OfflineHey DG Family! Im so happy! me and my REI partner order new yellow bandit signs and wrote this with a black sharpie "3 bed 2 bath house Owner Will Finance" We put these signs yesterday in a Walmart parking lot in our town, and today we got about 25 calls!!!! in only one day!(: most of these callers are tenant buyers that have a down payment and are willing to pay a little more than what rent is in our area.
I learned this strategy from a video where Dean interviews Greg Murphy on how he does his deals with no money down. We are soo excited tomorrow is sunday and we know we are going to get even more calls than today! Now we need to find some good deals or even decent houses that we can lease option to these tenant buyers or investor buyer.
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
). Try to relax and be who you are.
Thanks for the advice. I need to get s broker ASAP! I would not like to put a LOSER renter in with the seller.. that would be really bad!! We just got a lead from a seller, shes asking $40k for her house and she wants to move out of state. How would I introduce the lease option to her?
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
Very true Karen!! That would be a bad situation. Yes that is one thing I would be scared of. Does thr seller have to know of the lease option? or?
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
first, get your comps for the property so you know if the owner is expecting to get paid for her house more than what you would be making a profit with. If the house is 'overpriced' you can tell the owner that because of the bank owned properties, all property values have declined. Then you ask her if you could give her cash within 7 days, how much would she sell her property (don't say home to owner)for. If she still expects to get too much, then you can say that you may be able to get her the price that she wants if she is flexible with the terms... then you introduce the lease option alternative
wishing you success,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Hi
I am new to this, just got the 3-chapter intro and haven't been to the presentation yet.
However, I am Totally Excited about this and feel a sense of euphoria at the thought of making a success with this.
You keep referring to signs. What exactly do the signs say? Do you get them from any sign maker, or are they specific to and ordered here through Dean's site?
Thanks!
Poetman
Very good thinking "home" may seem too emotional. So basically get an idea of what the house is worth (zillow says $41k) then make a full cash offer in order to wholesale the property and if she doesnt accept introduce the lease option to her?
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
You cannot base it on Zillow. This is not usually real accurate. You have to get the current comps for the house. Similar type house (number of BR/BA, sq ft, sold within the last 90 days, in the same neighborhood or within 1/2 mile. You can base your price on that. NOT houses that are FOR SALE, but ones that have SOLD.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
When you say "full cash offer" you know to deduct the 35% - repairs - your commission, right?
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Ok il need to look at 90 days of solds comps, not whats currently on the market for sale. Ya we'll do the 30-40% off fmv minus repairs. That would be our "cash offer"
I always get a little scared when im about to meet a seller! Like i said on one of my older post. Im worried that they will not take me serious becaus of my age. But I keep thinking I CAN DO IT I REALLY WANT THIS BAD! IM NOT GOING TO LET ANYTHING STOP ME!!!(: Like you guys said the more i do this the easier and more confident il be..
thanks
Robert.
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
Just carry yourself very professional and just be honest and up front with everyone, and it will go just fine. One thing to remember is be sure and LISTEN, you learn alot from listening.
Good luck
Curtis Fillers
(Charlotte,NC)
I'm already kind of picking.out my outfit for when i meet them lol. Ya im going to sound very professional and not act nervous and for sure LISTEN. That's one of the things I learned. Most sellers want someone they can tell their problem/situation to. Thanks Curtis I will try my best!(:
Robert.
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
I am in the process of doing a lease option with one of my tenants. He currently was renting to another landlord but wanted a house closer to town. When we got together, he said he wanted to rent for a year and then start looking for a house buy. Apparently, although he has a great job, his credit and money took a hit during a recent divorce.
I talked about a l/o possibility with this property. He was very interested.
2 months later, we are now within a month of signing a l/o contract. The original rental contract is intact. At first my asking price was to high, he was also hesitant with my next offer. I said lets think about this and I'll call you in a few days.
I studied all the comps (sold and for sale)did all the numbers. Everything was falling in place. But there was this one house a couple blocks away, similiar type of contruction and year built, with a for sale sign in the front yard. Couldn't find it on the mls. So I checked the sold properties and sure enough the property just sold a week ago. The sold price was right where I thought it to be. Called up my tenant, told him about the house, gave him another figure and now we are going to sit down to sign the l/o contract.
Karen is the Queen of the lease option. You can pull up her other l/o threads in the search area.
Good Luck!
Minnesota Bill
I always get a little scared when im about to meet a seller! Like i said on one of my older post. Im worried that they will not take me serious becaus of my age. But I keep thinking I CAN DO IT I REALLY WANT THIS BAD! IM NOT GOING TO LET ANYTHING STOP ME!!!(: Like you guys said the more i do this the easier and more confident il be..
thanks
Robert.
Robert, you forgot to deduct the amount you are going to charge for your fee when you wholesale it! Quite important!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
I talked about a l/o possibility with this property. He was very interested.
2 months later, we are now within a month of signing a l/o contract. The original rental contract is intact. At first my asking price was to high, he was also hesitant with my next offer. I said lets think about this and I'll call you in a few days.
I studied all the comps (sold and for sale)did all the numbers. Everything was falling in place. But there was this one house a couple blocks away, similiar type of contruction and year built, with a for sale sign in the front yard. Couldn't find it on the mls. So I checked the sold properties and sure enough the property just sold a week ago. The sold price was right where I thought it to be. Called up my tenant, told him about the house, gave him another figure and now we are going to sit down to sign the l/o contract.
Karen is the Queen of the lease option. You can pull up her other l/o threads in the search area.
Good Luck!
Minnesota Bill
Good for you for making it happen!
Thank you so much for the kind words.
You need to come on here more often and share your experiences. Looks like you are one of the many who follow the threads a lot but don't say much. You guys have so much that you can share with people just getting started. I hope we will hear more from you. Let us know how this latest deal works out.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
lol cant forget that it is very important!(:
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
thanks for posting Bill and like Karen said its great that your making this happen for you! wish you best of luck.
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
Great story. Thanks for sharing the success! You're right it really does work.
Chris
"Faith is the eternal elixir which gives life, power, and action to the impulse of thought.
"Faith is the starting point of all accumulation of riches!"
- Napoleon Hill, Think and Grow Rich
Karen, thank you for that excellent point. You are absolutely correct about having two different pieces of legal document!
Thank you
Raymond
congratulations!!! yes, this really does work! your ad is a good one, very simple and it got the message out. Continue to work hard - you can use the same technique when you are ready to attract sellers. Keep it simple!
Karen
KEEP MOVING FORWARD
"If it is important to you, you will find a way. If not, you'll find an excuse."
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doing this when he was 18.
No fear! Be afraid of not doing all you can do! It took me several months when I started with this to get over the fear of coming across extremely unprofessional because I have 4 kids and was homeschooling for the first 1 1/2 years doing this. I was afraid either an interruption, sibling rivalry, kids picking up other phones to say hi, etc, you get the picture, would make me sound so unprofessional and scare people off. I wasted several months getting over that! And it took a lot of talking to other moms doing this too. I was deathly afraid of not being taken seriously! 
. If I can do it, you can too! 
[quote=rsaldan
I always get a little scared when im about to meet a seller! Like i said on one of my older post. Im worried that they will not take me serious becaus of my age. But I keep thinking I CAN DO IT I REALLY WANT THIS BAD! IM NOT GOING TO LET ANYTHING STOP ME!!!(: Like you guys said the more i do this the easier and more confident il be..
thanks
Robert.