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Real Estate Investing Forums | Real Estate Investing | Sub2, Owner Finance, Options, Lease Options Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: Curious on the mentality of people who buy on lease options
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Author Topic: Curious on the mentality of people who buy on lease options  (Read 15735 times)
Redstar1324
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« Reply #15 on: July 29, 2016, 06:36:29 AM »

That sounds like a good idea.

How long does it take you to get the house sold through owner financing? How are you able to afford the sellers mortgage payments in the meantime?

After you have sold through owner financing, what do you still pay on the house? Taxes and insurance?
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Luke9686
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« Reply #16 on: July 29, 2016, 11:52:41 AM »

That sounds like a good idea.

How long does it take you to get the house sold through owner financing? How are you able to afford the sellers mortgage payments in the meantime?

After you have sold through owner financing, what do you still pay on the house? Taxes and insurance?

It's never taken longer than three weeks to sell.  I also never buy before I sell, ever.  I suppose I would if the deal was right, but so far I haven't.

Once I've sold it and the deal is done, I pay the underlying payment which almost always includes taxes and insurance.
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Redstar1324
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« Reply #17 on: July 29, 2016, 12:16:41 PM »

I realize I'm new to this, but how can you sell something before you buy it?

What is your most effective method of finding deals?
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Luke9686
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« Reply #18 on: July 29, 2016, 02:10:53 PM »

I have a signed contract between me and seller.  That gives me equitable interest in the property, therefore I can advertise it for sale.  I'm upfront with the sellers about everything I'm doing.  Half the time they still live in the property, it's never been a problem for me.

My most effective method, for both buying and selling is bandit signs.

To find sellers, use preprinted signs.
To find buyers, use yellow 18X24" handwritten signs
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Redstar1324
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« Reply #19 on: July 29, 2016, 02:39:21 PM »

My bandit signs have yielded me nothing so far.

I've gotten one call from another wholesaler.
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Luke9686
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« Reply #20 on: July 29, 2016, 05:45:24 PM »

Put them out the way I outlined in the other post.  They work.  I know a guy in Orlando that makes a fortune in RE using bandit signs.
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Redstar1324
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« Reply #21 on: July 29, 2016, 08:54:41 PM »

They are preprinted. They say "We Buy Houses" with my phone number in yellow and black.

I just put 25 up last weekend on Pine Hills Road. I got nothing so far and they're probably down by now.
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Luke9686
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« Reply #22 on: July 29, 2016, 09:23:35 PM »

Yellow sign with black ink?  That's a good color combo.

Put more out.  Try a different high traffic/commercial area.
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Redstar1324
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« Reply #23 on: July 30, 2016, 11:15:07 AM »

Do you know how often he puts signs up and how many he puts up every time he does?

If I would so much as get ONE response, it would do a lot to boost my confidence in this venture.
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Luke9686
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« Reply #24 on: July 30, 2016, 01:53:24 PM »

Something is wrong and we need to figure out what.  Even if you put 25 signs out in totally random places you would get at least 1 response.  What is the number on your signs?  Is it your number or a google voice type service?  Is that number working?

Where physically are you putting the signs?  They should be on the right side, facing traffic, on the closest intersection to the cars at stop lights and major intersections.
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Redstar1324
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« Reply #25 on: July 30, 2016, 05:20:39 PM »

I put them up in the manner you described. I went driving building back by buyers list today. I saw someone in the act of taking my sign down and putting his up.

Is this what I should be doing? Should I be taking other people's signs down? How long should these signs last for?

I probably have your friends number on my list. If you want to tell me on PM, you can. I  plan to rehab houses along with wholesaling.

I would estimate that 10% of my signs are still up one week later.
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Redstar1324
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« Reply #26 on: July 30, 2016, 08:41:45 PM »

Here's more. I saw that guy taking my sign down and I'm going to knock his sign down right now, but I actually called the cops to see if I could press theft charges. They told me that these signs are against county ordinance and that I could be fined and can't press charges.

Has your friend in Orlando ever been fined?

I don't have Google voice because I use a cell phone, not a laptop (can't sit still for long enough to use a computer lol), but could setting up a phony phone number prevent me from getting code enforcement fines?
« Last Edit: July 30, 2016, 09:39:03 PM by Redstar1324 » Report to moderator   Logged
Luke9686
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« Reply #27 on: July 31, 2016, 11:34:13 AM »

Google Voice has little to do with a laptop.  It's a dummy phone number that rings all your physical phones when it's dialed.  Never never never use your real number on bandit signs.  I use Ring Central, some use Vumber, but there are a bunch of services that do the same thing.

We found your problem, your competition is sabotaging you.  Call him and ask him WTF he's doing.  Disguise yourself as a seller to find out more about him.  I would start off using the friendly method.  Explain what you do and tell him there's plenty of deals for everybody so no need to take your signs out. 

If he doesn't respond to politeness, take the gloves off.  Find out when he puts his signs out and literall follow him around taking them out.  Two can play at this game.

Personally I'd find out where he normally puts them, then just avoid that area.
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javipa
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« Reply #28 on: July 31, 2016, 12:19:26 PM »


If he doesn't respond to politeness, take the gloves off.  Find out when he puts his signs out and literally follow him around taking them out.  Two can play at this game.

Personally I'd find out where he normally puts them, then just avoid that area.


Anyone pulling down the competition's signs is a lightweight, and should be flicked off the map.  There's no point in trying to be polite and professional.  Screw that. 

Find the guy's signs and rip them down.  Keep it up until he gives up.  It works both ways.  Meantime, either farm a different area, and/or replace his signs with yours.  You must care less than he does that your signs disappear, and keep doing it. 

I bet this guy bails in no time after his own signs start disappearing.  He's already nursing a scarcity mentality, so rubbing that in, just speeds everything up.

Issue:  Placing your bandit signs near the competition, helps them and you.  It's the same reason that fast food restaurants prefer to group  together.  It attracts more customers, than one stand-alone operation will attract by itself.  There's a perceived choice, and people are attracted to choices.  Same with driving to an intersection and finding several choices and calling on the sign that seems most interesting. 

Frankly, you might try to create some momentum by placing two bandit signs at the same locations, but with different copy and different phone numbers.  All of the sudden your customers are drawn to the choices you provide ...and hilariously, you still control the negotiations, after they call your other sign, and discover it's YOU again!   Who knew?
FWIW
« Last Edit: July 31, 2016, 12:22:36 PM by javipa » Report to moderator   Logged

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Redstar1324
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« Reply #29 on: July 31, 2016, 02:29:45 PM »

Yea I took down three of his signs last night and put them in a dumpster.

The cops told me it's not theft because it's just like someone saying you stole their marijuana (which I don't smoke).

Do you think I should just rip down everyone's signs just for fun so I'm the only wholesaler in town?
« Last Edit: July 31, 2016, 03:52:10 PM by Redstar1324 » Report to moderator   Logged
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Real Estate Investing Forums | Real Estate Investing | Sub2, Owner Finance, Options, Lease Options Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: Curious on the mentality of people who buy on lease options
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