Posted by Stacy (AZ) on March 31, 1999 at 10:27:37:
Well done, especially considering it was your first! Go get 'em!
Stacy
HELP NEED ADVISE ON RON LEGRAND L/O - Posted by Robjan
Posted by Robjan on March 30, 1999 at 19:44:57:
We just had an appointment with a couple to lease option their house that went very well. We did not tell them we have never done a l/o just that we have been in real estate for about a year which is true. He wants to see a copy of the contract, no problem, he wanted references, we told him we were a sole propritorship and could give him personal references. He also wants to see a copy of our credit report. Is this a reasonable request? We don’t have the best credit in the world thats one of the reasons why we liked Ron LeGrands lease option course that we bought and have been practicing. Do we just supply him with a credit report? I don’t even have a recent one. Help please advise. Thanks
Re: HELP NEED ADVISE ON RON LEGRAND L/O - Posted by Alex Gurevich, TX
Posted by Alex Gurevich, TX on March 31, 1999 at 08:47:59:
My primary way of doing business is taking over loans subject to. I have been asked a lot of questions about sellers’ security, possible effect on their credit ratings, responsibility for maintenance & damages, effect on sellers’ ability to qualify for another loan, etc. I have never been asked to furnish a credit report. I believe it’s because I pose as a business as opposed to myself. You may (perhaps even should for liability and tax reasons) consider forming your own corporation. I don’t think you’ll be asked questions about credit if sellers know you are a corporation doing a valume business.
Just an observation… - Posted by Russ Sims
Posted by Russ Sims on March 31, 1999 at 01:08:47:
Funny thing about credit reports: Unless the seller has experience in reading them, chances are they will not be able to figure the darn things out. I mean talk about cryptic! I know reports vary, but I recently ordered one on a prospective tenant, and I had to take it to my mortgage broker to break it down for me. They use numeric codes to indicate this or that, and God only knows what all those abbreviations mean. I can tell you where to order up a nice cryptic report on the internet. Just let me know. You can produce it to the seller without comment. The mere fact that you’ve given him/her one will probably allay their fears.
Good Luck!
You did more than most people ever do - Posted by JohnG
Posted by JohnG on March 30, 1999 at 23:22:49:
You actually made an appointment and went to see someone to try and make a deal.
Congratulations.
That is the biggest part of this game called real estate and that is just showing up.
I have been doing this for 20 years and I am real good at meeting people and I know “Exactly”
what to say on the phone and how to handle
objections and “close” the sale.
But that is just a bonus that comes from doing many many deals. Far more important is the fact that you actually went out and did something.
I see so many posts by people who are afraid to talk to someone till they have ALL the answers. Listen
Ron Legrand says SW SW SW SW
Some will
Some won’t
So what
Someones Waiting
As you get some deals under your belt, your confidence, as well as your bank account, will give you all the finesse and poise you need. Right now you just need to know that by showing up and doing your best you are already in the upper 5% of the people in this or any other business.
Good luck and keep on keeping on !!!
(P.S. The thing we fear the most is the very thing that
will slow us down. You mention your credit report cause it ain’t real good and sure enough that is the thing that will jump out and create fear. Forget your credit report - that is not what your client is concerned about - they want to feel secure that you will do what you say you will do and your credit report has nothing to do with that. It is just a fear (False Evidence Appearing Real) to keep you from making 20,000 this month on your first lease option. Is it worth that much to you or do you think that if I gave you 20,000 that you could work on overcoming that fear ???
Re: HELP NEED ADVISE ON RON LEGRAND L/O - Posted by JohnB_NNJ
Posted by JohnB_NNJ on March 30, 1999 at 21:02:32:
I have been doing the Ron Legrand L/O for about 2 months now. I have had several prospects but only one good deal. They wanted to see only the contract. I left them a blank one to look over for 24 hours. They did not care to see my credit report (even though I would have let them see it). They needed debt relief. That was their motivation. I provided debt relief and a promise to maintain the home. I put zero down. The seller also gives me a $30 credit every month. I really didn’t care about this credit but I threw it in there as a negotiation chip but they never balked at it. I also asked to have the washer, dryer and refrig, they agreed. My wife got those nice new appliances. I have a $100 positive cash flow. My tenant/buyer is responsible for any repairs under $1000. I received a $2500 non-refundable earnest money deposit ( option consideration). And my back end at closing (approx 12months) will be over $20,000. L/O is a great way to make some good money. I asured my seller that I will do as my contract provides for and that this is my full time business. I also requested a letter of recommendation from the seller when the deal is finally closed. The first deal is the hardest. I do not have any references to give except for personal references.
I hope this helps you with some of your questions.
Good investing!
Sincerely
John Bittel