Winter Weather - Problem For Sandwich Lease Option Strategy?
I have a few leads for props in great locations which look like great candidates for this strategy. However, since the winter months are slow months as far as getting tenant-buyers (please correct me if I'm wrong to make this assumption), would it be best to hold off of this method?
Any thoughts on this? I've never used this method before but am really itching to give it a shot.
Thanks![ Edited by aurera on Date 01/14/2004 ]
You'd be suprised! I got 2 tenant/buyer's in December both who brought 5k to the table each! I thought I wouldn't be able to offload these properties but had no problem. One house I got on a Wednesday and turned around and sold it L/P the following Monday. This time of year is pretty good (after the 1st of January). People are getting their tax refunds back and are ready to spend! Good luck.
[addsig]
What marketing methods brought 2 buyers with $5,000 each???
Lydia
I was real fortunate I guess. I work with a great network of investors so I got one great lead from that network and the other from the newspaper ad that I ran. I was suprised myself but it did happen! You must have good CONSISTENT marketing and good networking.
[addsig]
I''m in Minnesota, today it is -7, the last 3 weeks it has been around the teens. I signed 3 lease/options in December before Christmas, oops, 'the holidays', anyway. I filled them all here is the rundown:
1st - 20K in option, 350 above market rent. Moves in today.
2nd 15K option, 250 above market rent, moves in Feb 1.
3rd 8K option, 300 above market rent. Moves in 10 Feb.
I also have filled two other properties off my marketing for buddies of mine.
Marketing:
My network, classifieds, both major papers, bandit signs.
The only thing we had to work out is bandit signs, ordinarily it take me a hour or two, it took me 4 because I had to devise a way to get these damn signs in when the ground is frozen. Tooks us a week to come up with a good solution, and after trying just about every dumb thing we coudl we found a simple way. Now with the new snow fall this is even better, snowbanks are easier to put signs in.
My thought on the winter months is I wish I would have had more time. I should have signed more deals up, and maybe risked making a payment or two on a vacant property. Winter months are a good time to buy and I found with selling homes on a Rent To Own you are more selling the home and the opportunity.
Hey, Scott if u don't mind me asking. What was the simple way.
Hey Scott- sorry, I had to laugh.
Not at your success, but MN! I just moved from Minneapolis. I lived there since 1989! I am still defrosting..... my mosquito bites are just starting to deflate. Sorry, but what a friggin' tundra in the winter!!!!
Curious when you say- "My Network." I assume you mean your circle of influence (family, friends, etc.). Or do you mean something else? Please elaborate.