Posted by Russ Sims on January 13, 2001 at 23:33:45:
I doubt you’ll get many calls from homeowners wanting to lease/option their home to you (I’d love it if that happened!)but you WILL get calls from folks wanting to sell to you, and then it’s up to you qualify them and determine if they are a good lease/option candidate. You can write an ad that is more likely to bring in good lease/option prospects by saying something like “I BUY/LEASE HOUSES: NO EQUITY? NO PROBLEM! PH#”.You’ll find homeowners with little equity are very receptive to the idea of L/O so this ad should work well.
To sell a L/O your ad should read something like “RENT TO OWN/SHAKY CREDIT OKAY: 3BR/2BA RAMBLER ON NORTH SIDE. NICE!PH#”.
I sometimes ad ‘POSSIBLE ZERO DOWN’ to my ad and it really gets the phone to ringing. I will only do zero down if buyer had okay credit and then I jack the rent up about 20% over what it would be if they gave me 5% down. Prospects will call looking for zero down and when I show them how their payment will be dramtically lower if they do 3 to 5% down they get creative on getting me the money…something to try. Good luck!
Russ