How To Find Lease Option Deals
Hello Everyone,
I am a new real estate investor looking for help with the lease option deals. By the way my name is Cassandra.
I have clients that are willing to do the lease option. My question is how do you get the sellers to go for the lease option program and what do you say to them to get them to bite. I am here in Raleigh NC. If anyone can I help I would so kindly appreciate it.
Thanks
Cassandra 
Basically, you are looking for sellers that don't have the time or inclination to go through "normal" channels to sell their home. You need to identify these sellers and get face to face with them and pitch them the idea. When sitting with them, remember their favorite radio station WII-FM.(What's in it for me). What are those answers?
1. There are no closing costs.
2. No RE agency fees
3. You can close today.
4. No more payments to worry about
5. No more getting the house clean and getting out of the house for a showing, only to find out that the prospective buyer never showed up.
6. No more emotional roller coaster. (person shows up and tells you they don't like the home where you raised a family)
7. With the house sold, they can move on with their lives.
_________________
Good Luck,
Shawn(OH)[ Edited by loanwizard on Date 09/05/2003 ]
Thank you all for the information that was given so far. I will make note of it and put the advice to good use.
You need to make it attractive to the sellers, cash out for equity as an example, you also need to have a lender to carry or a notebuyer to cash you out of an ownerfinanced note.
Contact me. My info is in my profile.
"This is advertising, if you want to hellp then why would anyone have to contact you, just post it here"
John $Cash$ Locke
TCI Moderator[ Edited by JohnLocke on Date 09/05/2003 ]
Well, JL says I am advertising...well, that's not true. I just have a lot of questions to figure out the best solution.
#1. Do you already have a house?
#2. Why would you assume the seller's are interested in selling or walking away?
#3. Are they desperate or in foreclosure?
#4. If they are in foreclosure, are they wanting to leave the house? If so, what do they want? They don't have many options. It's all in how you speak to them.
and on and on and on.....this is why I don't post the entire thing John. It's easier to speak to someone on the phone, which is what I do anyways and help them out within 15 minutes or atleast get them pointed in the right direction.
[addsig]
John,
This is an email I just got from someone from this site that I met. I talked to them about a week ago.
"I got two calls already and I'lll meet them at the house ****Must Reach Senior Investor status before posting URL's*** got the adds on the paper running from tomorrow on one and the other paper for 10days.For the mobile home I haven't got the numbers yet I went there today but the Owner had to take the wife to the hospital, so I didn't get to sit down with them but we rescheduled it for tomorrow night at 8pm.
I got two other prospects one is a rehab(new paint, new carpet) I'll fill you in and fax you the other documents, my fax line just got connected hopefully I haven't been home to test it.
Thanks this is trully a goldmine.
XXXXXX"
I really am helping people make money from zero, nada, not one red cent.
[addsig]
Quote:
On 2003-09-05 20:44, EarnWhileYouLearn wrote:
Well, JL says I am advertising...well, that's not true. I just have a lot of questions to figure out the best solution.
#1. Do you already have a house?
#2. Why would you assume the seller's are interested in selling or walking away?
#3. Are they desperate or in foreclosure?
#4. If they are in foreclosure, are they wanting to leave the house? If so, what do they want? They don't have many options. It's all in how you speak to them.
and on and on and on.....this is why I don't post the entire thing John. It's easier to speak to someone on the phone, which is what I do anyways and help them out within 15 minutes or atleast get them pointed in the right direction. <IMG SRC="images/forum/smilies/icon_eek.gif"> <IMG SRC="images/forum/smilies/icon_eek.gif"> <IMG SRC="images/forum/smilies/icon_eek.gif"> <IMG SRC="images/forum/smilies/icon_eek.gif">
Actually on several occasions, you have had advertisements. Please cease and desist. Otherwise I will delete any posts you make where I am a moderator. Try to keep things pleasant here and OBEY the site rules.
Regards,
Shawn(OH)
Shawn,
Do you have any 'Turnip Trucks' on your car lot, I think EarnWhileYouLearn figures we fell off one, just need to look at one to make sure we didn't.
John $Cash$ Locke
Hi EarnWhileYouLearn,
The situation with my clients is their credit is not perfect when the credit reports were pulled. In order for them to get into a home now, they prefer the lease option which will give them time to straighten up their credit.
Now I have the tenant/buyers but I do not have any FSBO in line. I have more tenant/buyers than FSBO. My question is what route do I take to pull the sellers. What dialogue do I use when speaking with them?
May I suggest running an ad for investors in your local newspaper. I think there are probably plenty of investors that would buy a house (preferably newer with little risk of repairs), and at a good price (some builders give great discounts on new construction). They, in turn, would, through your program , have an immediate tenant for positive cashflow, and have an out in a year or 2 and could move on to the next venture (thus avoiding short term capital gains). EVERYONE is HAPPY!
That is going on a LOT in Charlotte, NC!
Don't forget landlords (local and out of state or area) are targets for finding lease option homes.