Posted by Maxx(TX) on August 29, 2003 at 07:57:48:
"I don’t mention sub-leasing "
It’s not my intentions to be rude, but I’m just trying to help. Isnt what you trying to do not very nice? Acting not like you, where would you think it will lead you? Why would you want to deceive the Seller? Sub-leasing it when it states in the agreement that you CANNOT sub-lease will put you in trouble. Be upfront with everyone right from the start. It’s easier to do business that way. Pls, pls, drop your “ideas/ intentions” whether for this or next property. You will not go far if you continue to do so.
Instead, explain to the Seller how sub-leasing will be good for him. Instead of having just 1 person responsbile for the property, now he has 2. Or 3 or 4. And if he’s absolute a pain about it, move on to the next L/O. This is when you really learn to Negotiate. That’s a major part of REI.
Does Acting like a Big-time Investor or a Small-time Homebuyer recieve a better response from sellers offering there home for rent (Want to L/O). So far in my calls I feel I get a better response when I don’t mention sub-leasing the property and they think I want to rent to live there. But I have also had problems because I have bad credit & self employed so I don’t want them to worry about the payments being made. Any Suggestions???
Re: Act BIG or small??? - Posted by Doug Pretorius
Posted by Doug Pretorius on August 29, 2003 at 10:41:26:
Don’t ACT like anything. Like Lyal and Maxx pointed out, sooner or later you’re going to be found out, and it won’t be pretty.
Instead, BE a consultant/advisor who shows them how to SOLVE their PROBLEM. You have to find out what they want, and then use your knowledge/imagination to come up with a way to give it to them in a way that does more for them than the alternative, and gives you a profit.
Nick,
Right up front you want to let them know you “do this on an investment basis”. If they have any problem with that, move on. If you deceive them and they catch on, it’s just a law suit waiting to happen and you don’t need that especially early in your investing career (can you picture future contacts where they say "OOHHH you’re that guy in the papers…CLICK.)
If you find a truely motivated seller, the credit and employment status will never come up. Just make sure you’ve studied investing techniques and your local market enough to be SURE you can perform.
ALWAYS be honest. You’ll have fewer people who want to deal with you but those people will REALLY want your help…big difference.
All the best, Lyal