Posted by Vic on June 08, 2000 at 19:12:43:
Lori,
Your idea about asking for the equity instead of what they owe is brilliant. I like that alot.
Vic
L/O Marketing - Posted by BR
Posted by BR on June 06, 2000 at 18:56:26:
Where are YOU finding most of your deals for sandwich L/O’s?
Mailing to out of state owners, tired landlords, ads in the paper, calling FSBO ads etc…
Re: Top Ten Sources to locate L/P deals - Posted by Lori Samson
Posted by Lori Samson on June 08, 2000 at 01:09:42:
Here is my list of the top ten.
- Calling “For Rent” or “For Lease” ads in the paper
- Calling “For Sale” ads in the paper
- Place an ad in the paper yourself “I’ll lease your house if you give me the option to buy”
- Street signs that read " I’ll buy your house at full price FAST"
- Current multiple listings with agents
- Expired listings from an Agent
- Visiting open houses
- Driving neighborhoods and capturing the FSBO’s
- Knocking on FSBO doors
- Calling mortgage brokers to see if they have any pending closing that can’t close until they sell their ‘Old’ house
This should get your wheels turning! Lori
Re: L/O Marketing - Posted by Bill K. - FL
Posted by Bill K. - FL on June 07, 2000 at 07:09:55:
Don’t forget single family FRBOs (for rent by owner) with higher rents. They might have tried unsucessfully to sell and now are looking to rent just to get out. The key to all this is following up. A no today, can be a maybe next week, and a yes in a month.
Re: L/O Marketing - Posted by dewCO
Posted by dewCO on June 06, 2000 at 23:24:38:
And where are most of you finding them in a sellers market, please??? dewCO
Re: L/O Marketing - Posted by B.L.Renfrow
Posted by B.L.Renfrow on June 06, 2000 at 22:22:59:
FSBOs, my Pennysaver ads, expired unsold listings…in that order…with a couple tired landlords and word-of-mouth referrals thrown in.
Brian (NY)
Re: Top Ten Sources to locate L/P deals - Posted by BobnNC
Posted by BobnNC on June 08, 2000 at 11:02:44:
Lori,
Good list!! Did you list them in the order of effectiveness? Do you contact people with the impression of being an individual or a Company or as an investor until you find if they are open to your ideas??
How do you start the conversation and lead into the l/o concept with them?
Thanks so much for your (or anyone else that would like to respond) help!
Bob
Re: Top Ten Sources to locate L/P deals - Posted by Lori Samson
Posted by Lori Samson on June 08, 2000 at 13:15:19:
I didn’t put them in order, Sorry!
I first call an individual as just a person trying to gain information about their property and then after I have gained enough CLUES I will go into, “Well, the reason I was inquiring is because I may be able to help you with your situation. I am a local investor and I specialize in deals that help people like yourself. I can’t promise I can help you and we only will help people that fit our critria…” Bait them and make them feel that they hope they fit your critria. I like to make them want what I have instead of creating the feeling that I have to sell them. If you e-mail me I can forward an excertp about the advantages to the seller, buyer and investor. It’s about 5 pages (much too long to write or read here) If you will learn it up side down and backwards you will be able to overcome sooooo much of the conversation problems that come in that first contact.If you aren’t able to quote them in your sleep your will stumble over your words because you are trying to find answers to their questions. Lori
Re: Top Ten Sources to locate L/P deals - Posted by Jeff (FL)
Posted by Jeff (FL) on June 09, 2000 at 24:27:53:
Lori,
Lately, I’ve been reading and following most of your posts and I must say they are extremely good. I learn something everytime I read one. If you’re not careful you just might become the next bonified site Guru, (if you’re not already). I especially enjoy your inputs regarding lease-options. Which brings me to my question:
Would it be too much trouble to include my email address on that 5page list of advantages to the Seller for lease-option deals? I’d appreciate it.
Sincerely and regards,
Jeff (FL)
Re: Top Ten Sources to locate L/P deals - Posted by Randy
Posted by Randy on June 08, 2000 at 15:24:16:
Good post I have realy liked your responses to people in the past. I have a question. What questions do you ask to “have gained enough clues” so that you can find out that they would possibile be interested in an L/O,how do you dig, do you really ask loan balance and monthly payment so quickly as LeGrand teaches?? Would love to know your approach.
Thanks in advance, Randy
Re: CLUES - Posted by Lori Samson
Posted by Lori Samson on June 08, 2000 at 16:52:07:
The things you find out are, yes, the mortgage balance. I always ask how much equity they have and they will straighten their shoulders and deepen their voice proudly to say
“I have 10 thou-u-sand DOLLARS-S-Ssss…in equity”
Now if you would have asked him how much his payoff was on his mortgage he would have answered you indignantly that “It’s none of our business”! Same information but asked differently! I hunt down the things that I need to evaluate that I could work out a deal.
- How much is owed (Sorry, How much equity)
- What are there monthly payments PITI (I’m figuring out how much I can lease it for)
- How big is the house/ square footage (I’m trying to see if the cost per square foot seems right)
4.Why are they moving because “The house sounds wonderful… why are you selling” ( No brainer-motivation)
5.Are they building a new house and have they found the new one they want yet( I know that if they have found the new house already then they are not going to want to lose that deal) - (here’s another one on how you word it) “Do you have enough cash to buy your new house with?” The old macho thing comes out if you are talking to the man and he will lower his chin and say “I have plenty of money” I say, “I was just wondering because some people don’t have enough money to buy another house without the equity from their old one” I really get a kick out of this when it happens just like a script.
Lori