"subject to" then lease option out? - Posted by Rey

Real Estate Investing
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Posted by Lee on July 09, 2002 at 12:01:15:

Thanks for these insights, Bob!

'Bye the way, when is your next workshop?
(I hope to make it there for the next one!)

Thanks in advance,
Lee

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“subject to” then lease option out? - Posted by Rey

Posted by Rey on July 08, 2002 at 08:18:41:

Has anyone ever bought a home “subject to” with the purpose of lease optioning it out? How well does this work?

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Re: “subject to” then lease option out? - Posted by Bob In Indy

Posted by Bob In Indy on July 08, 2002 at 13:08:06:

Yes, and it works very well!

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Re: “subject to” then lease option out? - Posted by ScottE

Posted by ScottE on July 09, 2002 at 24:10:18:

Hey Bob,

How do you advertise (what do you put in your ads specifically) a L/O on a property you take over ‘subject to’? I am trying to weed out the multitude of low rent tire kickers I seemed to rustle up.

Thanks!
Scott

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Re: “subject to” then lease option out? - Posted by Bob In Indy

Posted by Bob In Indy on July 09, 2002 at 09:18:40:

Hi,
This could become a long answer…but lets just give some simple guidelines.
If you use broadcast advertising (newspapers), then you’ll get lots of calls. To reduce those calls, put something in the ad to disqualify the tire kickers (like the monthly lease payment…$1050 - $1300).
To use direct marketing techniques (like we advocate), then you advertise what will interest the buyers (like ‘seller’ financing, no bank qualifying, etc).
When advertising, decide on who you’re trying to interest and then use the technique that fits that those types of needs.
Lot’s of folks don’t get the response that they want and can’t seem to figure out why. If you want homes in a certain neighborhood, then only advertise there.
If you only want tenants with over $1,000 per month, then advertise that way. It’s far easier to deal with fewer, more qualified prospects than to continually get calls from ‘also rans’.
Hope this helps,
Bob Meister