UPDATE on our deal… - Posted by Justin-IL
Posted by Justin-IL on January 13, 2000 at 22:31:49:
Some of you saw my post about the deal I’ve got in the works. Thanks to everyone who responded. This is the plan I’ve come up with:
Place an ad in the paper for 3 weeks offering owner financing with 8K down, purchase price of 80K. My thinking here is that putting the downpayment in the ad, I will have “pre-screened” the potential buyers. (Thanks Michael Morrongiello for this great idea). I don’t want to waste my time with anyone who doesn’t have a downpayment.
When people call, I will pre-qualify them over the phone. Find out how much they have to put down, what their employment situation is, what their credit is like, etc. Then I’ll give them the address of the house.
At the house, I’ll have some applications tacked to the door, with instructions to complete and fax to me. (Bingo Bango Bongo style).
In the meantime, I’m going to contact several mortgage brokers and tell them what I’m doing. Then when I find my buyer, I’ll set up the financing, collect the downpayment, and hold a second for the rest of my profit. Yeah!
I am going to market the house like this for 3 weeks. If I don’t have a buyer by then, I’ll close and take title. Then I’ll re-assess, and either continue to market it owner-financing or market it as lease option…
As for the marketing, I’m going to run ads in the local paper and the thrifty nickel. I’m going to print flyers and put them in stores, etc. I’m also going to take digital pictures of the house and put them on my website. I’ll reference the website in the ads and flyers, and program a script so they can apply for the house online.
What do you think? I’d appreciate any and all feedback…
Justin and Amanda