Got My 1st Sub2 Purchased, Now How Do I Find Buyers?
I just purchased my 1st bub2 property, now how do I get a flood of buyers. I tried my local paper and got 1 call that was from a realtor. I dont want to keep running ads at $200.00 each week. What should I try?
Try contacting your local bankers loan department and ask them for their list of preapproved buyers and tell them you have a home for them. I do this when I sell my homes for sale by owner and it has been working out great because I have brought three deals and we closed the loans with this lender. try it. Its another idea. It does get expensive from the paper ads. but look at it this way $800 a month on ads or 6% commission from a realtor (if based on $230k = $14k!)
my exact ad contained the down payment amount, the monthly payment amount, the acreage,(sorry if that's spelled wrong)bedrooms and bathrooms.
Hello,
"Why pay rent? Rent to own!" "Call 333-444-5555 for details."
Thanks,
OnTheWater
Maybe lower the down??? Depending on how much you need to get back.
Could you post the details of your deal? You might get some better suggestions.
yes tell us the exact method you are using to sell...km
Exact method...tell me if I am doing this correctly.
FMV is $183K
Asking Price is $163K
Downpayment is $8k
Monthly Payment is $1450.00
Asking for a 24 month lease, accepting any credit situation.
I just wrapped up my first sale via lease option. The ad that worked for me got 15 calls in 1 week - sold the house in 10 days. "No qualifications! No credit check! 5 BR 2 BA $1500/mo. 555-1212"
Keep it short (cheap) and simple. Ad cost me $65.00 to run Fri-Sun one weekend.
J23 how much did you get down??
If you're not getting the calls, you may be off on FMV. If you are getting calls but lttle interest, examine your terminology. You may be talking over your buyers' heads. WE all know what a "Lease Option" is, but your buyers may not. It could confuse them, and they are nervous enough already. Make everything accessible, in as simple language as possible.
"Basically, Mr. and Mrs, buyer, in you are making what amounts to a down payment of 5%, which is what we call an 'option payment' on your house. That's the money that looks to you like the down payment, for less than 5% of the house's value. It means you're the only one who can buy this house for the next two years, and the money you put down is 100% credited to the purchase price when you complete your purchase within two years. You'll be making a monthly lease payment, kind of like rent, except XX% applies to the actual purchase price of the house, it doesn't go out the window like rent would. AND, you aren't obligated to follow through until two years from now; if you want, you can just walk away at that point with no further obligation. This is a very common way to buy a house, especially from a private seller, most Realtors won't even give you this option, since their paycheck depends on getting all the money up front.
"If you do decide to complete the deal then--and you probably will--you'll have made steady lease payments and that counts for a lot when you go to get financed for the loan; I can be a very good reference and I know some mortgage brokers personally. You're also locking in today's price, which you won't actually have to pay for two years. Probably your house will be worth 10% (or XX %) more by then, but you'll only be paying today's price, not that price, etc. etc.
OK, that got long-winded, but you get the picture. Good luck!
j23
Great ad!
OTW :-D