Posted by TCR_Va on November 08, 2002 at 22:26:50:
I talked to her husband first who turned me over to his wife. I talked to her for 45 minutes - not the husband. Nevertheless, I will call her back on Saturday. Thanks!
Potential Deal - Need Advice PLEASE ; ) - Posted by TCR_Va
Posted by TCR_Va on November 08, 2002 at 18:34:57:
I found one woman who bought a nice 3 bedroom 2 bath rancher back in July 2001 for $141,500 (it was assessed at $87,200 at the time). She has now made it available for rent. She told me that her husband and her were moving out-of-state by the end of next week. They are pre-approved to buy in the state that they are moving to. So they are not requiring any cash from the house here in Va right now. I explained to her that I was an investor and was interested in her house. I went on to explain how I could help her out (L/O) and she told me a little bit about the house. It’s a brick rancher, 1300 square feet, new kitchen, appliances stay (W/D included), a shed out back with electricity, fenced-in backyard, gas radiator heat, but no AC. Her outstanding mortgage is around $113k and the payments are around $900 a month. She wants at least $1050 in rent from the house here. Rents in the area here range from $900 to $1200 (just rentals - not rent-to-own properties). Comps show the house is worth about $155k right now. This area increases in value at a rate of about 5% to 7% so in 3 years it could be worth $176 or more. After we talked for about 45 minutes, she told me she wanted to talk to her husband about the lease option proposal. She sounded very interested. She is not motivated in the sense to sell but to get something hooked up for this house here as far as renting it out by next Friday. She told me that she would call back and let me know either way if they wanted more information. Today is Friday, and I don’t expect to hear from her before this coming Sunday.
Anyone got any suggestions?
Should I call her back?
PLEASE advise.
Phone Clairvoyants Arise! - Posted by $Cash$ (NV)
Posted by $Cash$ (NV) on November 08, 2002 at 21:53:02:
TCR Va,
Glad to meet you.
The seller said “were moving out-of-state by the end of next week.”
You say “She is not motivated in the sense to sell.”
First, you talked for 45 minutes to one of the decision makers, we call this in the business a “one legger”, the chances of this deal coming together for you are very slim, whether you call back or not. Is this lady going to address what you talked to her about for 45 minutes to her husband?
This is one of the main reasons I stress set the appointment make sure all the decision makers are present and tell them your story in person. If you want to save this deal then set an appointment with this lady and her husband to meet in person. Tell her you really need to meet with both of them, to see if you can help.
There may be investors that can close the deal on the phone, but I would say they are clairvoyant, or runnig a boiler room and buy everything site unseen.
John $Cash$ Locke
Ron Starr? Joe Kaiser? Anybody? - Posted by TCR_Va
Posted by TCR_Va on November 08, 2002 at 21:22:51:
I need some help!