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Posted by Chuck on October 28, 2001 at 10:30:43:

I was thinking about posting an ad in the newspaper as I am having very little luck locating possible investment properties that are not listed with a realtor and finding a motivated seller who will assist with financing.

Any ideas or suggestions. My biggest problem is the No money down or at least very little. Ive found several properties, however they are through realtors. I've talked to a couple and of course they look at me like Im a dope wanting all of the above.

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Posted by Tobey on October 28, 2001 at 10:48:17:

Hi there:
Lots of the techniques I learned for the workable approaches to Realtors and Clients were learned ine in my Carleton Sheets course. He explains how you phrase things.It has been invaluable for me, even more so now that I got my license. Since this is not the Guru Forum, you need to learn how to do things such as:
1. visit equity lenders who make 0$ DN Loans.
2. get a credit pre-qual letter from them (they will say "dep[ending upon approval of property)
3. when you speak with agents & brokers, say you have been pre-qualified & show letter.
4. Ask "If I were to close this week for all cash, what is the best deal you could make me?"
5. NEVER SAY YOU WANT TO BUY 0$DOWN! THAT IS LIKE THROWING A RED FLAG IN FRONT OF AN ANGRY BULL! BROKERS AND AGENTS HATE THAT!
6. ALWAYS SAY PRESENT YOUR OFFER IN A DIFFERENT TERM:
** Lease Option
** Land Contract
** Spreading Down Payment over a few months (30)
7. Even tough they all function as 0$DN deals, they are more inviting to buyer and agent presented this way.
8. PHYSICAL IMPRESSION: DRESS IN EXPENSIVE CASUAL (Polo, Hillfiger, etc.) or a nice suit, wear a good watch & sunglasses (or glasses & Carry a good briefcase! If you can't afford "really good ones" go to a source for "Designer Discounts" or knock offs. People who will not give a dime to a starving man, will fall over themselves trying to get in "good" with someone they think is richer than they are.
9. Even if you take off your "rich clothes" when you get home and put on dingy duds for every day, always wear your "rich investor costume" when dealing with these folks. All agents and brokers who are savvy look for little details to assess how financially equiped someone is.
If you get and read Dress For Success (or current version) then you will find the waters will part for you.
Tobey

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Posted by Doug (ON) on October 28, 2001 at 12:45:56:

Tobey's suggestions are fine, but I wonder how many agreeable agents she's done deals with?

How about something like this for *possibly* working an L/O through an agent:

Speaking to the agent: "You know those listings that expire without you making a cent?"--this makes them feel the pain a little.

"If you're interested in making more money from them than you do from the houses you sell easily. I can teach you how this is possible, with just a little flexibility."

"Oh and by the way, I'm not going to teach you this stuff for my health, I expect you to bring as many of these deals to me as you can find."

Then you go on to educate them about delayed commission premiums, or commission notes, or whatever.

Doug

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Posted by Brian, WI on October 28, 2001 at 15:23:03:

Is this to say you are dealing with just the listing agent?

What if there is an agent you "work" with that isn't the listing agent? Bypass them?

Thanks

Brian, WI

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Posted by Doug (ON) on October 28, 2001 at 15:55:47:

Let me answer this way: As far as I know, no one has been able to do creative deals with agents any other way.

It's nearly impossible to convince one agent, let alone two!

Expiring listings, or depressed markets, are the only situations you'll find agents desperate enough to become creative (unless you stumble across one of the few who are true investors too.)

Besides the above suggestion, the only way to do deals through agents is to buy junkers. Steve Cook has showed us how.

If you want to spend the time, you could offer to speak before realties, and educate the agents about some of these techniques. Some paper investors seem to have found this very effective. Essentially you're teaching them how to benefit themselves, and creating a market for yourself.

Doug

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Posted by David Finkel on October 28, 2001 at 16:09:40:

Chuck, There was good input for you about the realtor troubles already. As for ads to get sellers to call you, this is a great idea. The ad I've been running for the past three years and have gotten some great buys from is:

I'll Buy/Lease Your House
7 Days or Less! Stop Foreclosure,
No Equity/No Problem. No Commissions/
Fees, Call 888-555-1212 24 hr. msg.

I feed the calls into a toll free voice mail because it captures the phone number of all callers (even if they have caller id block.)

I run in it in Penny Saver rather than my big city paper. This is less expensive and works better. I pay an extr $25 to get a box around my ad (worth it.)

Try placing your ad in the paper in your area where everyone advertises for moving sales, estate sales, etc. Put it in the Homes for Sale section.

Good Luck,
David Finkel

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Posted by William on October 28, 2001 at 17:40:03:

Please share additional information regarding the toll free telephone service with the ability to capture callers' phone numbers.

It is necessary to have big pocket private investors available and waiting "in the wings" when a deal develops and a seller is willing to sell at a big discount but wants cash?

Please explain how this works once they call...

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Posted by david Finkel on October 29, 2001 at 10:03:23:

You can get the voice mail service for aprox. $15 per month through AREIA (www.americanreia.com) and 10 cents per minute. (GIves you 9 vm boxes via ext. 1-9 off of toll free number.) THis is the system I have been using for some time. Best value I have found.

As for needing "Big Pockets", while having cash can help, it is not a requirement. For example, the last two houses I bought: 1) seller behind 4 months of paymentts, I brought them current and took title subject to their 7.5% 30yr fixed rate loan and gave them 1k for all their equity. Total into it: 9k, I got 6k back from my buyer I sold it to on a rent to own.

2) BOught house after making up 3k of back payments subject to 7.9% mortgage. I gave seller 2nd mort. of $15k for their 40-50k of equity. I put aprox 5k into it to paint/carpet. It took me 8k to get into it, I got 5k from my buyer on a rent to own, and I have over 50k equity.

My point is that many of the people who will call of your ad will just want a way to painlessly walk from the property.

I hope this helps,
David FInkel

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Posted by William on November 03, 2001 at 09:49:37:

Thanks for the response the information was extremely helpful especially the phone number for the toll free service. What is the average bill per month for the service? Is there an additional charge if a call is made from a pay phone?