Posted by Monique on February 27, 2001 at 07:57:02:
In a sick kind of way I thought this was too funny.
What will you do with the house? - Posted by Jim
Posted by Jim on February 26, 2001 at 11:31:57:
This is a very popular question that these sellers are asking me when I meet with them.
What is a good answer to give them? I always say (Each property presents a different approach) and then they go on to say well if you lease it (How do you do it) & if you decide to sell it (How do you do it)…You get the picture.
I know we can’t be rude (well at least I can’t) and just say It’s none of your business!..So how do you experts handle this?
Jim
I will try to resell it for a profit, but… - Posted by Lance
Posted by Lance on February 26, 2001 at 20:03:00:
…if I fail, I will remove all the cabinets, appliances, doors, fixtures and carpeting. Board up all the windows. Grafitti the walls. Throw animal fecces on the floor. Poor oil in the driveway. Then buy it back from the lender, at a big discount, after they foreclose on your sorry a@@. And if you whine about it, I’ll buy the defeciency from the lender, get a judgement against you, then torment you with it till you file Bankruptcy.
The trick is… - Posted by B.L.Renfrow
Posted by B.L.Renfrow on February 26, 2001 at 17:46:01:
…to tell them enough to put their minds at ease, without giving them a mini-seminar in how to do it themselves.
I tell them right off that I buy and sell houses to make money. I tell them at least some of the food on my table depends upon making money in my RE deals, and they all seem to understand that.
I simply tell them I will either rent or sell their house…which is completely true. I don’t tell them the actual mechanics of how I will go about it. If I sense they’re thinking, “Hmmm…how hard could that be?” I’ll be sure to throw in a horror story or two about dealing with tenants/buyers (and I have plenty of them, mostly from my own experience, or lack thereof).
Many sellers, especially older ones, have a strong emotional attachment to their homes, perhaps having lived there many years. They want to be reassured – even though they won’t ask directly – that you’ll take “good” care of the home, whatever that means to them. And I do take good care of my properties, so I don’t hesitate to reassure the sellers accordingly.
Brian (NY)
Re: What will you do with the house? - Posted by Mike (IN)
Posted by Mike (IN) on February 26, 2001 at 14:35:52:
Jim
…If I am buying using a lease/option…
I tell them straight out that I am an investor. I tell them I will sell it on a “rent to own” program (lease/option) and my goal is to have my buyers execute their option within 12-15 mos. I tell them I help my tenant/buyers get a loan so that this will not be a long term thing. However, I still go for as long of a lease term as I can get from my seller(36mos or longer).
Put them at ease with their concerns by explaining; you’ll be responsible for maintenence, repairs, guaranteeing payment, etc.
I think you just need to be honest and tell them you are an investor helping other people. That you sell the homes to people who need a little more time before qualifying for their loan, etc. You have a strict screening process before selecting your tenant/buyer.
Create a win/win picture for all involved.
Hope this helps!
Mike