Look for folks that are “overimproved” … you know, put in a deck and a jacuzzi and knocked down some walls to make the rooms bigger … basically the house doesn’t fit the neighborhood anymore … they can’t sell at the price they want (but that price might be reasonable down the road say 4-5 years)
Look for those that have to “get it done today!” … they are leaving tomorrow for “new place” and the debt is to high to support an outright purchase at a good enough discount.
Just a couple thoughts … others are more eloquant.
I am kind of new to L/O’s. The L/O concept sounds great and I understand that a seller has to be motivated to do a lease option. But it looks like they really need to ‘desparate’ to do a L/O here in Tulsa. The real estate market is really good. Can anyone comment? Thanks in advance.
Marla no matter where you are there are always individuals that will do a lease option. The wonderful task you have is to get in front of those people. Tulsa is a fantastic market and it doesn’t seem like anyone would need to do a lease option but it offers a seller the ability to partially close as soon as you can get a contract in front of them for them to sign. Best regards. Leave some lease options for me.
Don’t be so sure that the Tulsa market is that tough. I have a co-worker who buys using various strategies, and last week he purchased a home near Haskell & Yale from a FSBO. Nothing down except about $800 closing costs, seller carries a $35,000 note at $250 per month for 6 months. Home needs $750 in electrical work, being done now. Comparables show $65,000 value.
How did he do it? He sat down with the sellers for two hours one evening. They felt comfortable with him, and told him they had turned away about 20 other people’s offers. They were waiting for the right buyer to come along.
See Joe Kaiser’s articles on this site for an education. Let the people talk to you about what they need & why.
This friend of mine & his sister don’t seem to have any problem finding deals. Their secret? They keep looking all the time. And they keep talking with folks. And they make offers. Are the sellers desparate? I don’t know. But their FSBO signs says they have a need. Go and find out what that need is. Even in Tulsa, or Sapulpa, Sand Springs, Collinsville, etc. Heck…all over Green Country.