Posted by Johnman on January 02, 1999 at 14:11:52:
TC,
Sounds like a plan. I’m looking forward to it.
Johnman
Response to ADS… hoo hooooooo!!! - Posted by Johnman
Posted by Johnman on December 30, 1998 at 20:29:37:
Hi to all,
No deal yet but I’m excited that in 3 weeks running my “I Buy Houses” ad I received 4 calls. One will not work and I posted this earlier. I checked out the other today and I will be working with the bank (hopefully). The loan is a NQA. I will be looking at another tomorrow. The lady inherited her grandmothers property and wants to get rid of it. I returned the 4th call but she wasn’t home. I’ll catch her tomorrow.
Then I called on an ad that said “ABSENTEE OWNER”, offered to do a lease/purchase and she said “YES”. This lady has two house payments. I asked the magic question (testing what she wants out of the deal) “What are you expecting out of the deal?” She said “Just take over the payments”. She had the house appraised and it came back as $81,000, she owes $74,500. Lease/Option looks good here. More details later!
I just wanted to share this so that other newbies would get excited too!!!
Thanks to all for the responses to my posts. Also thanks to all that share their time answering our (newbies) questions. It helps a lot!!!
No deals yet but LOTS OF NIBBLES and one WILL BE HOOKED!!! Hoo Hoooooooooooo!!
I’ll keep you updated.
Thanks everyone,
Johnman
Re: My 2 Cents - Posted by Roy
Posted by Roy on January 01, 1999 at 05:36:27:
Johnman
Buying “SUBJECT TO”, Taking deed in Trust, may be a option with this seller.
just my 2cents.
Re: Response to ADS… hoo hooooooo!!! - Posted by Joey P SE AL
Posted by Joey P SE AL on December 31, 1998 at 06:37:46:
MAN, are you enthusiastic, or what? Keep it up! I too got into this recently and am doing my first lease/purchase deal right now. I am wondering, in what area do you live? How many people there? I live in Enterprise, AL (pop 20,000) and have found that there is some interest by buyers in doing lease/purchase deals here.
One comes to mind immediately. The numbers on it are just a little better than the one you mentioned on your post - I know that it’s a good deal.
I have been very aggresive in marketing this particular home. For the last two weeks I have done all of the following:
I immediately placed a For Sale/Rent to Own sign in the front yard of the home.
I ran an ad in the local newspaper everyday for the first week, and every Sunday since.
I visited my local mortgage broker (the only local one) and talked with him about doing these types of deals. He fully understood what I was doing and told me that I was definitely headed in the right direction. I then asked him about his helping me to find a tenant/buyer (for a nice referral fee,) but I haven’t had much success there.
A couple of days after I made the deal, I also printed up 100 flyers and distributed them to some of the area’s most expensive rentals (townhomes.)
I have also talked with many realtors in the area, and they are currently helping me to find a tenant/buyer. I will give a very nice referral fee to the one that delivers.
Today, I am going to a very busy intersection not far from the home to put up a sign for many others to see.
After all of this, I have received only three calls and have showed the home only once the entire time.
I have to admit that I expected better results going in. I wonder if it’s because of the holidays (I agree with Ron LeGrand that December is definitely the worst month to sell a home.) Or could it be the fact that the town is just not big enough to support these kind of deals? - This is nice home in a very nice neighborhood, and is priced only slightly over appraised value, with monthly payments on the lease to be at or below FMRV. I certainly don’t think the limited response is from lack of effort in marketing it.
But anyway, I will keep trying because I know that it WILL sell. I will continue to think positive and try to maintain that same enthusiasm that you had in your post - MAN!
I would like to know if you have a similar story to tell, or if you have had much better success (hopefully you have.)
Thanks,
Joey
Re: Go Get 'Em! - Posted by DJ
Posted by DJ on December 30, 1998 at 20:42:42:
I can feel your excitement! Go get 'em!
All the Best!
DJ
Re: My 2 Cents - Posted by Johnman
Posted by Johnman on January 01, 1999 at 18:40:34:
Roy,
Two of my leads my be for a subject to deal. I’ll keep you folks posted.
Thanks,
Johnman
Re: Response to ADS… hoo hooooooo!!! - Posted by johnman
Posted by johnman on December 31, 1998 at 07:00:54:
Joey,
It looks like you’re doing just fine!!! You’re actually ahead. This time of year really isn’t a good time to sell but they are still out there. Patience and persistence is the key. I don’t have anything juicy to tell yet but I will post any development so that we all can learn from each other, the do’s and what not to do’s. I’m excited for you.
I’ll be busy today! Like I said in my post, I will meet with the lady who just inherited property, making phone calls, mailing letters to FSBOs and read some more.
I don’t have a deal yet BUT I’m ONE BITE AWAY!!! Wish me luck. Keep the energy level UP!!! hoo hoooooo!!
See yah,
Johnman
Re: Go Get 'Em! - Posted by Johnman
Posted by Johnman on December 31, 1998 at 07:02:40:
I’m on my way DJ, I’m on my way!!!
Thanks,
Johnman
Re: Go Get 'Em! - Posted by TC
Posted by TC on December 31, 1998 at 11:13:01:
Hey guys,Way to go!I feel the excitement way down here in Dallas.Patience is worth its wait in gold!Im a newby myself and have my first flip working on a owner finance,supposed to hear back after the holidays!Hearing these types of stories reinforces the thinking process that this can work for any one that will work it and persevere!Happy new year and may it be a prosperous one for all of us!
TC
Re: Go Get 'Em! - Posted by johnman
Posted by johnman on December 31, 1998 at 18:27:41:
TC,
CONGRATULATIONS!!!
Pray for me. I’m working these leads. If these don’t work, there will be more to come. I’m from Arlington, TX and I hope to be home soon. I know the market there than here in Savannah. Stay in touch.
This is cool!!! Hoo hooooo!!
Johnman
Hey Johnman! - Posted by TC
Posted by TC on January 01, 1999 at 13:44:30:
Arlington huh?You are almost out my back door here in the metroplex.Stay in contact,mayebe when you get back to Arlington we could meet to discuss a stategy or two.Look forward to hearing From you.
TC