Posted by SedonaSam on April 12, 2010 at 08:14:09:
WAREIA is in Salt Lake City, but handles transactions nationwide.
How are you finding renters or RTO occupants?? - Posted by Mark
Posted by Mark on March 31, 2010 at 17:02:54:
What methods are you finding work well to find renters and/or
rent to own occupants in this market? I’m located in
Chicagoland but am interested in hearing your success stories
from anywhere in the country. Thanks.
Re: How are you finding renters or RTO occupants?? - Posted by Pat
Posted by Pat on April 02, 2010 at 10:23:27:
We use the same methods We’ve been using for almost 20 years now. We advertise locally in the houses for rent section of the classifieds. At the end of the ad we write “possible rent with option”. Since the option implies an eventual sale, we have them get pre-qualified by a lender.This enables us to access their information to determine the best candidates likely to go through with the deal.
Once we select a candidate we issue the option based on the amount of time the lender has determined they need to get financing (generally 6 to 12 months). Interestingly, about 10% of the candidates will qualify for financing right away under one program or another (our knowledge of these programs helps). Our managemenr person works with them to keep them on
track. There are other details that are incidental to the deal that need to be adressed, but this is the gist of how we operate. The result is that we always have properties coming and going in various stages of the process.
Pat&WAREIA - Posted by TheSaint
Posted by TheSaint on April 11, 2010 at 13:36:26:
Can you tell us w/c part of the country you operate? Am guessing WAREIA is in the WA area? Also, what’s the percentage of the 10% really end up buying the property? Thanks for all the info you can share.
Re: How are you finding renters or RTO occupants?? - Posted by WAREIA
Posted by WAREIA on April 03, 2010 at 13:07:58:
Excellent Post!
This is almost exactly how we prospect and qualify our potential Residents or Tenant Buyers. And, you are absolutely correct. About 10% of those that are looking for a RTO will qualify for FHA or Conventional Financing. Now we just “flip” the property instead and take our profits now.
Great Reply. Thank you!
Re: Pat&WAREIA - Posted by WAREIA
Posted by WAREIA on April 12, 2010 at 17:26:46:
WAREIA is the Wasatch Area (Utah and Inter-mountain West). However, 90% of my transactions aren’t within 1000 of Utah. I do transactions where ever I can find them and actually prefer not to do them in my own area.
90% plus of my Resident/Buyers obtain permanent financing or sell to someone who does.