Posted by Roy on May 01, 2000 at 06:33:26:
I use this same ad.
when the buyer has enough down payment (10-15%) I sell on contract for deed.
Less than enough (3-5%), I sell on L/O.
It works
Not one call on L/O ad? - Posted by LeonNC
Posted by LeonNC on April 30, 2000 at 16:42:38:
Two Hundred dollars and one week later I’ve got ZERO calls on a house for lease option. The ad will run through next weekend so I still have time to change the terms with this ad. The ad is in the section of “Rentals with Option to Buy.” I’m debating whether to change the section I advertise in to the houses for sale or rent. The ad directs them to call the voicemail box I’ve got set up. This is a $167,000 house and I’m asking $1367.00 a month rent to cover the seller’s first mortgage. I’ve got it set up to assign so I’m not concerned about anything except finding someone with some money who wants in the house. Fair market rent for the house is about $1250.00 a month so I didn’t figure the extra $117.00 a month would be a big deal. The only thing I can think is to lower the rent. The ad reads as follows: (Remember, the section is “Rentals with Option to Buy” no need to say it again in the ad)
Concord - 3BR/2.5BA/bonus. 2
car gar. Below market value.
$1367/mo. XXX-XXX-XXXX
I’ve also listed the house online with the same newspaper and some search engines. I’ve also got it with the local area rental agency that advertises houses for rent free. I’m going to try some flyers this week. I’m just wondering why I haven’t got even one call.
Any thoughts?
LeonNC
Re: Not one call on L/O ad? - Posted by Joe Bowman
Posted by Joe Bowman on May 06, 2000 at 01:01:21:
I have done a lot of lease/option deals. When selling them I place the ad in the “Houses For Sale” section of the paper. (we don’t have a special section for L/O. I think I get a better buyer/tenant from the for sale section. I sell the financing more than the house. My ad will read something like this: "NO BANK QUALIFYING, $XXXX down (or low down), $XXX per month move in tomorrow! 3 bedroom, 2 bath, pool. lease/option/sale owner (XXX) XXX-XXXX.
You will get calls. Notice I didn’t say no qualifying, I said no BANK qualifying. I will still qualify them to my satisfaction. The house has to look good or the people still won’t jump at the deal. I get from 5% - 7% of the sales price for the non-refundable down payment. Good Luck
Re: Not one call on L/O ad? - Posted by Laure
Posted by Laure on April 30, 2000 at 22:28:10:
run it in the regular rentals… give it a try.
Laure 
Re: Not one call on L/O ad? - Posted by Soraya
Posted by Soraya on April 30, 2000 at 17:27:41:
Lower rent to fair market rent(FMR) or below & increase option consideration to cover neg. cash flow. I assume you have built in a good profit when the Optionee(s) exercise their option. How about an ad like this:
Concord 3Br 2.5Ba 2 car gar. $1250/mo Build $600/mo Equity while you rent. No Bank Qual. Owner will carry. Shaky credit OK 24 Hr Rec Msg XXX-XXX-XXXX
Soraya
Re: Not one call on L/O ad? - Posted by JohnBoy
Posted by JohnBoy on April 30, 2000 at 17:01:33:
Change the ad. Put it in the “Houses for Sale” section.
EASY QUAILIFYING! NO BANKS!
Seller will carry financing!
All credit will be considered.
Beautiful 3bd/2.5ba. House.
Call xxx-xxxx
Thank-you JohnBoy! - Posted by LeonNC
Posted by LeonNC on May 03, 2000 at 12:39:53:
I changed the ad and BANG started getting calls immediately. Thanks a million!
LeonNC
Re: Not one call on L/O ad? - Posted by Laure
Posted by Laure on April 30, 2000 at 22:29:36:
That’s a good one. Probably better than what I am doing.
Laure
Re: Not one call on L/O ad? - Posted by LeonNC
Posted by LeonNC on May 01, 2000 at 24:09:22:
Thanks for you input! Here’s what I’m going to try. I’m going to put it in the “For Sale” section. The ad will read:
EZ QUALIFYING! NO BANKS!
Owner will finance Beautiful
3BD/2.5BA House. XXX-XXX-XXXX
It’s a lease option but hopefully the ad will get people to call. I’ve got some others that I’m working on and I think it’s a good idea to make the ad kind of generic…as well as the voicemail recording. Thanks!
LeonNC