Problems getting someone to lease option my house

6 Replies

I have a 2/1 in the not so great but not war zone and it is priced for 42k

and 475 a month and far as a down payment/ option fee I am asking 3k and 

I am having problems getting it am I doing something wrong? I need advice on selling this house it is on CL and I put out bandit type signs, news paper and it is not a bad little house, if someone wants owner financing would you lease option it for a year so they would have proof of income and then change the agreement to an owner finance deal?

The ones that look at the home. What are they telling you? Do you own the home out right?


Joe Gore

I am buying the house from a tired landlord, I have had 50 or more go thru the house they tell me they like the little house but when I ask for the down payment/ option money they say well I have 500 or less

Sounds like you need to take a look at your marketing strategy.  Who is your target? What are you asking for in your ads? 

It also may be the area just doesn't attract the kind of tenant/buyer you're looking for.

Gary

Lower the price.

Joe Gore

Chris,

You won't get $3K down on a $40K property, as you are finding out first hand.  In my experience, you'll be in the ballpark with about $1,500.

Yep. People with a $475/mo housing budget don't have any savings.
I'd do a (much) lower down pay or offer a crazy low down payment with direct deposit and fixed income. You'll get paid like clockwork if your $ comes out the same day their SSI hits.

Also, the best people IMO for that kinda place is the older folks, need to think of that with your marketing. Many people in that price range and age bracket aren't on Craigslist.

I've had some success with flyers to the neighbors. Bribe them with a flat screen TV ($200 worth) if they bring you a buyer. You'll get apps from that if you put them out. Whether they qualify or not, you never know.

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