Posted by Russ Sims on March 11, 2000 at 12:54:05:
This is just one idea of what I hope will be many that come your way: if there are a lot of houses on the market that sit forever, then you can bet there are a lot of very motivated sellers out there. That’s GOOD for you!!Many of us wish we had that problem. Now I know you may be thinking that motivated sellers are very fine and well, but where will the buyers come from? The answer is in reselling the homes that you control or aquire with attractive terms…terms that will bring legions of buyers out of the wood work.
Try this: take out a cheap ad in your Sunday paper that says “Rent-to-own: Will consider poor credit. 3br, 2ba home w/fenced yard. 555*1234”. Wait for the phone to ring and when talking to prospects, tell them that your sorry, the home in the ad is no longer available, but that you will be aquiring other homes and that you’d like thier name and number as well as a profile of what they are looking for. You may be able to help them in the future.
This is a very inexpensive way to generally determine the market for lease-to-own or owner financed properties.
The response to your ad will probably bolster your confidence in your local market. The next thing to do is learn how to control or purchase properties zero down and resale them with attractive terms like lease/options or owner financing. Lease/options are easier (in my opinion) and that would probably be a
good area to start. Carleton Sheets doesn’t delve very far into the lease/option world, so look to experts such as Bill Bronchick, Joe Kaiser and Ron Legrand to provide excellent instruction on how to get a profitable lease/option business up and running.
You are right to start thinking about setting up your corp. or LLC immediately. Read everything Bronchick has to say about the issue on his web site, legalwiz.com. You may even want to invest in one of his do-it-yourself courses. I hear they are excellent.
You are fortunate in that you realize that this “down time” in your life can be used facilitate a profound change in your financial future (and general happiness!).My guess is that in a few short months, you won’t be pondering going back to work for someone else…