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#16 MichaelC

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Posted 30 April 2015 - 06:07 AM

I almost always offer to do the deal as a CA, (unless the numbers and homeowner's motivation are so great as to make the deal worth remaining in the middle).  I offer my expertise, know how, and pro-homeowner agreements as an inducement to the sellers.  In short, I pitch what we now know as The Lease Purchase Advantage.

As for which markets, I look for balanced or buyers markets.  These days, that means avoiding areas such as where I am in south FL, and many of the major metro areas.  Smaller metro areas, in and around the Midwest for example, seem to work well for me.



#17 lomax_properties

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Posted 30 April 2015 - 08:54 AM

Wow do you ever sleep MC, posting at 3am lol.
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#18 MichaelC

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Posted 30 April 2015 - 09:16 AM

Hehe.  It was 7 AM ET, Tim.  I think you need to check your settings on the board. B)



#19 randian

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Posted 30 April 2015 - 09:17 AM

These days, that means avoiding areas such as where I am in south FL, and many of the major metro areas.  Smaller metro areas, in and around the Midwest for example, seem to work well for me.

So you've abandoned doing local deals? How much more effort and how much less profit are the remote deals? Lower property values must mean much smaller option consideration.



#20 MichaelC

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Posted 30 April 2015 - 09:33 AM

Haven't abandoned doing local deals, randian.  But there isn't any reason for any of us to limit ourselves geographically, particularly when information on just about any property is but a few mouse clicks away.

I wouldn't say distance deals require additional effort, but they do require a bit more caution.  It isn't as easy to remain in control of the deal when we aren't at ground zero, so to speak.  We are relying on someone else to handle things that we usually do and that always adds a layer or two to the mix.  And, yes, depending upon where the deal is, the option consideration could be less.  But as I have said on occasion, 50% of something is worth more than 100% of nothing.



#21 randian

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Posted 30 April 2015 - 10:05 AM

Haven't abandoned doing local deals, randian.

I thought by "avoiding" you were implying that SE Florida is so much of a seller's market that deals are few and far between. Certainly not enough to live on by itself.



#22 lomax_properties

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Posted 30 April 2015 - 10:09 AM

My question is how do you position yourself with out off state sellers so that you aren't just a consultant. Especially since they are the ones showing the property. What do you run into once they find you are not local? Do you have someone local to post signs?
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#23 MichaelC

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Posted 01 May 2015 - 01:43 PM

 

Haven't abandoned doing local deals, randian.

I thought by "avoiding" you were implying that SE Florida is so much of a seller's market that deals are few and far between. Certainly not enough to live on by itself.

 

"Avoiding" may be too strong a word.  I'm certainly open to business locally, but way too many sellers are of the mindset that we are once again in a runaway market with stratospheric appreciation.  It just isn't so.  This market, and many others, are artificially strong right now.  A Federal Reserve that won't stop printing money, economic numbers that are bogus, (interest rates, unemployment), and real estate sales being bolstered, once again, by cash buyers and speculators.  First time home buyers are far and few between.  And that's the hallmark of a strong real estate market.

With that said, perception is reality.  So if seller after seller tells me their house is worth 20% more than the sales data supports and that it will be worth 15% more in a year, it's wearisome trying to convince them otherwise.  Hunting in greener pastures makes sense.



#24 MichaelC

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Posted 01 May 2015 - 01:47 PM

My question is how do you position yourself with out off state sellers so that you aren't just a consultant. Especially since they are the ones showing the property. What do you run into once they find you are not local? Do you have someone local to post signs?

Tim, it's no different than doing a local deal.  I approach these deals with a Cooperative Assignment in mind and explain what I do and my position in the deal from the very first contact.  So my being out of the area is neither a surprise nor a detriment.  

Signs?  That depends upon the homeowner and how motivated and cooperative they are.  At the very least I insist on a lawn sign, and that's usually it.  Thereafter, it's up to me via online marketing to generate interest. 



#25 lomax_properties

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Posted 04 May 2015 - 01:49 PM

How many deals a month would you say you do structured like that?
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#26 MichaelC

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Posted 04 May 2015 - 01:55 PM

What happens in September has no bearing on what might happen in October.  I say this, Tim, only because the number of deals we do can and will fluctuate, sometimes for factors that are beyond our control.  That said, off the top of my head the answer to your question is between 0 and 5.



#27 lomax_properties

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Posted 04 May 2015 - 09:09 PM

Well yea that's definitely a great way to get a couple extra deals in the pipeline,I like it and will start implementing, free emails, owner shows it, free marketing to buyers,I like it.


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#28 MichaelC

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Posted 05 May 2015 - 06:11 AM

Well yea that's definitely a great way to get a couple extra deals in the pipeline,I like it and will start implementing, free emails, owner shows it, free marketing to buyers,I like it.

Agreed.  There's no downside and the likelihood of deals is solid.



#29 AmericanDreamHomes

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Posted 03 June 2015 - 05:41 PM

My question is how do you position yourself with out off state sellers so that you aren't just a consultant. Especially since they are the ones showing the property. What do you run into once they find you are not local? Do you have someone local to post signs?

@lomax_properties I too have started working on doing deals in virtual markets due to most homeowners in SoCal being pie in the sky with their pricing.I just completed a deal in Wisconsin last week where the homeowner showed the property and I took the calls and e-mails from potential TB's. That being said I have system set up with each home having it's own phone number and it automatically is tracked in my database. This allows me to see how many calls I am getting on a home and within a few weeks if I need to go back an re-negotiate rent or purchase price with the owner. I simply tell them up front I'm an investor and if there is 3-400 a month difference in rent I will rent it, if not I shift to a CA deal. I have a mortgage broker that checks debt to income and likelyhood of being financed in a year or two, a company that does full tenant background checks, and a credit repair company that will work with the TB if needed to improve chances of being financed. These checks and balances are done up front before the TB ever takes possession of the home and seller then sees the value I am adding....Hey if you want to go out and find all those people and do it yourself, I can help you doing that too for half to full months rent.

 

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