HELP! I can't get out of REALTOR mode! - Posted by Kristy-AZ

Posted by Jonathan Rexford on August 17, 2003 at 13:13:03:

Yep thats the buyer lists

Jonathan Rexford

HELP! I can’t get out of REALTOR mode! - Posted by Kristy-AZ

Posted by Kristy-AZ on August 16, 2003 at 23:36:42:

Hello Everyone,

We just bought a property Sub-2. It needs no work. (That’s a first for us) We would like to sell it as a L/O option or just keep it as a straight rental. My problem is, I have only had one other property like this and it took me several months to find a tenant.

Since I am also a Realtor, I am used to putting properties in the MLS or placing ads in the Newspaper.

I am going to put a sign on the property tomorrow “Rent to Own”, but would like to hear some other things that may have worked for you as far as finding a L/O Buyer!

Keep in mind we are not new to investing. We usually buy fix ups, rehab them and resell them. This is only our 2nd rental property and we would like to get someone in the property ASAP. So any suggestions for marketing and finding a tenant, or L/O Buyer would be greatly appreciated.


Re: HELP! I can’t get out of REALTOR mode! - Posted by JohnP SFL

Posted by JohnP SFL on August 18, 2003 at 19:56:10:

I have the same type of property which I took over sub2 three years ago. I just had to put a new tenant into the property. My market is also a little soft. I was very flexiable on terms. I had the property for rent at one price and L/O for another price. The tenants wanted to L/O the property but didn’t have the dwn payment. So we made it a rental with them paying additional rent for a L/O next year. It has worked out great. I did run a check on them. Since they are going to L/O the property next year they are already taking care of it as renters. Kristy I hope this helps.
P.S. Yes they are paying slightly lower then market rents.But I am receiving a additional rent each month for the option.

Re: HELP! I can’t get out of REALTOR mode! - Posted by Jonathan Rexford

Posted by Jonathan Rexford on August 17, 2003 at 08:01:05:


Don’t tell anyone I have one of those licenses also…lol. But here is what I have been doing for awhile. I have been using handmade signs at each property enterance that says RENT TO OWN address and PHONE #

I have a flyer box at each property that describes the terms and conditions of the deal. Each home has all the window blinds open and I place a flyer in each window telling size and what the room is. If there is an interior room that can’t be seen I place a flyer in the adjacent room telling what the room is…most of the time its a bathroom.

As far as my ads in the paper:
Rent-to-Own: 250 11th ave, 3 bed, 2 bath, large rear porch, built 1977, This is a beautiful home in a nice neighborhood. (772) 633-4004 Property #8401


Re: HELP! I can’t get out of REALTOR mode! - Posted by RichV(FL)

Posted by RichV(FL) on August 17, 2003 at 06:00:55:


For marketing techniques on rentals I feel ads in your local newspaper, Greensheet/Thriftynickel/Pennysaver are going to hit the most people.

It sounds like your market is a bit soft like mine when it comes to finding a good tenant. If you are going to do a straight out rental try to keep the rent slightly under market. It may help you find someone a little faster.

Just some thoughts,


Re: HELP! I can’t get out of REALTOR mode! - Posted by Brent_IL

Posted by Brent_IL on August 16, 2003 at 23:56:48:

Since I like PACTrust-like deals instead of L/O’s, I’d stay with the newspapers and flyers, but I’d emphasize 100% financing + closing costs. Closing costs can be adjusted to suck up whatever the buyer can contribute, 3% or 4% lately. The 100% financing will usually allow the FMV to be bumped by 10% for the contract buyer.

I prefer to sell on a lease/purchase because it transfers the costs of ownership to someone else. I can’t do that with most tenants.

You can always charge yourself a deferred selling commission and add it back into the financing mix to increase the LTV for your buyer while still staying within the banker?s guidelines.

Re: Dud file - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on August 17, 2003 at 09:16:16:

I keep a dud file. That is a file of folks who do not quite qualify for financing. This file makes me a bunch of money from time to time.

Often my buys will be expired listings that other Realtors could not sell in the normal manner. One that comes to mind is a situation that I am working on now. It takes about $1,500 to clean up late pmts, and expenses on this overpriced and over financed, rough property.

The very first name in my dud file is a woman 40 (ish), with a teen age son, and a live in male friend. She has less than 90 days on the job, and $2,000 cash. Credit has a bruise or two. She is looking for a land contract, or lease option that she can get into for $2,000 or less. We can probably work something out.

The point is that I keep this file of possible occupant/buyers so that I have someone for the property before I actually find the property.