NEED HELP!!!!! FIRST STEPS IN LEASE OPTION INVESTING
Hi Everyone,
I have finally got up the nerve to start on my mission of investing in real estate through purchase lease options. After reading Conti and Finkel's book, I have gone to the library and made a list of aged properties. The book suggests that you call properties that are for sale by owner after they are 1 to 3 months old. That way if they haven't sold yet, they are likely motivated to sell by the time you call them.
Well.....I have called a bunch of sellers whose adds were in the paper for 1.5 months and they either said they weren't interested in any creative offers or they have decided to list with an agent 
. It seems that if you wait too long to call, it is too late. Does anyone suggest trying to call them after the property was listed for 2 weeks?
Has anyone had any luck with lease options? It seems that (at least with my experience) that people don't want to lease their property, they want you to just buy it outright. Is this a good way to invest or should I be trying another type of investing.....Thanks for your help. 
nswasey,
There may be someone out there who has had success with calling sellers out of the classifieds but I bet they are very few and far between.
The most successful way I found to buy properties is to have the sellers call you.
This takes an advertising and marketing effort on your part.
You target your audience demographically to find any type of seller you are trying to reach, with the proper creative marketing methods you should have sellers calling you. Change directions in your efforts.
John $Cash$ Locke
Thank you John,
I am going to try that route.
Hello John, I think your idea is the definitely the best way to go. How successful is it running an ad in the news paper? How many properties have you purchased through this means (1 out 25)?
I have just gotten a line of credit and was interested in purchasing distressed property. I think 1 out of 25 would not be too much of long shot if it resulted in a cash back a closing deal. I think I can run a small ad for under $30 a month. Thanks for the tip.
Can you go into a little more detail about the advertising and marketing for sellers?
I am in Seattle and fairly new to investing. I also read the book by Finkle and Conti. I have followed their advice and called sellers that were "aged" about 2 months. I made three appointments out of 25 ads. Out of the 3 appointments I got 2 lease options. The third referred me to someone they new and I am meeting with them tomorrow to L/O their house. Today I assigned the option on one of the properties for $5000 and I keep the monthly cash flow when I rent it. True to the book I have only put in $20 so far. This technique does work, especially if you want immediate results. I do plan on advertising and sending postcards next. Maybe I was just lucky, but I think there is something worth looking at here. I began with only $20 and a computer. If I didn't make it I was homeless. Ironic, I know. Anyway, I just wanted to let everyone know that this techniques has, and can, work.
MetaCap,
I think it is great that this method is working for you. I would be interested to here from others who use this method to get a general idea of the overall success in different markets.
John $Cash$ Locke
MetaCap,
That is great that this technique is working for you. Can you give detail as to how you were able to make appointments? When you called people, were any of them still trying to sell their property by themselves or did they turn to a realtor. Most people said they were not interested. Maybe I said something wrong when I called them. What exactly was your conversation like?
Quote:
On 2002-11-17 21:32, MetaCap wrote:
I am in Seattle and fairly new to investing. I also read the book by Finkle and Conti. I have followed their advice and called sellers that were "aged" about 2 months. I made three appointments out of 25 ads. Out of the 3 appointments I got 2 lease options. The third referred me to someone they new and I am meeting with them tomorrow to L/O their house. Today I assigned the option on one of the properties for $5000 and I keep the monthly cash flow when I rent it. True to the book I have only put in $20 so far. This technique does work, especially if you want immediate results. I do plan on advertising and sending postcards next. Maybe I was just lucky, but I think there is something worth looking at here. I began with only $20 and a computer. If I didn't make it I was homeless. Ironic, I know. Anyway, I just wanted to let everyone know that this techniques has, and can, work.
[addsig]
Hello Metacap:
Great story, that is what I am trying to do could you please email me at paigediscdental2@aol.com. God Bless you and your business, John really gives great advise.....
[addsig]
Hello NSWASY
Do not give up!
I found alot of sellers whether they called me or I called them are not quite open to the idea of leasing. Approach people as a solution provider. Work on your presentation skills and do followups. Time changes everything. If you are courteous and you leave the door open you will find you can do deals with people you spoke to over a year ago.
John is soooo right about getting them to call you. Talking to unmotivated sellers whom did not call you can be quite discouraging.
thanks travisluedke,
i have actually decided to put up flyers, signs and ads in the paper. I do see a number of for sale by owner signs that have bee sitting around for at least a month. I will try and call those people just to establish a relationship. but i think i will shy away from cold calling people. thanks again. so what is your means of getting motivated sellers?
Hello Metacap,
I also read the book by Finkel and Conti. How did you get the legal forms that you need to make a lease purchasing deal? Did you have to go through a lawyer?
Thanks!
You are already started on the right track. Cold calling stinks, but if you are selective in who you call (look for the ads that show the most promise) its not so bad. You could look at using bulletin boards for your business cards and flyers. You could also go directly to the neighborhood you wish to do business in and blanket their doorknobs with those little card stock hangers ( like the do not disturb signs in hotels).
Signs, flyers, classified ads, weather channel banner ads, setup a website, 30 second radio ads, and followup,followup,followup.
Check out Lease to own homes for information on lease options (lease to own) opportunities. - ROBERT