All Forum Posts by: Adam M.

Also you should absolutely require insurance on the home. If they put no money down you should have a required reserves account which is basically a down payment just with no equity. At the end of the day you are the one risking everything $40k+ so you have to do everything you can to mitigate that risk.

I think a lease option might be what you want. Up rent to $750 with $100 being withheld as their down payment. There are some legal issues that you want to sort out about that as far as how that money is held because its technically not yours. If they have a security deposit I would make sure you get that from the previous owner and that could count towards their down payment since they are supposed to get that back at the end of the lease term. If they decided to buy you issue them a note and this is basically a mortgage with less protections for the borrower (depending on the state). If they don't buy just renew the lease option again until next year.

I have obit data with about 50 in the state of mich. Feel free to DM me with any questions.

I'm not sure what home owner would do 0% interest nor do I think you should even attempt to ask for that.

I could get you some obit info that could be a starting point for you. DM if you are interested.

@Paul Amegatcher Yeah I was looking at them earlier but was looking to see if anyone had some insight on some creative they felt was successful.

Any have some example copy for their direct mail campaigns?

I would think loosening of the purse strings on financing. Hopefully not too much though!

Yep as I said make it a clause in the contract. Funds are going to be in escrow anyway.

If you haven't signed the contract make it contingent on the tenants leaving before you close. If you have to lay out some cash for keys to get them out thats fine. Change locks the second they leave. If they come back you can get them for trespassing (i am no legal expert but i'd assume the moment they agree to vacate and leave the premises they are no longer a tenant). Or if you close before you get them out, have the contract withhold ~$20-30k and the owner gets that net expenses for the eviction.