Posted by SusanL.–FL on February 09, 2000 at 13:44:11:
nt
Owner Financing Ads really work! - Posted by Carmen_FL
Posted by Carmen_FL on February 08, 2000 at 12:26:52:
Just thought I’d share my experience. Two weeks ago I ran an ad for a rehab house I need to sell. I admit, it was wishy-washy - just listed the area, 3/1.5, Owner help w/credit and closing. We got about 5 calls total, and no bites.
So this Sunday we started a new ad which is to run for a week (plus 2 free days because they messed up a little). The ad reads:
MARGATE Lg. 3/1.5
OWNER FINANCING
$4,500 Down, $791/month
954-XXX-XXXX
We got 10 calls on Sunday (that left messages); 9 calls on Monday, and so far on Tuesday we’ve had 6 calls (it’s 1:00pm). Many of these people are going to take a look in the next day or so and call us back. Many more will be interested in owner financing, but not on the house itself - which is OK! I can find them a house to “flip” with owner financing.
I had never tried this before, and now I know how to get my phone to ring! Give an office number! We’re getting calls as early as 7:00 am and as late as 11:00 pm.
PS - It looks like I’ll be selling the house to someone through a conventional, 97-100% financing loan, after all - the couple who first fell in love with it can actually qualify, but they were afraid to ask (I ran them through my mortgage broker first, they said “piece of cake”). But - they wouldn’t have CALLED me without the Owner Financing promise!
If ya want even more calls… - Posted by Paul_NY
Posted by Paul_NY on February 08, 2000 at 23:37:42:
…add in ‘Bad Credit OK’
Shhhhhh!
Don’ let Ed know! lol
Re: Owner Financing Ads really work! - Posted by Mark-NC
Posted by Mark-NC on February 08, 2000 at 13:09:16:
Carmen,
This is so true. These type of ads really pull in the calls. People are intimidated by the fact that they may have to go to a bank or a mortgage broker.But Like you say If you take these people under your wing and walk them through it with confidence they are so ever grateful and the deal is your’s to put together.
IT’s the simplicity of getting them in a home without the qualifiying that draws the calls. Unfortunatley It draws the other side of the fence too. When I run these ads I bet only 1 out of 6 calls are a possible candidate.It is a numbers game but as long as the calls are comming in, so are the potential buyers for your future deals.
Nice job keep it up.
Mark
They are the last people I want to get calls from!!! - Posted by Mark-NC
Posted by Mark-NC on February 09, 2000 at 22:00:46:
Yes, Its true You will get Litterally tons of calls but 98% of them are time wasters. To me I would rather get less calls with more qualified buyers. I usually put something in the ad like, some positive credit required.
I have tried dealing with the people that have all collections on their credit. But you know what? It dosen’t mater what their sob story is they still don’t pay, so I don’t deal with them any more.
2 years ago I had 5 deals set up with this type of buyer 4 of them went bad.
I don’t know how you make out with this type of buyer, hopfully you have had better luck than me. But I learned my lesson.
Mark
Yeah, But… - Posted by B.L.Renfrow
Posted by B.L.Renfrow on February 09, 2000 at 09:09:27:
I have tried that too, and yes, it does make the phone ring endlessly. But my experience is that it really mostly attracts those who couldn’t qualify for a $5 loan from their mother. Seems like you have to spend an inordinate amount of time talking with people who just don’t have the wherwithal to ever make it work, no matter how creative you are. The ones who have NO money up front, have defaulted on every loan they’ve ever had, have no source of income, etc. These people will call and go on and on and honestly not understand why they cannot buy a home with owner financing, do a L/O or whatever. In fact, I don’t think I’ve EVER done a deal with someone who called specifically in response to a “bad credit OK” ad.
Anyway, just my few cents’ worth. I’m off to Home Depot to buy toilets to replace the ones destroyed when the whole Northeast turned into a big icebox recently.
Brian (NY)
That’s what I did and I got a SLEW of calls! - Posted by SusanL.–FL
Posted by SusanL.–FL on February 09, 2000 at 08:45:36:
In my 'owner financing ad, I said, “bad credit not a problem”. The phone didn’t stop ringing. It gives people the feeling that they have a chance at life once again.
The callers ‘spilled their guts’ with what went wrong in their lives…which was good, actually, because it gave me a chance to ‘size up’ the individual a bit more. I could kind of see if they had done anything (since their ‘dilemna’) to help pull themselves out of their predicament and try to get their lives back on track—or if they had just laid down and died–and given up.
People DO love to talk, don’t they!
Fellow NC investor - Posted by Dan-NC
Posted by Dan-NC on February 08, 2000 at 17:16:00:
Mark,
Haven’t seen many NC investors on the board.
I’m in catawba, where are you located?
Email me at roadking@iwon.com if you would like.