Meeting with a realtor

[Doug Pretorius (ON) 9]

Very strange things going on around here. First, last week I meet with a seller who immediately refers me to a friend. This evening I get a hold of that friend and she refers me to her sister! I've rarely ever got referrals before now suddenly 2 in one week, cool

 

Then today I'm emailing ads and see one listed by a realtor as "New Price" and I figure why not, it's only a 5 second email. She emails be back and says: "I just spoke with the owners and yes they would be willing to do a rent to own."

 

So I'm supposed to call her back and set up a time to look at the house and you know what? Despite all the houses I've seen and all the sellers I've met, I have to admit I'm at a loss as to how to handle this. Any advice from you good folks?

[MichaelC 160]

You're at a loss for words, Doug?? Heh, now I am, too! C'mon, man, just shmooze that Agent with your charm and Naked knowingness and she'll be eating out of the palm of your hand.

Seriously, I suspect this Agent will probably need a primer in lease options and is hopeful you can educate her in this regard. If so, who better to do so than you?

[Doug Pretorius (ON) 9]

Well she was fine but the seller doesn't want to rent to own to a company, only direct to the person who's going to live there. This has always been a huge problem for me in my market. Sellers who will do a rent to own with me, but not allow me to sublet or assign.

 

Oh well, on to the next lead!

[MichaelC 160]

I don't understand that thinking. If a homeowner is OK with a Realtor finding them a buyer, why not be OK with you finding them a tenant/buyer?

[Jason (AL) 1]

If it's an assignment (CA), then you're not actually leasing it.

On paper, yes, you are...but in the end, it's the T/B that will ultimately be

leasing and, perhaps, buying the house.

I don't see the big deal.

[<Steve> 82]

Can you set it up where all (3) parties, you, the seller and the agent, can meet, say at the house, and you can explain the advantages of your offer?

[Doug Pretorius (ON) 9]

If you guys aren't having a problem with this then it must be the way I'm explaining it. As I'm sure I've posted a hundred times before, I've yet to find a smooth transition from the initial email/call asking if they'd be open to renting the place (where they immediately assume I'm asking for myself to live there); to the fact that I do this for a living. If I could I'd close a lot more deals because up until now I've just had to write those off and look for the sellers who have no problem with it either way.

[bwalston 1]

I've yet to find a smooth transition from the initial email/call asking if they'd be open to renting the place (where they immediately assume I'm asking for myself to live there); to the fact that I do this for a living.

Just wondering, Doug, where in your conversation with the seller do you tell them you're an investor? I usually begin my conversation with "Hi, X. This is Bill. I'm the investor who emailed you about your house." I think I've only had a couple of folks even ask about my intent to live there. This seems to work better for me than to have them assume for much of the discussion that I am buying the house for myself, and then they find out that I am not.

[Doug Pretorius (ON) 9]

Just wondering, Doug, where in your conversation with the seller do you tell them you're an investor? I usually begin my conversation with "Hi, X. This is Bill. I'm the investor who emailed you about your house." I think I've only had a couple of folks even ask about my intent to live there. This seems to work better for me than to have them assume for much of the discussion that I am buying the house for myself, and then they find out that I am not.

That's a good point as I used to just let it come up whenever (and it always does) and often had the problem of the seller thinking I was trying to pull something. But now I send a second email that explains who I am, what I do, and a couple of the advantages. That email goes over really well most of the time.

[MichaelC 160]

You must be clear from the get go that we aren't looking for a house for ourselves. And the sooner you do so, the better. Wait too long and you come off as some kind of bait-and-switch con man.

[bwalston 1]

That's a good point as I used to just let it come up whenever (and it always does) and often had the problem of the seller thinking I was trying to pull something. But now I send a second email that explains who I am, what I do, and a couple of the advantages. That email goes over really well most of the time.

Yep, that's what I did too. The problem I found with "waiting until it comes up" is that the seller is all that time thinking that you are going to be renting/buying for yourself. When they find out you're not they are usually p****d :-) And just as a "confused mind always says no," I've discovered that a p****d off seller usually does the same. My conversations with the seller always go better when I start with the 'I'm the investor" line. That's why your second email is effective. You are telling them right away who you are and what you do.

[Doug Pretorius (ON) 9]

Yep, that's what I did too. The problem I found with "waiting until it comes up" is that the seller is all that time thinking that you are going to be renting/buying for yourself. When they find out you're not they are usually p****d :-) And just as a "confused mind always says no," I've discovered that a p****d off seller usually does the same. My conversations with the seller always go better when I start with the 'I'm the investor" line. That's why your second email is effective. You are telling them right away who you are and what you do.

And just like the first: "Would you be interested in doing a lease purchase?" screens your leads, so too does the: "I'm an investor" ... usually In theory we should be talking only to people who are cool with us renting the place and making a profit while doing so.

[Doug Pretorius (ON) 9]

So...fast forward 13 days and I figured out exactly where I was screwing things up. Quite an epiphany considering I've been struggling with this for only what? 10 years? It has absolutely NOTHING to do with what I was saying or when I was saying it. It's all about WHO.

 

2 spectacularly easy appointments with very motivated sellers (1 signed, 1 set to sign this Saturday) and poof! I suddenly realize all my frustrations and challenges boil down to the age-old thorn in the flesh of all creative investors: Unmotivated sellers. Duh! You would think I should have learned this long ago but I didn't. I figured it out on the selling side with T/Bs many years ago, but only finally figured it out, literally in the last couple of weeks when it comes to the buying side.

 

Unbelievable but true.

 

Moving forward this business is going to be so ridiculously easy and enjoyable I shed a tear over all the aggravation I put myself through all these years! I well and truly hope some new investors can learn a lesson here and save themselves a whole lot of grief.

 

You might just have to change my forum nickname, MC

[MichaelC 160]

. . .Moving forward this business is going to be so ridiculously easy and enjoyable I shed a tear over all the aggravation I put myself through all these years! I well and truly hope some new investors can learn a lesson here and save themselves a whole lot of grief.

 

You might just have to change my forum nickname, MC

Who are you and what have you done with Doug Pretorius?

[GaryinNC 0]

So...fast forward 13 days and I figured out exactly where I was screwing things up. Quite an epiphany considering I've been struggling with this for only what? 10 years? It has absolutely NOTHING to do with what I was saying or when I was saying it. It's all about WHO.

 

2 spectacularly easy appointments with very motivated sellers (1 signed, 1 set to sign this Saturday) and poof! I suddenly realize all my frustrations and challenges boil down to the age-old thorn in the flesh of all creative investors: Unmotivated sellers. Duh! You would think I should have learned this long ago but I didn't. I figured it out on the selling side with T/Bs many years ago, but only finally figured it out, literally in the last couple of weeks when it comes to the buying side.

 

Unbelievable but true.

 

Moving forward this business is going to be so ridiculously easy and enjoyable I shed a tear over all the aggravation I put myself through all these years! I well and truly hope some new investors can learn a lesson here and save themselves a whole lot of grief.

 

You might just have to change my forum nickname, MC

 

Congratulations Doug. Would you be so kind as to tell me how to find those motivated sellers? I've been running ads, calling some ads, mailing to owners of listed properties, but so far, nothing.