Posted by Tarheel T on July 08, 2001 at 22:57:40:
a book on this? 
TT
Is This A Good L/O Strategy? - Posted by Brian M. Powers(MI)
Posted by Brian M. Powers(MI) on July 08, 2001 at 21:27:00:
I ran across an investor who told me he has found success in finding motivated sellers by calling on houses for rent, and then asking if the Landlord would really like to sell the property. He told me he has a fairly substantial rate of finding “Landlord Burn-Outs” this way and often gets them to sell these properties on great terms.
I am thinking this might be an ideal L/O strategy. After all, I already know they are offering the “Lease” portion of the L/O, all I have to do is see if they want to sell it as well.
Anyone tried this or think I’m wasting my time??
Thanks!!
BMP
good source of leads- my letter for these - Posted by Matt B
Posted by Matt B on July 09, 2001 at 10:48:04:
Actually, I use these ads for leads too. I just don’t call them though. That can be a big waste of time. I get the number, do a reverse search on the internet, get the name and address associated with the number, then send out the following letter and usually get good results with it-
Dear property owner,
I recently noticed your ad for a property to rent. I would like to discuss with you an option that may be better for you than a mere rental. I?d like to take over the payments on the house, guarantee all maintenance and repairs, pay the taxes and insurance and eventually buy the house from you.
I have found that many people end up renting their house out because it just won?t sell fast enough and they need money to cover their payments. Others buy a house as an investment and are stuck with more responsibilities than they bargained for. Calls from tenants at all hours about clogged toilets, lost keys, broken appliances, leaks, etc. can stack up quickly and make the prospect of being a landlord very unappealing.
Then there are the tenants who don?t take care of the property and turn your investment into a dump. Or worse yet, there are the tenants who don?t pay and end up trashing the place when you are forced to evict them, leaving you with countless dollars spent on repairs after not being able to collect rent for months.
I can offer you a far better alternative to the headaches and negative cashflow that traditional landlording can bring you. I can take over the payments on the house and make them directly to the bank for you. You will retain ownership of the house and still get to enjoy all the tax write-offs that come with property ownership. I can take care of any maintenance or repairs that the house might ever need during the term of our agreement at absolutely NO COST to you. I can manage the property and make sure that it is properly maintained and cared for.
All I want is the ability to buy the property at some point in the future. I don?t charge you any fees because I make money by selling the house to a tenant/buyer. These tenant/buyers are people that my company puts through an intensive screening process to make sure that they are qualified in many ways. We do not want to deal with people who are only looking to rent and will not take care of the property. We deal only with people who want to become homeowners and do their best to maintain the property while they occupy it.
Even if our tenant/buyers do damage the house in any way, we guarantee in writing that we will repair any damages and bring the house back to the same, if not better condition than it was originally. We put all of this in writing.
It is in our best interest to deal with only qualified, high quality tenant/buyers, because as I said, we make our money by selling the house, not by charging you fees. While we help our tenant/buyers get qualified for financing, we still maintain the property and pay all expenses related to the house so that you never have to bother with anything related to the house again. That is, until we call you up and tell you that it is time to come to a closing and collect your check.
We can offer you all this even if you have very little or no equity. Even if you have had trouble selling the property in the past and thought that renting was the only solution, we can help.
Give us a call today!
Sincerely,
Re: Is This A Good L/O Strategy? - Posted by Russ Sims
Posted by Russ Sims on July 09, 2001 at 24:35:12:
Great idea…and Joe Kaiser has a whole course on it. A landlord who will sell to you on lease/option terms will probably treat you like any other tenant: they’ll want to do a credit check and charge you first, last and security deposit. That’s fine unless you really need to get in with zero up front cash and don’t want the credit check…landlords can be a lucrative source of deals but realize they are set in their ways and may not let you in for zero out of pocket, in spite of all the wonderful things a lease/option will do for them.
good luck!
Russ
Re: Is This A Good L/O Strategy? - Posted by Ronald * Starr
Posted by Ronald * Starr on July 08, 2001 at 21:39:42:
Brian M. Powell (MI)----------
This is one of the standard approaches to finding lease-option sellers. It has the benefit of locating properties that are not on the “for sale” market.
It has the drawback that a lot of the owners are not going to want to be selling. But, that is how it works with the good deals – you often have to go through a lot of prospects to find the deals you can get.
Good Investing****Ron Starr***********
Re: good source of leads- my letter for these - Posted by Brian M. Powers
Posted by Brian M. Powers on July 09, 2001 at 12:32:43:
wow…i sincerely thank for for such a helpful
reply…thank you so much for taking the time out to
help me. that is a great letter and i like your idea
of sending a letter rather than wasting time chasing
leads. if they are motivated they will call, if they
are not motivated then they will not…and that is
what i am looking for!
thanks again!
Brian