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<Steve>

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Family Needs A Nice House In A Good Area To Lease With A Purchase Option.

(Naked Investor)

 

Well I have placed this simple ad in Houses Wanted catagory along with other marketing and it is pulling in leads. Many replies are duds, but not all. Check out this picture. After a couple of back and forth emails the seller sent this pic and will be calling tomorrow to discuss. 4 bed / 3 1/2 bath. Maybe priced out of my range, but will see. It has been on the market for one year.

 

post-85-1305169705.jpg

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Pretty house. If the terms are right, Steve, ($0 down, $750/mo with 100% rent credit), I'll take it! :P

What's the asking price?

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Hey David-

 

I did speak with the owner of this house. He was very gun shy and wouldn't even tell me his name or address of the house. He did mention where he was located and this house is vacant. So for fun, I zoomed into the pic he sent me and got the street number above the front door. Knowing the city the house was located, I looked through the tax records and matched his wife’s name to email their address and got the street name and the owner's mailing address. The house was listed with a real estate agent, so I could find more info and pics. I crunched the numbers and sent them a short offer, along with a brochure and my card. House is still listed, so I still may hear back down the road. Good detective work I'd say! :)

 

Yes, I have been getting a good response from this ad. I get a wide range of responses. I almost closed a deal with it, but the house looked better in the pictures than in person, so I backed off. It is one of those ads that works well at times and slower at other times. But, yes the result is that I have been speaking with owners using it the last couple of months.

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Well I have placed this simple ad in Houses Wanted catagory

Houses Wanted category of what? How do are the sellers reacting when they realize you don't want to live there yourself and just want to "flip" the contract?

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Well I have placed this simple ad in Houses Wanted catagory

Houses Wanted category of what? How do are the sellers reacting when they realize you don't want to live there yourself and just want to "flip" the contract?

Craig's for example or Backpage or...

 

5 out of 20 are interested and 1 deal is made. "Mr. Seller, I have several families who maybe interested in your house to Lease Purchase. . ."

 

And I do a lot more than just flip a contract.

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Craig's for example or Backpage or...

Ok. I wasn't sure if the ads were electronic or print. I know guys who advertise in Greensheet and similar.

5 out of 20 are interested and 1 deal is made. "Mr. Seller, I have several families who maybe interested in your house to Lease Purchase. . ."

Nice numbers. I wish mine were that good.

And I do a lot more than just flip a contract.

It wasn't my intention to impugn your work ethic. I've talked to sellers who think I'm not really doing anything for the money I'm making, and it bugs them. I've stopped bothering trying to rebut that belief because not once has it changed their minds.

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Greensheet? You must be in LA

 

No problem regarding the "flip" I think as a person goes along they start building a business reputation and if all a person is doing is trying to flip and make a quick buck, not sure how long term they will last. Ya gotta love this stuff for what you put into it.

 

You may want to adjust the spiel when speaking with sellers. If you are giving your 30 second spiel, increase it to 45 seconds and mention the work you put in placing a well screened t/b. Just an idea. Otherwise they are just not motivated enough I would think.

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Here is an email I just received about 5 or 10 minutes ago from the ad. Now I will send the second email as a reply. I will let you know if he/she replies back, good or bad. Big house so maybe priced out of my market range, but I said that before with the above house and it had a great price around $250Kish

 

"I have a nice home that I would do a lease/purchase on-it’s a big 4000 square foot home-5 bedrooms, 3 baths, 2 kitchens, 2 dens,2 dining, and so forth.It’s located in ________________. If interested contact me at (###)###-####."

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How did that turn out Steve? I was wondering what you say after the headliner in the email. I want them to know I'm not the T/B before I talk to them. I'm thinking I will get a good responce but I want to present it right. Thanks...

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Hey Scotty-

 

When I get a responce, I will send out the second email, the same one used with email marketing, to explaining who I am and what I can do to help. I also mention that I have several families waiting for houses to come available to buy with a lease purchase.

 

The owner of this specific house was interested and replied to my second email. I reviewed the property and decided to pass. If I can remember the owner mentioned it could be 2 houses in one. It was an older house and priced higher than what I wanted to deal with. It may have been in an area that turned me off too.

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It was an older house and priced higher than what I wanted to deal with. It may have been in an area that turned me off too.

 

Why would we pass on a any deal when there's a way to "take a closer look" for $1. Here's what I'm doing...and it's working very well for me. (I posted this strategy in a previous post.)

 

I put the house under contract using a Pure Option, as described in the NI manual, and then market it to my buyer's list, all the while keeping my the seller in the loop as far as my marketing efforts and the feedback that I'm getting. This helps build the relationship with the seller.

 

If it doesn't sell, then I show the L/S how they can get their price by doing a L/O...and I help them with a C/A.

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You're right MichaelG, and I like your business model. Nice way to put the pure option to work.

 

I think at that time I was slammed and unfortunately this house may have slipped through the cracks. For Lease Options I look for nice houses in good areas. Old houses that are dated with strange floors plans, priced high and in so-so neighborhoods take a lot of time and effort to move in my market. These types of houses may not bring the best t/bs either. The distance from me to this house also plays a factor in drive time, gas prices and my time. I typically don’t' "step over the dollars to get to the dimes" so to speak. So, I am picky with most of the properties I get as is my reputation in the market place. Having said that, if my mortgage payment is coming due and I need to buy the groceries, I'll take what I can get.

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MichaelG

 

Question: Are you marketing for sellers for pure options only, or both L/Os and pure options?

 

The reason I am asking it may be a great way to get into a deal, as you say, from those sellers with the initial response of "No I need to cash out." If a seller is not wanting to do a L/O but is flexible on price a response to the "No" from email marketing, lets say, is to follow up to see if a pure option would work. Build the relationship as you mention and change to a L/O. Is that how you are going about it?

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