Same old Question

[EQUITY NOTES 0]

Hi

 

Seems like all investors are laying low right now.

 

Would like to ask 3 questions, appreciate any replies

 

1- What if any is your canned reply to "What if t/b won't move out or stops paying the rent"

(I think I know the answer, (any short smooth reply you guys use?)

 

2- If a property has several family members (heirs) Do they all sign option upfront?

 

3- Would you leave a blank c/a option & lease for there review? ( can never get them together all at once)

Thanks in anvance for your replies,

I currently have a property as described above to try and complete

Tom

[MichaelC 160]

1- What if any is your canned reply to "What if t/b won't move out or stops paying the rent"

(I think I know the answer, (any short smooth reply you guys use?)

 

A smooth answer isn't needed; an honest one is. If a tenant, any tenant, stops paying rent they are subject to an eviction. However, the likelihood of that occuring with a tenant/buyer is reduced significantly.

 

2- If a property has several family members (heirs) Do they all sign option upfront?

 

They should, yes.

 

3- Would you leave a blank c/a option & lease for there review? ( can never get them together all at once)

 

And therein lies the problem when dealing with heirs and their inherited property. They can rarely agree on what they want to do or the terms. Getting them in a room together is often impossible. While my general rule is not to leave paperwork behind, you may have to make an exception here, Tom. Use your judgement as to whether these people are serious.

[DanielSun 7]

I will just hijack this post and use it for chatting. 'cause I ain't laying low.

 

First 2 months of doing R.E. investing has not been smooth for me. I had a deal where I already found a tenant buyer who is going to pay me $10k and ready to sign, only to find out the owner signed a lease with someone just a day before.

However I found a pretty good sandwich deal, my first one, made some mistakes but it will work.

 

I repeatedly make one same mistake: keep going to see houses only to find out the owner is thinking of something different than what I proposed. And I lost a couple deals because I talked too much. There are ups and downs, but I am sure this would work for me, and it can only get better.

[MichaelC 160]

Daniel, I always say that making a mistake isn't a bad thing. . .unless you repeat said mistake. When I was new at this biz I also would hop in my car and drive to see any house when a homeowner told me they were interested. . .only to find they really weren't but instead were hoping I could be talked into buying today and paying full price, too. It took a while but I realized that wasn't the brightest approach. Now, my offers are made sight unseen. If and only if the homeowner is on board with the concept of a lease purchase and has agreed to the terms I have offered will I go see the house.

As for your gift of gab, that's usually a sign of nervousness or insecurity. Understandable with the new guy, but remind yourself you know more than 95% of every homeowner you talk to and do your best to stay on point.

[<Steve> 82]

Congrats on the sandwich Daniel. This is my favorite technique. A bit more of a hassle at times, but the passive income is where it's at these days, for sure.

[DanielSun 7]

Speaking of that, do you use a company to do payment for you? Or do you just get post dated checks from tenants, and give post dated checks to the seller?

[MichaelC 160]

Speaking of that, do you use a company to do payment for you? Or do you just get post dated checks from tenants, and give post dated checks to the seller?

If I'm doing a sandwich lease, the t/b is paying me, not the homeowner.

[DanielSun 7]

yeah i know, but then I have to pay the homeowner. I wonder if there is a payment service that can just divide the checks from the tenant, a portion goes to me and another portion goes to homeowner.

[MichaelC 160]

Daniel, many title companies provide this type of service. Do some digging around in your area and you should come up with a local office that can do this for you.