What Is The Best Way To Advertise L/Os?
Hello everybody. I am currently in the process of marketing my first investment property. I am planning on marketing it as a l/o and was wondering if anyone had any ideas on what works and what doesn't. Any help would be greatly appreciated.
Thanks....CHE 
checuzick,
I only do L/Os when I list my REIs...
...and I only advertise on Sunday in the newspaper. I use a 3 line ad and put the ad in 2 sections...houses for sale and houses for rent....and it also goes on their InternetSiteForTheWeek...forFREE!!
....Oh and BTW...I use no sign in the yard so as to not get useless calls from the whole neighborhood.
ActualAdFromThisSunday:
REGENCY PARK Rent to Own. 3/1.5/
No gar. TLC. $1000 down. $799 mo.
727-555-5555
This house needs painting in and out and carpeting. ....I call this TLC
The house is being sold at the Comps for the area, $85K, with a $386 positive cash flow for me.
If the house was in move in condition it would be $3000 down.
I have had down payments as low as $100.00 depending on the work that needs to be done RE: LightHandyman through Handyman.
I never buy houses that need PermitsPulled!
If the house needs LightHandyman through Handyman I make an addendum to the L/O contracts with a punch list and dates for completion.
The option is for 360 months and the monthly payment covers PITI...
I treat all payments just like a 30 yr. amortized loan...
I GET GREAT RESULTS USING THIS SYSTEM and the above house will deal fast!
....as always,
GoodInvesting, Rocky
Thanks for the tips. What is your average turn around time on an l/o? I know it depends on the house, but just wondering.
Thanks,
che
checuzick,
Generally within a month...
...although I have L/O on the 1st call on SundayMorning!!...I LIKE THAT!
...and on my more expensive properties up to 2 months.
....as always,
GoodInvesting, Rocky
I agree w/ Rocky -- A man with lots of knowledge. The key words being "RENT TO OWN" in BIG Letters should get you what you need.
And depending on the RE market you could adjust the down payment amounts.
good luck,
Joey
Rocky,
Your reply was very helpful for me.
Just out of curiosity, what method did you use to buy or control the property? Did you do a Subject To deal or what?
Thanks for the info.
Housebyr
Rocky's given great advice.
Keep the ad simple and include the important details only, and especially the down and monthly.
Other things to consider are key features of the home. Examples like location if good, such as "Regency Park", heated square feet if bigger than 1200', the term EASY QUALIFYING generates more interest, and finally if the home has a special feature like a bonus room, family room, spa, pool, oversized lawn/acreage, bomb shelter, built-in rocket launchers, etc.
Roger
thanks for all the help everybody! I am going to pur an add in the paper right away. I'll let you all know what happens.
che
[ Edited by dag on Date 08/04/2003 ]
housebyr,
"Just out of curiosity, what method did you use to buy or control the property? Did you do a Subject To deal or what?"
I do NO MONEY DOWN DEALS...
...and CLOSE in my name.
....BUT there are MANY ways to do NoMoneyDownDeals...
....as always,
GoodInvesting, Rocky
Rocky,
You say there are many ways to do No Money Down Deals. Any suggestions on where to start looking?
I am trying to understand particularly l/o from the buyer and seller stand point since I am considering offering to purchase a home with a l/o and need to learn how to approach the seller about it, and if this goes smoothly trying to figure out how to make money doing it as well.
I ran across a program called "lease 2 purchase". Before I plunk down $147 I am trying to find out what other who have tried it think. Let me know if you have heard of it.
Thanks!
Kathy
Thanks,
Kathy
Kathy, I have used the "Lease To Purchase Program" & recommend it. I took the Lease Purchase Agreements ( one with me as tenant/buyer & one with me as landlord /seller), the rental application & the residential lease agreement to my lawyer so that I have assurance that my documents are legal in NJ. Having reviewed various "free" samples & read many of the excellent posts in these forums, I had made copious notes of what needed to be included ( both legally & for my peace of mind). This got everything together in a very cost effective manner. You want to be finding & funding deals without the nagging thought that your documentation is faulty. This helped leap-frog that whole ****Must Reach Senior Investor status before posting URL's***d Luck