Yup. Missing the point. Yup Yup - Posted by Bill Gatten
Posted by Bill Gatten on October 31, 2000 at 18:43:32:
Mark!
I don’t want them know the numbers! I just want them to call, so I can interview them and determine what the numbers ought? a be relative to their particular situation. If I’m charging too much (for their pokka book), they’ll tell me and I can find out what they can afford and go get a property to match their needs and “want-to factor.” If I’m charging too little, I’ll find that out too…when I ask them the qualifying questions (Can you afford it? How’s your credit? Any liens or other “stuff” we need to know about? Oh well…that’s not bad enough that an extra payment or two in the Contingency Fund wouldn’t fix it…no more cash? Well, we can build the contingency over time with a bit higher monthly payment).
A house Steve Love(a regular here on CRE) and I are advertising now: $224K Value; $1,990 total (PITI, Trustee Fee and our $100 pos. cash flow); we have $40K equity in it.
My current ad says…
WHY RENT?
ENJOY THE BENEFITS
OF HOMEOWNERSHIP
NO BANK QUAL
NO DOWN PMT
At little as 3 Pmts & Cl.
Costs moves you in. $224K
3+2 w/FP, FR, 2CG, fenced,
Great area. Only $1,650
p/mo +tx and ins.
Now, here’s your ad on the same property
WHY RENT?
ENJOY THE BENEFITS
OF HOME OWNERSHIP
NO BANK QUAL
NO DOWN PAYMENT
$10K moves you in
$224K 3+2 w./FP, FR,
2cg. only $1990 p.mo.
Seriously, Mark, which ad do you think will get the most calls and the most prospects for the next house or condo I buy? Or which will get the most prospects for the next house I go looking for, because they are willing to pay me to do it (I charge a minimum of $1,000 to actively seek a property I can buy and make them my partner in)?
C’mon Mark. You gotta give-in somewhere here. This is just waaay too cool and easy a way to make a living. In the last four days, I’ve made offers on four properties, and none of them will be a problem due to some of these marketing strategies.
BTW: Thanks for coming to my aid over there on the “evil site (ours)” with that assertive lady 
. Though she turned out to be kind?a nice after the smoke cleared.
BTW…the closing costs are not 6% ! The $10K we want is broken down this way:
3 pmts of 1,990 each - 5,970
1st payment on contract - 1,990
Clos. costs - 2,040
Of the above – I agree with the prospect to convert their investment into a down payment (if they wish), whereupon I pay the closing costs myself (just one pmt, not 3). My discounted cl. costs turn out to be about $1,000 – into our little pockys. $5,000.
Why so little on this one? Because the property is hard to market and we want to keep 50% of the future appreciation and loan principal reduction: but we got it for $180K and would list for $225 easy (good equity…but high payments).
Bill