Posted by michaela-ATL on October 15, 2002 at 16:34:08:
jim,
i haven’t done it myself on a house, that’s in good shape. all the wholesalers i know, do it with fixer-uppers. i would ask any caller for their contact info and tell them, that you’d call them back at that number. so, the only way they’ll get the combination is by giving you a funcitoning ph#. knowing this, they would probably think twice about destroying something.
michaela
HELP!!! PLease - Posted by Turkish
Posted by Turkish on October 15, 2002 at 14:30:37:
I have been called just about ten times and emailed five by this home owner who is desperatly trying to sell her home. The problem is that she lives a couple of hours away from me. The numbers are good, really good and the house is in move-in condition with minor to no repairs needed (windows). The house is worth mid 70s and she’s willing to sell for 43k . I would like to option it off, but I’m not sure what to do b/c I can’t make that trip in order to show the property everytime an interested party calls. I even thought about asking the owner would she mind showing the property to perspective buyers, but then I thought what if they worked a deal that cut me out? No one will put a down payment on an Option and then pay the rest after closing? What should I do?
~Turkish
Re: HELP!!! PLease - Posted by Justin
Posted by Justin on October 15, 2002 at 22:54:19:
One thing I’ve also done is tell interested buyers that I’ll be at the property for showings “this Saturday” (or whatever day works). This accomplishes a couple of things: 1) You make one trip 2) Adds an element of urgency if there are a number of interested buyers looking at the same time.
Another idea would be to set up a box of flyers at the property and leave the drapes open in a few of the windows. Tell interested buyers to drop by at their leisure and feel free to look in the windows. This helps screen out the “tire-kickers” and leaves you with more serious prospects.
I’ve had pretty good success with both methods.
Kind regards,
Justin
Re: HELP!!! PLease - Posted by michaela-ATL
Posted by michaela-ATL on October 15, 2002 at 14:35:30:
buy it - either get a 90 or 95% investor loan. or if you don’t have any cash yourself, use hard money. there’s enough air, so you can get the funding. then put a lockbox on the door, an ad in the paper. make sure you get name and ph# of everyone that calls and give them the access code
michaela
Re: HELP!!! PLease - Posted by Maria
Posted by Maria on October 15, 2002 at 17:57:31:
Great idea…why not get their name when they call, then before you give them the lock box code, have them fax a copy of a driver’s license to you for added security.
p.s. where do you get that type of lockbox?
Thanks,
Maria
Michaela–Have you done this lockbox before? - Posted by Jim
Posted by Jim on October 15, 2002 at 15:29:18:
Great idea but just curious what if someone trashes the house, etc. Have you sold properties like this out of your area?
Re: HELP!!! PLease - Posted by Turkish
Posted by Turkish on October 15, 2002 at 15:25:29:
I forgot to mention that the home owner is the primary resident and she wants to move ASAP.
Re: HELP!!! PLease - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on October 15, 2002 at 20:20:57:
Maria----------
I’ve gotten those lockboxes at locksmiths, Home Depot, large Hardware stores, and there are internet sites that sell them also.
Good InvestingRon Starr**
Re: HELP!!! PLease - Posted by michaela-ATL
Posted by michaela-ATL on October 15, 2002 at 18:03:37:
maria,
good idea with the drivers license. maybe you can give the option of dl or copy of a utility bill. i’m just suggesting that, because i wouldn’t be able to fax a copy of my dl without going to a copy shop first. it’s too stiff to fit through my fax machine, which is also my copy machine.
michaela
Re: Michaela–Have you done this lockbox before? - Posted by JohnP SFL
Posted by JohnP SFL on October 16, 2002 at 07:17:43:
Jim,
the only drawback to this is that people leave doors unlock and sometimes wide open. If you are some distance from the property this can be difficult because you do need to check the property to make sure everything is fine. I had realtors go through properties and leave doors open or the A.C. on. I did get there license number but if you have ten realtors go through a house in a week how do you know who left the doors open? The only way I do allow people to go through the house is if I know I will be there that day or the next. I also recommend changing the lock box number every couple of days.I have had people think they have a free license to go through the property anytime they wanted. As you can see this can be a hassle. Much easier to be at the property one day a week or hire someone you can trust to show the property. In some cases it is much easier to hire a realtor. They do earn their money! (I am not a realtor).
JohnP SFL