain, but you can't get in trouble with that can you?

[MichaelC 160]

Don't waste your time replying to this knucklehead. And, no, I can't imagine anyone getting "in trouble" for responding to a homeowner's For Sale ad, unless you're trying to scam them. Just move on and don't look back.

[pilot76180 51]

If it's a rental property, are lenders still allowing 75% of the rental income

to figure into their financing?

Yes, although some are at 70% which figures into DTI for the seller.

[pilot76180 51]

Interesting comment from Craigslist (bitter) person:

 

"Unless you are someone interested in purchasing our home, I don't believe you are supposed to be using Craigs list to contact me."

 

I don't see any policy and I don't feel like writing that person back to explain, but you can't get in trouble with that can you?

 

REply with "Sorry, I was trying to respond to your wife who had the add about the 9-volt and the cucumber. My bad."