I finally took that first step

[OX6603 0]

Well maybe not my first step, but first one not used pacing back and forth.

 

I started emailing FRBOs on clist today, going to use the two email approach. I don't know about the rest of you, but my local clist is LOADED with townhouses and apt complexes. I went through a week's worth of postings and only found 5 solid listings... wow. I'm just going to keep plugging away at this until I get that first deal and that first check.

 

Once I land my first one, I'm going to use that to "Fake it til I make it" and start setting up a real business. The end goal of course, between this and my new landscaping company, is to quit my J.O.B. (just obama's b$@).

 

I'm hoping I can turn this thread into the next great inspirational thread. Now that I put that out there I HAVE TO!

[OX6603 0]

I got a positive response from my very first email! Its a big fish for my first one, now I have to land her. Its a nice older, updated home in one of the more affluent neighborhoods.

 

Her clist ad made me feel all warm and fuzzy with her extra long description, out of area number, mentioning both immediate availability and that she had lived there.

 

Now I just need to figure out what to say, I like BEV!'s approach of opening their eyes to L/P.

 

Here's her response:

 

Hello Steven -

I would consider a rent-to-own basis in general but do prefer to retain the property for at least another year.  Perhaps you can provide more information about your situation?  I would be happy to talk further this weekends as I will be in town to show the property.

Kind regards,

Seller

 

Now to get over my excitement and craft a response...

[SteveG_Pa 0]

Congratulations on making that first step, albeit, not the hardest one lol. Not doing CA's anyway. That step is actually when you call or meet a seller. Im just starting out to, like you, not my first step, but might as well be, if I could give you a word of advice, I would send that first email to every one of those ads. You never know who might own another property or 10 who this might be a fit for, dont limit yourself by just sending out emails to properties that YOU think would fit. What I did was send an email to every single ad I found, both fsbo and frbo. I even sent one to ads I knew were brokers, I just changed the wording in it from "you" to "they", as in, "would "they" be willing to sell on lease purchase". Hey, ya never know. I actually had a broker email me asking questions. If nothing else, maybe a good relationship will come out of it.

 

Either way, congratulations, you are on your way! Stay focused and determined, good things WILL happen!

[SteveG_Pa 0]

I got a positive response from my very first email! Its a big fish for my first one, now I have to land her. Its a nice older, updated home in one of the more affluent neighborhoods.

 

Her clist ad made me feel all warm and fuzzy with her extra long description, out of area number, mentioning both immediate availability and that she had lived there.

 

Now I just need to figure out what to say, I like BEV!'s approach of opening their eyes to L/P.

 

Here's her response:

 

Hello Steven -

I would consider a rent-to-own basis in general but do prefer to retain the property for at least another year.  Perhaps you can provide more information about your situation?  I would be happy to talk further this weekends as I will be in town to show the property.

Kind regards,

Seller

 

Now to get over my excitement and craft a response...

 

 

HOLY CRAP! She just said she wants to do a lease purchase and get cashed out in a year!

[MichaelC 160]

Great to read that action is replacing analysis. The latter is great if you're a molecular scientist. If not, it's a killer.

That said, the homeowner's reply is based on the usual assumption: that you are inquiring about the property for your own personal use. Note she asked about "your situation". That's why I take the two email approach, because I don't want to mislead anyone and I don't want to spend time talking with homeowners who have no interest in what I'm offering.

My advice is to let the homeowner know as soon as possible, what you are doing so there is no "bait and switch" shock on her end. It'll save you much time and aggravation.

[OX6603 0]

HOLY CRAP! She just said she wants to do a lease purchase and get cashed out in a year!

 

I know, I almost made a mess when I got her response. I was expecting hate mail from everyone lol.

 

Great to read that action is replacing analysis. The latter is great if you're a molecular scientist. If not, it's a killer.

That said, the homeowner's reply is based on the usual assumption: that you are inquiring about the property for your own personal use. Note she asked about "your situation". That's why I take the two email approach, because I don't want to mislead anyone and I don't want to spend time talking with homeowners who have no interest in what I'm offering.

My advice is to let the homeowner know as soon as possible, what you are doing so there is no "bait and switch" shock on her end. It'll save you much time and aggravation.

 

Thanks MC, I used basically a rewrite of your second email that was posted on here. I just tweaked and personalized it a bit.

 

and now a nice big EXHALE, and waiting for her next response

[speedingpenguin 19]

and while you're waiting for her response, get some more emails out!!!!

[OX6603 0]

and while you're waiting for her response, get some more emails out!!!!

 

On it! I set up google voice and I'm sending out text messages too.

[OX6603 0]

So no response yet from the first seller. I'm going under the assumption she wanted to see if she could get it rented this past weekend. Going to contact her again to see what's up, think my response may have turned her off.

 

Got a quick response this morning. Here's my response, what do you guys think?

 

Thanks for the quick response. I specialize in lease purchasing. Allow me to explain what it is I do. 

 

I work with tenant/buyers who for whatever reason are unable or unwilling to purchase a home in the traditional manner, but plan to obtain a mortgage by the end of the lease. Currently, as is typically the case, I have more qualified tenant/buyers than I do homes to place them in. This is what led me to contact you today.

 

The advantages for you in a lease/purchase are numerous. Tenant/Buyers care for your property as if they owned it (because they will). T/Bs are willing to pay a premium in both price and rent. T/B pay for maintenance. 

 

I am paid by the T/B, there is no cost to you.

 

If you are interested in discussing things further please let me know and we can set something up.,

[MichaelC 160]

Steve,

Try and keep any statements that can be construed as a negative for the homeowner out of your reply. For example, you mention that for some reason the t/b's can't qualify today. If I'm a homeowner that may give me pause.

Remember, the purpose of the emails is to pique the homeowner's interest enough so they want to talk with you. It is not the intent to replace you in the equation. You will seal the deal, not your emails.

[OX6603 0]

Good point MC. I guess I felt like with my first one I could have come off a little too "used car salesman" and I wanted to do more to clarify what is taking place and that I'm not just trying to pull a fast one.

[OX6603 0]

Still haven't gotten any solid bites. I've started emailing the clist FSBOs in addition to FRBOs. I sent 30 emails yesterday.

 

I decided to take the non-exclusive approach... if you're open to the idea how can you turn that down?

 

So far I've received 13 replys to yesterday's clist bombing run, 5 of which were positive. One said she was open to the idea but just listed with re/max. I'm still working on what I want to say to her, dangerous waters I'm not sure I want to swim in on my first deal (gloves are coming off once I get a few under my belt).

[MichaelC 160]

Good work, OX. Keep mixing it up like your doing and you will get some bites. 30 emails with 5 positive replies is a good showing.

[speedingpenguin 19]

Still haven't gotten any solid bites. I've started emailing the clist FSBOs in addition to FRBOs. I sent 30 emails yesterday.

 

I decided to take the non-exclusive approach... if you're open to the idea how can you turn that down?

 

So far I've received 13 replys to yesterday's clist bombing run, 5 of which were positive. One said she was open to the idea but just listed with re/max. I'm still working on what I want to say to her, dangerous waters I'm not sure I want to swim in on my first deal (gloves are coming off once I get a few under my belt).

 

My attitude towards properties that are listed is that it's actually a GOOD thing for us. Chances are, especially this time of year, the house isn't gonna go anywhere. If it does sell, your solution probably wouldn't have been the best fit for the homeowner anyway. Keep an eye on the property on the MLS and once the listing expires, contact the homeowner. By this point they're gonna be pissed off that the realtor didn't sell their house and probably anxious to move on and get rid of the headache of trying to sell. Which is a perfect time for you to come in and let them know you have a solution to their problem ;-)

 

If you're not a real estate agent, you shouldn't stop just because it's listed now. If you've been working with the homeowner since BEFORE the property was listed, I would think you're good to go (since the agent wasn't the reason you and the seller connected). Even if you came in to the picture after the agent, give it a shot! Yeah you'll have some extra details to work out as far as how the agent will get paid (not really your problem anyway, that's between the homeowner and the agent), but a lease/option is a perfectly legitimate real estate transaction whether or not an agent is involved.

 

Worst case scenario it doesn't work out now and you'll have to wait till the listing expires

[OX6603 0]

I'm so close I can smell it! All I have to do is talk details, do my homework, and sign her up! She needs a T/B by 12/10, about 3 weeks. Maybe I can do it, maybe I can't but you can be sure I want that check (4Kish?) and will be out beating the bushes for a buyer!

 

Still haven't gotten any solid bites. I've started emailing the clist FSBOs in addition to FRBOs. I sent 30 emails yesterday.

 

I decided to take the non-exclusive approach... if you're open to the idea how can you turn that down?

 

So far I've received 13 replys to yesterday's clist bombing run, 5 of which were positive. One said she was open to the idea but just listed with re/max. I'm still working on what I want to say to her, dangerous waters I'm not sure I want to swim in on my first deal (gloves are coming off once I get a few under my belt).

 

My attitude towards properties that are listed is that it's actually a GOOD thing for us. Chances are, especially this time of year, the house isn't gonna go anywhere. If it does sell, your solution probably wouldn't have been the best fit for the homeowner anyway. Keep an eye on the property on the MLS and once the listing expires, contact the homeowner. By this point they're gonna be pissed off that the realtor didn't sell their house and probably anxious to move on and get rid of the headache of trying to sell. Which is a perfect time for you to come in and let them know you have a solution to their problem ;-)

 

If you're not a real estate agent, you shouldn't stop just because it's listed now. If you've been working with the homeowner since BEFORE the property was listed, I would think you're good to go (since the agent wasn't the reason you and the seller connected). Even if you came in to the picture after the agent, give it a shot! Yeah you'll have some extra details to work out as far as how the agent will get paid (not really your problem anyway, that's between the homeowner and the agent), but a lease/option is a perfectly legitimate real estate transaction whether or not an agent is involved.

 

Worst case scenario it doesn't work out now and you'll have to wait till the listing expires

 

Chris you're absolutely right.

 

Did I mention I was an agent about 4 years ago in that very same office? Still up in the air on this one though. Feel ready to take on the world right now, so I just might!