Re: Arrgh! - Sandwich L/O - Posted by Chris
Posted by Chris on March 01, 2000 at 12:32:14:
You may have let the seller in on too much of your gameplan. In the future don’t make your side of the deal sound so sweet that you will get people like the seller salivating over a deal that did not look so great to him before. I mean why didn’t he think of your idea first?
Mention that all of the normal problems of a landlord will be removed for him-YOU NOT HIM take care of the tenants, YOU NOT HIM takes care of the maintenance, etc. Does he want to be a landlord or does he want his problems solved?
This guy sounds like he needs to be a little more motivated so you nay want to just leave him your offer and contact him again soon-maybe slip in that you have looked over the figures again and that your $1100 projected rent was for another property that you were looking at(something to place doubt in his mind about that figure being valid for his property).
Next time make sure that your L/O agreement with the seller gives you the right to sublease without the seller’s permission to a qualified tanant. He does not need to know your profit level. If he asks, state it in a way that you will hopefully make enough without reaching into your pocket to cover maintenance(although you know different) until you can purchase the property with a follow up that this is a long term investment for you-not an instant payday.
There are other sellers out there who are motivated.
-Good Luck, Chris