Posted by Rob FL on March 29, 1999 at 07:10:38:
Hey, if you can get it for little or no money down I don’t see a problem doing the lease option. From reading Bill Gatten’s PacTrust posts, it sounds like he buys no equity properties all the time. You may want to search the archives for “Gatten” or click on his advertising banner up at the top.
WHAT’S THE BEST WAY TO FIND L/O DEALS?? - Posted by MONICA
Posted by MONICA on March 27, 1999 at 16:50:51:
What’s the best way to find L/O deals?
people that are selling their homes
people that are renting their homes?
I guess my real question is what is the best speal to use when I phone them.
Thanks guys!
Re: WHAT’S THE BEST WAY TO FIND L/O DEALS?? - Posted by Jim_NC
Posted by Jim_NC on March 27, 1999 at 20:45:12:
Monica,
I have found that tired landlords are just about the best way to pick up L/O deals. I have picked up L/O deals on several properties from motivated sellers with little equity but by far the best thing that has worked for me is calling the “homes for rent” in our local paper. I leave a message on their answering machine (90% of the ads I call on will have an answering machine answer, which is what you want). I say " I am calling about the house you have for rent. My company would be interested in leasing your house on a long term basis with an option to buy it. If this is something that interests you please call xxx-xxxx". If they call you back they must be interested or they would not call. I picked up 3 more L/O’s last week doing this.
Hope this helps. Good Luck!
Re: WHAT’S THE BEST WAY TO FIND L/O DEALS?? - Posted by Rob FL
Posted by Rob FL on March 27, 1999 at 18:29:25:
Not to offend Karl, but I have found that creative deals usually need to be done with motivated sellers. Just knocking on doors on weekends won’t cut it and you won’t be offering all cash if you are doing lease options. Most people hate soliciters.
Probably the two best categories for lease options are (1) tired and out-of-town landlords and (2) FSBO’s with no equity. I would mail out letters to the landlords using the tax rolls to determine if the property is homestead or not. Drive neighborhoods or read the newspaper for the FSBO’s.
Re: WHAT’S THE BEST WAY TO FIND L/O DEALS?? - Posted by Karl Grube
Posted by Karl Grube on March 27, 1999 at 17:42:39:
Here is a strategy I use. I first locate the neighborhood I want to own property. I spend a good deal of time analyzing the market in this neighborhood. I collect market sales data, survey data, zoning, assessors data, and appraisal data on select subject properties. I then go door to door, usually on a Saturday or Sunday morning, introducing myself to the owners. My business card says that I am a real estate investor! This immediately opens the door to conversation. I have found that every property is FOR SALE … especially for cash! If you talk with 100 owners, four of those owners will be highly motivated sellers even though there is no FOR SALE sign in the yard. Also, I do not call on houses where real estate agent For Sale signs are posted. . . . Karl
Re: WHAT’S THE BEST WAY TO FIND L/O DEALS?? - Posted by Steve Heller
Posted by Steve Heller on March 28, 1999 at 06:45:27:
Jim,
When do you let them know that you will be sub-leasing their property?
Steve Heller
You mean I’m not the only person… - Posted by John Katitus
Posted by John Katitus on March 29, 1999 at 01:07:03:
that buys properties that don’t have much equity L/O? From the postings I generally read, nobody else here is interested in any property they can’t get rich on immediately.
What’s your philosophy on this?
Re: WHAT’S THE BEST WAY TO FIND L/O DEALS?? - Posted by Jim_NC
Posted by Jim_NC on March 28, 1999 at 06:53:39:
I let them night right away. When they call me back I explain exactly what I do with with their property.