Any Luck Contacting Landloards?

Comments(8)

• 
  JohnCl27th July, 2004

  Makes sense. They are usually more sophisticated than the average potential seller (hence open to creative ideas...) but at the same time you might not be dealing with the same level of motivation the gurus say you should look for. I particularly enjoy working with folks who are making more of a business decision than a life crisis decision.
  
  Just my 2 cents.
  
  JohnCl

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  LeaseOptionKing27th July, 2004

  Tired landlords are a good source (they do understand leases); however, be aware that they are more likely to require money to do the deal, and the houses are generally not in ideal shape. My ideal choice: Nice homes in nice neighborhoods that have a distressed Seller.

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  Jimbezy27th July, 2004

  You both have good points, Landlords are a differnt sort then motivated sellers. But one thing I can do is season the lists of properties I have to call on, waiting a few weeks. That way some of the landlords I call on will be more motivated to acept the lease opt. because they have been losing rent money on their vacent properties. Them being more motivated will lead them to being more open on creative REI ideas such as the lease opt.
  Do you guys have any other good ideas on who to call? or for that matter how to get people to call me? I know of the normal ad in the paper and bandit signs, but what else is there?
  
  Thanks for the help,
  James

• 
  LeaseOptionKing28th July, 2004

  The expired MLS listings and expired MLS leased properties are a good target. Also, do a "front end wildcard search" using the terms "lease option" and "lease purchase." This will pull up the expired listings where it says right there in the comments section "Seller will consider a lease option" or "Seller will consider a lease purchase." You now have an expired listing AND an eager L/O Seller.

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  feltman28th July, 2004

  My first purchase when i was 19 was a duplex that was for rent. I like your idea of seasoning your list (probably just use the local paper for a list) and focus on SFR and duplexes) If the rental market is as soft for you as it is here right now, you'll be up to your ears in motivated landloard fresh with capital appreciation and declining revenues - a perfect time to do what you are suggesting!

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  Jimbezy28th July, 2004

  Thanks for the comments, but one major problem I have is that I only have access to a generic local MLS. I can find current SFR's and MFR's for sale, but I cant find sold homes, lease Opts, rentals and expired listings. I probily should work with a realitor, but I dont feel like paying a buyers agent commission. So I might just get my Real Estate licince so I'll have access to the real MLS.
  But untill then I think Im going to start calling Landlords, and see what they have to say.
  
  Thanks for the help,
  James

• 
  LeaseOptionKing28th July, 2004

  You could hand out an agent's business card whenever you meet Sellers that are inflexible (always hand out only your own if they are at all receptive and follow up in 30 days). Write your name at the top of the card right in front of the Seller. About half might call the real estate agent, and about half of those will usually get listed. Real estate agents want listings. Not a bad trade for them to just do some print-outs for you.

• 
  Jimbezy31st July, 2004

  Good point, the agent would probily be pretty receptive to an idea like that. But I better get into action and start calling landlords, its the only way I can truly find out if it works or not.
  
  Thanks a lot,
  James