Sandi

Good news everyone (even though I am sure you already know about it) I just got a flyer from a local Century 21 real estate agent here in the DC metro area. I would like to quote it: " February 6, 2006 Now more than ever is the time to get out of that townhouse and get into a single family home. Did you know that the TH market is the only market still selling quickly? In fact, they are the only properties that first time homebuyer's can afford. The single family market has transitioned to a buyer's market- and that is great news to you! Single family homes are staying on the market for an average of 60 days or more- this means that sellers are now reducing their prices and paying closing costs for buyers..." Good news for us that decided to get in when the getting in is good!

Incidentally Christine, I have been following your progress. I look forward to hearing your success stories.

Jeff, Christine (femalz rule! ), MC thank you for the help. Just out of curiousity, how long does it usually take you guys to find a tenant/buyer?

Okay, I received my email from MC with the 27 documents attached. Wow! I think this was the best $97 that I ever spent. For those who bought the manual, which of the 27 do I take onto an appointment with a seller that I am looking to do a CA?

Just wanted to say thank you, this was really informative to those of us that definetely need the help.

Thank you Jeff for your GREAT response. IT HELPED IN A HUGE WAY!!! I came home for lunch today just to read any posted messages. LOL. I can see that if the seller doesn't have the time then I should just move on. Thanks for the headsup on the cancellation clause, I was wondering how you guys set that up to cover all bases. What exactly do you mean by "if the market will allow to minimize the option money?" As I was driving today, I realized that I should also ask a question about finding the right tenant/buyer. I am assuming you pull their credit? What do you qualify them on? And once, you find the right tenant/buyer, then does the seller have to approve it? Sandi

Hi everyone, I know I have been asking a lot of questions here, and all of you have helped tremendously. I humbly thank you!!! I just communicated with MC (really nice guy) and purchased his manual. I am anxiously waiting for it. Fortunately/unfortunately, I have set appointments with sellers that are interested in this type of financing. I am going to be approaching all of them about CA's. I have read many a book on SLO's, but never heard about CA's until I found this website. What a great idea! It seems to be a little or no risk way of getting my feet wet. The unfortunate part is that I have no idea of what to do next when I see these people. So many questions in my head. Maybe you can help me out with a few: 1. Timeframe: What sort of timeframe do you ask from the seller to give you? 30 days? 60? 90? What if they don't have time? What if I don't find a t/b in the timeframe? 2. I have t/b's telling me that they can put everywhere from 5-25K down. Have you ever had a seller not want to credit them that much money on the back end (I am speaking more of the extreme end like 25K)?Is it really possible to make 25K just on one deal? Although I'm sure that doesn't happen everyday, that just seems incredible. 3. Why would a seller, who is motivated to sell, want to wait for me to find a t/b for them when they might be able to do it themselves? 4. What are the steps that you take in an appointment with the seller? As I mentioned in a previous post, I am very systematical so I feel like I'm not missing anything. 5. Do you still have to do due dillegence with a CA? 6. Is 1 CA a week possible? For all you seasoned investors, what have you found to be the norm? Do you still have a day job or do you work at this part time? I know, I know, I am asking a lot of questions. As you can see, I really need your help. My first appointment is tomorrow. I anxiously await my manual and your feedback. Sandi

Hi Adam, This did help, thank you. Do you give the seller a certain time frame- i.e. "I will get a t/b in the house within 30 days." Also, what happens if I can't find a tenant buyer for whatever reason within that time period? Thanks, Sandi

Hello everyone! MC- I finally got to register; I went on and put in my email address first, rather than the questions prior. It worked, and don't ask me why. I have been getting a lot of responses, both from tenant buyers and sellers that are very interested in what I do. I think the market around here is slowing down, therefore making sellers more hungry to get their house taken care of ( I live in the Washington DC area). Last year our market was around the 30% appreciation mark, this year it is speculated it will slow down to 15. I am very interested in CA's. It seems like the thing to do. I want to do SLO's, but without any experience in the property mgmt side, I want to get my feet wet first. Does the manual include information about CA's? Is this manual available for email for people with time constraints? What do you guys do about the seller's need for a security deposit in a CA? For example, the seller wants a security deposit of 1st and last month's rent- how do you guys deal with that? Would I take it out of the option premium fee from the t/b or what? Sandi