Posted by Brent_IL on February 20, 2002 at 21:26:13:
Similar to PACTrust. The eviction isn’t easier; it’s that eviction is simpler than foreclosure.
In the future, I’m leaning toward using NARS services for any deal in which I retain any long term financial or management interest. I lose interest as soon as the deal is signed, so I’m happiest when someone else who I consider trustworthy is responsible for the paperwork.
Tenant Buyer Newpaper add question - Posted by LenWa
Posted by LenWa on February 19, 2002 at 18:57:00:
In getting t/b to call what all should be in the add
NO BANK QUALIFYING
RENT TO OWN
$4500 GETS YOU IN
CAN YOU MAKE $985.00 PAYMENTS
ON NICE 3BD 1 1/2B 1300SQ FT
$133,000
CALL XXX XXXX
What have you put in your adds— some examples would be great.
Thanks in advance
Len
Re: Tenant Buyer Newpaper add question - Posted by Brent_IL
Posted by Brent_IL on February 19, 2002 at 23:13:21:
In addition to what the others have said, I wouldn’t pay for “1300 sq ft” and “nice.” Unless your property is out of the ordinary, in a given area, the variance in square footage is probably not enough to make a big difference to the buyer. I believe they will ignore the nice and focus on the part that says how many bedrooms and baths. The no bank, low down payment, and monthly payment override everything else. Sometimes even area.
Re: Tenant Buyer Newpaper add question - Posted by Carey_PA
Posted by Carey_PA on February 19, 2002 at 22:41:37:
I use:
Area, 3br, 2ba. rancher. Rent to own! $xxxx per month. Call for details.
I like to have how much it is per month, because obviously it’s MORE than market rent and I want to make sure that the people that call on my ad can actually afford the payments and I do not specify the amount needed upfront (for option consideration) because as a previous poster said “why limit yourself to $4.5k” or whatever dollar amount…let the sellers tell you how much they have up front…it will either work for you or it won’t. If it doesn’t work for you tell them and sometimes they’ll FIND the money, suddenly!
CAREY
Re: Tenant Buyer Newpaper add question - Posted by Chris-Fl
Posted by Chris-Fl on February 19, 2002 at 20:14:46:
I think Mike Daly has given you excellent advice. Why limit your deposit to $4,500? The t/b may surprise you and offer you more than that. I like to run my ad the same was as you have just omit the $$$ amounts.
NO BANK QUALIFYING
RENT TO OWN
LOW PAYMENT
CALL XXX XXXX
When they call they will be mostly interested in 2 things… how much a month… you answer $985… how much down… you answer how much do you have??? If he answers less than what you are looking for you have to decide if you would be willing to work with him. If he says he has $10,000… guess what? That’s what the new down payment requirement is!
Happy investing,
Chris
Re: Tenant Buyer Newpaper add question - Posted by Mike Daly
Posted by Mike Daly on February 19, 2002 at 19:26:32:
I wouldn’t mention the deposit amount for two reasons: one, it will scare some people off, and two, you limit yourself to whatever amount you state. If you just ask people what they can put down, you’ll occasionally get people who’ll say “oh, I could could 15 or 20K down.”
Re: Tenant Buyer Newpaper add question - Posted by LenWA
Posted by LenWA on February 20, 2002 at 24:07:25:
Brent thanks for the tip keeping those words out would make the add shoter. Do you have a complete add you might like to share?
LenWA
I forgot to put this in the above post… - Posted by Carey_PA
Posted by Carey_PA on February 19, 2002 at 22:44:07:
I forgot a part of the ad I use…
Area, 3br, 2ba. rancher. Rent to own! $xxxx per month. Problem credit ok. Call for details.
Problem credit ok gets your phone ringing off the hook, that’s why you also want to make sure they can afford the monthly payments (at least I do anyway…it weeds 'em out a lil bit)
CAREY
Re: Tenant Buyer Newpaper add question - Posted by LenWA
Posted by LenWA on February 19, 2002 at 23:54:40:
Chris Thanks so much that ia right on what I wanted a short worded add. Thanks for the really good tips to
LenWA
Re: Tenant Buyer Newpaper add question - Posted by LenWA
Posted by LenWA on February 19, 2002 at 20:04:38:
Mike thanks so much for the tip can you post me an add example also.
Re: Tenant Buyer Newpaper add question - Posted by Brent_IL
Posted by Brent_IL on February 20, 2002 at 01:29:52:
In Illinois, because of the long legal history, many properties are either coming out of, or going into a trust. Many banks insist that the property be put in a trust so they can kick out non-payers easily.
I’ve started using Bill Gatten’s ad.
NO BANK QUALIFYING
NO DOWN PAYMENT
As few as 2 or 3 pmts
The closing costs are your costs, plus whatever you need in addition to the 3 payments to make the deal profitable, limited only by what your best buyer is willing to put down. The actual destination of the advance payments depends on the type of deal and the agreement.
Stay with the NO DOWN PAYMENT wording that means something entirely different than No Money Down. If you are marketing a single property, stating a specific area will eliminate folks who don?t want to live in that area. Less hassle.
Re: I forgot to put this in the above post… - Posted by LenWA
Posted by LenWA on February 20, 2002 at 24:01:55:
Carey very good add short and to the point just what I was hoping to get here thanks so much.
Boy have watched you grow into quit the pro investor in the last couple years. You have come along ways sense going over to watch the way Steve C was flipping huh. How many deals have you now done?
Len WA
How does …? - Posted by osirus
Posted by osirus on February 20, 2002 at 12:47:06:
How does putting a property in a land trust in Illinois makes kicking out non payors more easy?
Re: How does …? - Posted by Brent_IL
Posted by Brent_IL on February 20, 2002 at 13:32:57:
I was thinking in terms of a Resident Beneficiary (L/Oer). It’s handled internally according to the terms of the trust docs. It’s not a judicial foreclosure.
Are you talking about the Pactrust? - Posted by osirus
Posted by osirus on February 20, 2002 at 18:23:22:
If so, does having the tenant/buyer also be resident beneficiary of a landtrust actually make evicting them more easy than it would be otherwise?