Posted by Joey P on December 18, 1998 at 01:23:44:
Thanks for the reply, John
Finding Buyers for Your Lease Purchases - Posted by Joey P
Posted by Joey P on December 17, 1998 at 23:41:41:
Hi guys. I have read Claude Diamond’s “Eight Ways to Find Tenants/Buyers for Your Lease/Purchases” from the how-to articles. I was just wondering if anyone else in here had any other ideas about this.
I have made an agreement to do one of these deals (looks really good, I think) and will sign into the contract on the 24th of this month (next Thursday.)
I know that now is the time to get busy. This is what I have done so far. Made agreement Sunday. Immediately began process of generating necessary front-end cash – working on finding a partner. I also went and put a “House for Sale - Rent to Own” sign in the front yard of the home. Next I called my local newspaper and placed an ad about it. I also went and talked to a local (the only local) mortgage broker about a lot of things – finding tenants(they couldn’t help with that,) the process involved with financing them (good/slow/bad credit,) pre-qualifying them, etc. I also called a realtor friend of mine who works the area and asked if things were “okay” in the area. The home is in a wonderful neighborhood, and she told me that things are not slow in there, even though some people have been having a little bit of difficulty selling lately (definite buyers’ market.) I also plan on going tomorrow and distributing about 100-200 flyers at some apartments/townhouses. I will also talk with some realtors about helping me find a tenant, and I will offer a generous referal fee.
No to the progress I have made. Okay, the sign went up Tuesday and the ad came out Wednesday. So far I have received only three calls - two Wednesday and one today. I was just wondering how this sounds to those of you who have done these kinds of deals before. Does it sound like I am doing things right and are three calls below or about what I should be expecting? I have never done this before, and even though I know that I am going to do all that I can do to make this work, I can’t help but worry about going to sign those papers Thursday.
PS - The details of this deal can be found on a post that I did three or four days back (SUNDAY) named “PLEASE HELP. IS THIS A GOOD DEAL - I THINK SO!!!”
Any input would be greatly appreciated.
Re: Finding Buyers for Your Lease Purchases - Posted by Jim_NC
Posted by Jim_NC on December 18, 1998 at 08:25:52:
It sounds like you are doing all the right things. One thing you might want to take into account is the fact that it is Christmas time. I normally get a house rented in a couple of days but the last couple of weeks have been slow. I think it’s because of Christmas. People are worried about buying presents and NOT buying a house this time of year. Hang in there and I’m sure you will get it rented.
Two words will solve your problem… - Posted by Kevin(OK)
Posted by Kevin(OK) on December 18, 1998 at 04:35:21:
…“Open House”. Have an open house on the weekend. Run a big ad with “Owner Finance” at the top telling almost every detail about the house and what time the home will be open (this will be worth the expense). Do NOT put your phone # in the ad, if people need to call you, then you didn’t put enough info. in the ad. Then have all the forms you will need at the open house and sign up as many people as you can. Then you will have the task of narrowing it down to one person/family (I would highly recommend family).
Re: Finding Buyers for Your Lease Purchases - Posted by John Katitus
Posted by John Katitus on December 18, 1998 at 01:10:16:
Sure you are excited, you should be. Signing papers is a cinch. It will go so smoothly that you will be off on the next task before you know it.
It sounds like you are doing more than enough marketing. My experience has been that no matter how hard you try, you cannot “make it happen.” You can help with your marketing and selling efforts, but that doesn’t mean the deal will happen any faster (or you won’t know it anyway). You will probably have a couple of parties look but not want what you have. When the right party shows up, you’ll know it. They will love the house and the back yard and the bushes and everything. Their only big question will be what they have to do to “get it.” That is the only kind of people I want to work with.
Don’t feel that you have to apologize for any shortcomings your lookers perceive, either in the property or the terms of the deal. Some people won’t like something about the house, others about the neighborhood, even more will think your deposit or monthly payment or sales prices are too high. The attitude I try to maintain is “The house is what it is” and “The terms are what they are.” It really doesn’t matter what all those lookers think. They are just looking.
Finally, calls. For years I have been amazed at how irregularly the calls come in. You could run the same ad two days in a row and one day get no calls and the next day get 10. I have found no method to predict how much response to expect. Good Luck. You will be fine.