Posted by eric-fl on May 26, 2000 at 15:49:03:
Yikes, remind me never to negotiate with you :). I notice that both yours and Steve’s most successful ads mention rent credits.
My questions are this:
How can you afford to give rent credit? Are you just giving up the spread you would normally get and putting it all towards this?
There has been some mention that with rent credits, that is one of the things that can make this look more like a land contract. Have you had any issues with this?
Too many deals…need buyers!! - Posted by Steve(NC)
Posted by Steve(NC) on May 24, 2000 at 10:14:08:
Hello all,
I have been back in the REI game for about a month now.
I currently have 3 condos…where i am doing “rent to own” on.
I also have a “handyman” special house that i am owner financing (getting a loan from note broker)…on.
My problem is getting the tenant/buyers? (Normally it was locating the deals).
I have several ads in various publications, flyers, signs, have contacted realtors, mortgage brokers, corporate human resource offices…still no check in my hand yet.
I will keep at it and am sure it will happen within another week or so…
Am I forgeting an area to target?? Any other marketing ideas?
THanks.
Steve (NC)
You can L/O FAST with MY ad!! - Posted by Soraya
Posted by Soraya on May 25, 2000 at 01:28:13:
This is the ad I run. 90% of the time I am able to lease option the property within3 to 10 days.
SPRING VALLEY 2br 1.5ba Townhouse $997/mo Build $400/mo Equity while U rent. No bank qual. Owner will carry. Shaky credit OK,
24 hr. rec. msg 858-492-8046
Soraya,
Re: Too many deals…need buyers!! - Posted by Glenn-OH
Posted by Glenn-OH on May 24, 2000 at 19:14:23:
What do your ads say? Maybe we can give advice.
Re: Too many deals…need buyers!! - Posted by Bill K. - FL
Posted by Bill K. - FL on May 24, 2000 at 15:32:34:
Steve,
Where do you feel the problem lies? Have people seen and then not wanted to buy? Have they wanted to buy but can’t get financing? Do you keep a list of all prospects and call back to follow up? And see if they bought elsewhere or were just lookers in the first place? Answers to these questions can help you fine tune your marketing and pricing and get them sold.
Response to Ron-VA - Posted by Soraya
Posted by Soraya on May 25, 2000 at 12:17:48:
Ron
In the 24 hour recorded message, we tell them:
“We are reasonable, negotiable, flexible and generous with our ?rent to own? terms. We don?t have a required dollar amount that is necessary for you to put down to move in. That amount is negotiable and if it is reasonable we will try to work with you. We will do our best to work within your budget for your monthly rent and your down payment.”
Then on the rental application it asks how much they have available for down payment.
If the amount they write down is an amount I can work with, I do the following:
For example
If they write down. $5,000, I may say, we have $7000 in mind. How would putting $5000 down and pay the balance over the next three or four months work for you?
If they say they can’t handle that, I try for a compromise, If that does not work I tell them to give me a deposit and i will try to convince the seller to accept the $5000. If I am willing to go with the $5K I get back to the tenant buyer and tell them that if his credit report shows that he has never had an eviction and in general looks OK the Seller says that he will accept the $5K.
(If they had written down they had $7,000 I would try for $9K doing the same as above.)
Soraya(CA)
Re: You can L/O FAST with MY ad!! - Posted by Ron-Va
Posted by Ron-Va on May 25, 2000 at 11:35:24:
Good ad!! I will try something like it on a deal I just got. Question for you, when do you get to the option consideration or down payment in your dealing with the T/B’s. I see you have the monthly rent in your ad but not the down payment.
Thanks
Here’s more info… - Posted by Steve(NC)
Posted by Steve(NC) on May 24, 2000 at 22:44:57:
Ok…
The house (have option on house and am retailing it…but it isnt in tip top shape) ad that ran did draw 15 calls in one weekend…people just fizzeled out. One was ready to sign the deal up and decide against it.
“4BR,1400SF Remodeled.Easy qualify, Owner finacing. Good area. Must sell. $72,500 xxx-xxxx”
Condo ad (doing either a sandwich or assignment on this)…
have run two ads…
1.“2br/2.5BA 1600SF Rent to own. Great area. No Qualifying. 50% rent credited towards the purchase. xxx-xxxx”…got me 19 calls.
2. 2BR/2.5BA 1600SF Rent to own. No Qualfying. Take up to 3 years to purchase.Great area. $895 XXX-xxxx.
…has drawn 3 calls.
I am going back to this type for the condo…
"2BR/2.5Ba Rent to own. 50% rent credited to purchase.
No Qualifying. Great area. Pool. xxx-xxxx
The house…
4br Handyman special. Owner will finace.
No qualifying. Low down. Great area. xxx-xxxx.
I direct these calls to a voice mail box where they…press 1 for condo…2 for house…etc…
I then call these people back and get the information (monthly range, option $ available)…then send them to area. I then follow up…and see if they want to go inside.(only if qualified…CASH@@).
I know i am doing it right…just am being impatient. Need a female investor to yell at me or something.
I will keep at it.
Steve (NC)
P.s. 4 other deals in the works…