out of town property

[DanielSun 7]

I think this seller is motivated, but she is out of the city (in a small town). The property is good 2 and half hour drive away.

 

The lady bought the place 8 months ago, she says for 303k, appraised at 309k, just divorced with 2 kids, she got a job in another town, so she has to sell. She is selling for 300k. She has 2 mortgages on the house so she needs $1700 + utility to cover her payment.

 

She seems really motivated, didn't question anything about down payment or market value fluctuation, i told her it's not guaranteed to sell, and she was ok with that too. I wasn't really interested on the phone because i realized how far the property was. but before i hang up she says you know, even if i have to take a couple hundred dollars loss per months, that's ok too.

 

i am going to check the numbers tomorrow, but if everything she says is true, Is there anyway I can help her? That place is just too far and i am very busy.any tricks advertising remotely?

[<Steve> 82]

Clone

 

Have the seller do the showings and you do everything else. Just tell the seller not to talk the numbers or the details about the deal and any potential t/b needs to contact you. You do everything else marketing, schedule showings, apps, agreements etc.

[DanielSun 7]

yeah Steve. i sent her an email this morning, asked her to add a line "Seller financing/Rent to own option available" to all her online ads. and direct the call at me. let's see if she will do it.

[DeeLight 8]

Clone! lol anyone see Multiplicity with Michael Keaton? It's pretty funny.

 

Daniel,

I just had a deal like this, small town, far from me, very motivated seller. Alas after 2 weeks of marketing he said he had to rent it out because he couldn't carry the mtg another month.

 

I learned some good things doing what I did. Like Steve said, partner with the owner (or their neighbor or friend) to get the signs up and the showings. The market for small towns is more narrow that mainstream houses---at least that's what I found.

 

I never planned on seeing the house except the pics they sent. It could have been a cool deal. I had great response to the CL ads but it wasn't just the right fit. Even RTOers can be picky now sheesh

[<Steve> 82]

Even RTOers can be picky now sheesh

Now that's for sure.

How are things going Dee? Are you still on the hunt for L/O deals? Figured you'd have the whole west coast L/O market under your control by now.

[DeeLight 8]

YA Steve! Me too!! I guess this form of marketing on CL is pretty popular now. I've received about 6 emails from investors using the same type CL system we do.

[<Steve> 82]

YA Steve! Me too!! I guess this form of marketing on CL is pretty popular now. I've received about 6 emails from investors using the same type CL system we do.

Hit FSBO sites. You can also find FSBOs on Zillow. I hear back from them too.

[DeeLight 8]

Steve, are you only marketing to your immediate area? I have received not ONE response from my area; but everyone wants to live by the beach; Santa Barbara, Ventura etc. That's why I went to the OOA marketing.

 

I'm not saying there are NO deals here. But they seem to be much harder to find. There are only so many hours in the day

 

Thanks for letting me know Zillow works too

[<Steve> 82]

Dee-

 

My market is tied to the economy as I am sure most areas are. I am in a small market, 1 million or less, and retail has been short on inventory. People are just sitting tight. Spring and Fall are the most active times of the year. The spring activity was about two weeks long this year lol. Now last year 2011, was one of my best years. This year 65% maybe 75% are referrels and repeat business. I have gone OOA some inside my state, but mostly hang in my local area.