This REALLY works!! Im soo excited!

Robert,

I love success stories.

Have any of you guys ever done a whole sale/ lease option? if so i know you have to modify the lease option contract but how would you modify it to work for this strategy?

Thank you Walt! we are starting are REI career one step at a time and hope to soon do our first deal!(:

Did you have to get permission from Walmart to put up the signs?

i actualy didnt even ask we just put 2 sins at both exits of the parking lot. I dont think they even care though lol

Hay Robert
Awsome job, I ordered 50 yellow signs yesterday from sign warehouse & what you did sounds like a great avenue to follow (lease purchase)Keep learning & moving foward.

Matt B

Hello! Do you know anything about wholesaling REO's. Is there a way that I can contact a bank to buy from them, and sell to investors?

Great job, here is something you may want to look into. This is what I like, alittle niche that works well. Get with the people that called and find out everything they are looking for , BR- BA- How much they can pay per month, then call For rents , ask if they would consider selling their house.If they would ask if they would consider being the bank, this is where this guy owner finances to your end buyer, all you are doing is negotiating and get a contract on it , then you assign that contract to one of the buyers that called your signs, its just like wholesaling any deal like for cash, but this one is owner finance.
Tell the seller that he is still getting that payment every month, but now if a toilet breaks, or roof leaks , he doesnt have to worry about it. Once they hear that , its becomes more appealing. Good luck

Curtis Fillers
(Charlotte,NC)

I sent you this link on PM but I am posting it here also in case any one else needs it.

It is a thread that I put up quite a while ago with L/O info.

http://www.deangraziosi.com/real-estate-forums/everything-else/71370/lea...

Good luck!

Karen

Ya yellow signs work the best and 50 is A great number to start with. Of what i learned so far lease options are are a great strategy!(: hope this works out for us. One step at a time we.will become successful!!!(:

Yes yellow signs work very well! 50 is a great number to start with. You shouldn't have a problem getting.some.leads. just take one step at a time.(: we will succeed!!!!!

I put signs out last wed.& got 5 calls off them cant wait to put more out.To everyons success lets rock this world.

Matt B

You could make a whole bunch of deals with that! Way to get out there and take action! Yes, it DOES work!!

One place that I find good deals for lease options are pre-foreclosure leads. These people are usually willing to negotiate to prevent foreclosure.

Every time we get a call from a tenant buyer we do ask them how much can they afford a month in rent if they are going to "rent to own" and we also ask how much they can put as a downpayment. The down payment will be used to pay any behind payments or money the seller would want. We are planing to make a profit in the beginning and every month while they rent. Then when they are able to buy the home we would our biggest profit.

Good idea call FSBO and RENTS. The owner should get happy that he dont have to worry about repair and marketing expenses.

Thanks Karen, good info. Hope this strategy works out for me(:

When i was watching the video of Greg Murphy he said that you could do a lot of deals this way and theres no stopping you since your not being financed by anyone. It is a great strategy. success to us all!

Lenee, we put a like 25-30 signs made for sellers so hopefully we get a few leads this week. We might need to get a little bigger signs just because at some of the intersections its a little hard to read our signs, because they are a little far.

It will work. Just keep at it. There is a guy up around Modesto or in that area who made $90K in 6 months doing L/Os.

Good luck!

Karen

Thats AMAZING! I will make this work!(: that is awsome $90k using L/O's. Modesto is a few hours away. is he from this site?

He used to be. He hasn't been on in over a year though. I used to talk to him on the phone every so often but haven't heard from him in a while.

Karen

Hope hes doing great!(: bummer that he don't communicate no.more);

rsaldana. Nice work. This is very motivating and one of the lower risk ways of real estate. I love to hear about people making this strategy work. I am curious, do you happen to have the contracts for this type of deal? Let us a know when the first deal is finalized. Exciting news.

We are planning on using the regular lease with option to purchase. If i am correct think you are able to modify one so that it can work for what strategy im doing. Im very excited we hope to our first deal done very soon hopefully in the next week or two!(:

Robert.

Hey Robert, can I ask you what you put on your signs to get that response? Right now I have a couple of Craigslist ads out there because I just had knee surgery and can't get out to put up bandit signs. Just wondering what worked for you.
Amy

I always get good responses from my signs, and I also put them up by the hardware stores, home depot, lowes as well as by walmart and in neighborhoods.

Remember to pre qualify your tenant/buyer. Just because they have a down payment and can pay rent is not the reason you put them in. Don't stick your seller with a loser. That is not right. Have your broker determine what the tenant/buyer needs to do to be able to purchase(exercise the option)the house in 12 to 24 months. Credit repair? More down payment? If your broker says this person won't qualify to buy a used Toyota for 10 years than don't saddle your seller just to make a dollar! Get a good tenant buyer!!
By the way, these tenant/buyers are a dime a dozen. Just place an ad in the for rent section of Craigs list that says: Why rent when you can own? You will get multiple calls! You don't have to lie about a property you do not have! Just like everything, only about 10% will actually qualify as real tenant/buyers, not just renters.

Of course all this is meaningless unless you have the property that the owner will do a L/O on. Does not need to cash out and the numbers actually work and your buy/sale price is a price the house will actually appraise for.

Good luck and way to take action!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Hey Amy, i put " 3 bed 2 bath owner will finance then our phone number" and then on another sign i put "3 bed 2 bath Rent to Own"
this is the way i put it.

3 bed 2 bath house
Rent to Own
phone number
website

this ad will be aimed at tenant buyers. I also make seprete ones for investor buyers. I would put these same ads on craigslist or backpage or anywhere thats localy to you online
Hope this helps you out.

You will also need to use a separate rental agreement. In this agreement (rental) DO NOT mention that the tenant is doing a L/O. If for any reason the T/B falls behind in their pmts it is much easier and cheaper to evict than to foreclose.

Karen

Thanks for sharing.

Sandra