Re: Lease Options - Posted by RyaN (NC)
Posted by RyaN (NC) on September 13, 2005 at 22:20:28:
If you’re going to use L/O’s, I highly recommend getting a good lease that you know will stand up in your local court room! The best way is to go to the court house get a copy of the eviction records and contact a few of the landlords that have gotten a judgment from the court so that you’ll know that it works if you ever have to go that route. The option is not as important to me as it is the buyer / tenant and I just use it as-is except for changing FL to NC.
As for finding truly motivate sellers I personally go through about 3-4 calls to find one home I’ll go look at. If they won’t drop their asking price at least 25% on the phone, I’ve found that they won’t drop the price much more once I’ve wasted my time going out to look at the trailer.
I approach this on the phone by asking how much they want for it, then asking for specifics about the home, condition, size, rooms, year, why selling, ect, chit chat for a bit then I close with “if I where to buy your trailer today, what do you think you could let it go for…” If I don?t like the answer I tell them that it sounds like something I might be interested in but I don?t think that price would work and to call me back if they can find a way to do better on the price? IF they drop their price a good bit or if the price seems reasonably low to start with, I’ll go take a look and use Lonnie?s squirrel dog routine & “best cash price” to negotiate the price to where I want or I?ll walk away if they stall out above what I think the home is worth
We?ve been through a heck of a lot of homes trying to figure out what the retail prices are in our area and looking for the good deals, but by knowing pretty close to what we can sell a home for we haven’t went broke by missing out on a deal that someone else has paid to much for.
IMHO you choose to walk away from a lot of work for very little return, this guy may call you back in a month or so when he needs a grand or two to put a deposit down on the new double wide his wife found for them and they can?t sell because of the damage. You are off the couch looking for deals and deals have a really funny way of finding you (or your money I should say) once you are in motion, if it don?t happen today there will always be more trailers to see tomorrow. Happy Hunting