Posted by Realtor Dan on June 11, 2011 at 06:31:08:
Hi,
I have both parties consult with an attorney. I also encourage the buyers to ask for documentation monthly that the mortgage is being paid and that the money is not being stolen etc.
This is a great way to sell properties that are worth less that the market will pay.
As I said, here in Boston I have many sellers who are open to this form of selling.
Good luck with it.
Finding Sellers Open to Lease Options - Posted by Mark
Posted by Mark on June 08, 2011 at 13:20:13:
Hi,
I’ve been reading that L/O strategy may be good to start off in this market. I’ve decided to focus on the L/O strategy.
I’ve had no success with Craigslist and on-line marketing. I’ve contacted hundresd of sellers but they are not interested in doing L/O deals. They just want to sell.
I hear some gurus say they have people living in India and doing 7-8 deals a month here in the U.S.
So how or where can one find sellers desparate enough that will agree to do a L/O deal? How do you find these sellers that will do a lease option?
Thanks,
Mark
Re: Finding Sellers Open to Lease Options - Posted by John Raney
Posted by John Raney on June 09, 2011 at 11:14:54:
Hey Mark,
I posted a responds below about this guys craigslist auto notification program I?ve purchased.
Apparently that?s all this guy does are lease options.
He says he is getting 1 deal a day or every other day by using his software.
I signed up last Friday and so far I?ve signed 3 contracts for lease options and ever single deal is from craigslist.
It?s crazy the amount of sellers that are either calling me back or responding to my emails.
Here is what the software sent out yesterday.
It sent a total 27 emails, all automatically.
I had 19 respond back to the emails.
I think my response rate was (19/27 = 70 %)
15 of the 19 were no?s and not interested at this time.
The other 3 requested more info about my lease option program.
Today I have 1 signed contract to do a lease option.
My closing ratio was (1/19 = 5%).
I think this will go up to 15.7% when the other 2 sign the contracts.
Now another things this guys says he does is he puts them into an auto responder to follow up with them.
I don?t have an auto responder, but I will be getting one now.
I have to say, I?ve purchased a lot of c-r-a-p and so far this guys software is living up to what he says!
Another neat feature the software has, is the ability to download the phone numbers.
He uses, I think, call fire to send out a voice blast from the phone numbers he collects.
I haven?t done this yet, but I?m going to try to do it by tomorrow.
All I know is I?ve signed up last Friday and I have 3 signed contracts for lease options.
I?m very impressed with this software and my results.
Email me if you want more info.
John
Re: Finding Sellers Open to Lease Options - Posted by LeasePurchase
Posted by LeasePurchase on June 08, 2011 at 19:27:37:
L2O is all I do. Me and my partners do 8 to 10 per month. Recently we have seen a dramatic increase in sellers willing to do a LTO.
I don’t do any advertising at all, I simply make calls to every seller I find and ask them if they would do it, that’s all.
Re: Finding Sellers Open to Lease Options - Posted by Realtor Dan
Posted by Realtor Dan on June 08, 2011 at 17:47:26:
Hi Mark,
You need to become friendly with some creative and bright Realtors.
We have a plethora of buyers who will L/O because that’s the best option for them.
Unfortunately for you, the sellers do not understand the concept and you have no way of reaching them— so it needs to be explained by their listing agent etc. It can be a win-win transaction and address and solve many of the issues facing todays sellers.
I’m constructing a deal as we speak.
Good luck and keep us informed on your progress.
Re: Finding Sellers Open to Lease Options - Posted by Arnie
Posted by Arnie on June 08, 2011 at 14:47:38:
I agree that lease options are probably the best way for the new investor to get started.
Craig’s List works for some, not so much for others. But it should only be a part of your marketing. As with any business, getting the word out about your product is critical to your success.
As for the BS gurus and their India nonsense, I have no idea what that has to do with you or anything, for that matter. 7-8 deals a month? Bull. I’ve been at this for about 10 years, and if I do 3 deals in a month, I’m thrilled. That’s the reality. I’ve got nothing to sell you, my friend. I would ask any of these gurus for proof.
In the meantime, the only guy I can recommend with regards to lease options is Carbonare, over at The Naked Investor.
Re: Finding Sellers Open to Lease Options - Posted by SoCalMark
Posted by SoCalMark on June 08, 2011 at 14:46:09:
You may want to call the rental listings as opposed to the for sale listings. A lot of people may have been forced to become landlords in this market and would love to lease option their home. Wendy Patton has a very good lease option course worth looking into. This is a strategy she suggests.
Re: Finding Sellers Open to Lease Options - Posted by Bob Smith
Posted by Bob Smith on June 16, 2011 at 12:33:06:
How do you get this to work? I’ve emailed hundreds of Craigslist
sellers and found no takers. Besides, most of the ads in the FSBO
section are illegal realtor ads that don’t disclose they’re realtors.
Re: Finding Sellers Open to Lease Options - Posted by Mike P- Ohio
Posted by Mike P- Ohio on June 15, 2011 at 09:48:22:
John,
What is the name of the software? Thanks!
Mike
Re: Finding Sellers Open to Lease Options - Posted by Herbster
Posted by Herbster on June 10, 2011 at 21:34:40:
John am I to assume that you work out of your area and do you do assignments?
Re: Finding Sellers Open to Lease Options - Posted by Russ
Posted by Russ on August 09, 2011 at 24:48:56:
What is your exit strategy? Do you sandwich l/o?
Re: Finding Sellers Open to Lease Options - Posted by Mark
Posted by Mark on June 08, 2011 at 23:33:36:
Hi Realtor Dan,
Thanks for the advice. I’m trying to understand the mechanics on how this all works. So how does the Realtor get paid their commission?
a. If the Realtor sent you a referral from another Realtor’s listing
b. If the Realtor sent you one of their listings
c. If you contacted a homeowner first and they told you to contact their Realtor to discuss L/O
Thanks,
Mark
Re: Finding Sellers Open to Lease Options - Posted by Mark
Posted by Mark on June 08, 2011 at 16:20:11:
Hi Arnie,
I believe the guru wanted people to infer that using her L/O system and if someone living across the world in India can do it here in America and do 7-8 deals a month ($30k/month), that it should be easy for someone already living here in America to do it as well.
I did ask her for more details about how this is done but no proof was given.
Maybe just the usual hype to sell more books and tapes.
Thanks for the information.
Mark
Re: Finding Sellers Open to Lease Options - Posted by Cary
Posted by Cary on June 11, 2011 at 14:23:04:
Here in Michigan where prices continue to decrease you would be hard pressed to find a seller/homeowner willing to sell on a lease option. Way too many disadvantages here contrary to what the “gurus” promote. The chances of a tenant buyer exercising an option and being abltegye to get financed is slim. Not a good strategy for investing in this economy here.
Re: Finding Sellers Open to Lease Options - Posted by Ken F.
Posted by Ken F. on June 20, 2011 at 15:17:54:
John, are you wholesaling lease options or doing sandwich lease options? Also, what is the software called and who is the guru again?
Re: Finding Sellers Open to Lease Options - Posted by John Raney
Posted by John Raney on June 16, 2011 at 23:32:48:
Hey Bob,
Sorry I had baseball and just got back!
I haven’t had that problem yet, not to say I wont!
In his training videos he shows you how to search the for sale by owners section.
He send out a very specialized email to these people plus he makes this email template available to the people that buy his software.
I must say it really gets a lot of results for me.
It’s pretty amazing how this software sends out these autoreplies every hour on the hour.
I can usually tell now when the software has kicke off either by phone calls come in or the emails.
John
Re: Finding Sellers Open to Lease Options - Posted by John Raney
Posted by John Raney on June 15, 2011 at 23:08:32:
Hey Mike,
I got it here:
http://findingmotivatedsellersexposed.com/clautoresponder/sl
He just sent out an email to his list about a contract he just sign in AZ and I think this guy is in KY.
I copied this link from the email:
http://findingmotivatedsellersexposed.com/proof_615.png
All I can say is I’m getting motivated sellers calling me every single day.
I’ve never had this in my life.
I’m actually thinking about hiring a VA to handle all the calls.
Anyway if you need anything email me.
Thanks
John
Re: Finding Sellers Open to Lease Options - Posted by John Raney
Posted by John Raney on June 11, 2011 at 08:06:45:
Before this software I was local.
Now, I?m working on expanding my reach to Arizona within the next couple of weeks.
Using this software I can pretty much go anywhere now!
It?s really amazing on what this guys software can do.
Yesterday his software sent out 23 emails in my target area and so far I?ve had 11 replies.
9 of them were no?s the other 2 were a yes.
John
Re: Finding Sellers Open to Lease Options - Posted by Realtor Dan
Posted by Realtor Dan on June 09, 2011 at 05:20:03:
Mark,
I get paid depending on how the deal is structured.
Seller pays me when the house sells, this sometimes takes a year or more depending on the time frame of the option.
Buyer pays me as a buyers agent when I find them a ready, willing and able seller.
Or, I get paid when I find the seller a new home.
There are so many upside down sellers right now that you should be able to find some fairly easily.
I am in Boston and there are plenty of these arrangements occurring. You just need to be exposed to the right Realtor etc.
Re: Finding Sellers Open to Lease Options - Posted by Arnie
Posted by Arnie on June 08, 2011 at 16:53:42:
I know said guru, and she is full of it.