Now what (L/O)? - Posted by Karen (NY)

Real Estate Investing
1

Posted by Karen (NY) on January 08, 1999 at 15:24:46:

Thanks Joe-

Can you clarify #1 a bit? I’m looking at vacant houses, FSBOs and Houses for Rent. Is looking for these sorts of properties and then their owners the wrong approach?

You’re right–it doesn’t feel good at all. I thought I had my first potential deal. Oh well, got to get more irons into the fire.

Karen

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Now what (L/O)? - Posted by Karen (NY)

Posted by Karen (NY) on January 07, 1999 at 11:34:29:

Hi all-

Still trying to work with that woman in NC to lease-option her home. Summary follows, for those who haven’t read my last posts. Basically, it’s been empty since 1996. PITI approx. $400-$425 per month. Price is $150,000 (appraised last year) but she’s willing to drop. It’s been listed with a Realtor, but has only been shown 5-6 times in two years. Plus, the sign at the house got run over a few months ago and the agent hadn’t had a chance to get over a put up a new one. I spoke with her last Thursday. She seemed very interested. I was to call Monday to discuss with her and her husband.

Well, I’ve had no luck contacting her. No one was home Monday. Finally, I left a message saying I would call back Tuesday. Tuesday not only was no one home, but no answering machine either! I drove by the house the other day and lo and behold, there’s a new Realtor sign, with fresh footprints in the snow.

My guess is that the seller called the Realtor who said, “don’t do it, it’s a scam,” and now she’s avoiding me. I sent her some info (Bill Bronchick’s Special Report) with a nice cover letter. She certainly should have it by today, even allowing for recent bad weather and my extremely rural location.

Any thoughts on my next step? Do I keep calling? What do I say if I speak to her?

Thanks, as always!
Karen

3

Re: Now what (L/O)? - Posted by Joe Kaiser

Posted by Joe Kaiser on January 07, 1999 at 17:04:33:

Two things . . .

(1) Are you looking for houses or motivated sellers? Motivated sellers don’t require convincing.

(2) Once they’re ready to go, you have to get them signed up and squared away because if you don’t and you let things sit there waiting for whatever, they ALWAYS change their minds.

I got a “they changed their minds” fax not 10 minutes ago - doesn’t feel real good.

Stop looking for houses and start looking for motivated buyers, and when you get one who’s interested, get them signed up and get them done.

Joe