All Forum Posts by: Priscilla Z.

@Christopher Schmidt Hi Christopher, as @Kerry Baird mentioned, there are quite a few wholesalers in the area.  I'm able to find properties under $70K and wholesale some when we have too many projects going on at the same time.  PM me and I can add you to our email list for our next meeting, which will be Monday, October 5.

Thanks for those telling me to be cautious....@Hattie Dizmond and @Linval T.

We've been doing bandit signs for years and some of our best deals have come from bandit signs.  We do have code enforcement here, but they are just concerned about the signs we place on city property (medians, next to street lights, etc).  We try to place them in empty lots on main roads and in shopping plazas.  

@Bud Leiser - Thanks for the words of wisdom and answering my questions :) I didn't want to make them employees, but I wondered if someone was using one of their current employees and making it part of their job description....was just curious. The other REIA guys around here put the signs out themselves from what I am aware of...and honestly, there's not that many out there right now. So, hence why I want to be out there each weekend. LOL...BSP will be very busy in my area with all the signs on our street corners!

@Scott Christensen - Thanks for the reply...yes they do work...a lot of our properties came from bandit signs....good advice on doing an online search, I hadn't thought of that....Thanks :)

Looking for some advice on how to find the right person to place our bandit signs.  Where did you find your person? (Craigslist, word of mouth, etc)....

Are they an independent contractor or employee?  How many signs do you have them put out so that it's worth both their time and your money?  Who pays for their gas?  What's the max radius you have them go?  

We are looking to outsource this part of our marketing and need some advice.  We want to structure it right from the beginning so that we are able to find someone serious and can have them put out signs consistently each weekend.

Any advice would be greatly appreciated.

I agree with everything Joe said...and I will add that you need to take into account what your exit strategy is going to be too.  I pay over 70% for houses that I am going to lease option or just rent....or that I'm just going to put on the market and sell as is to a retail buyer.

Are you going to be rehabbing it?  If so, would you be willing to cut your profit margin?  Or are you going to be wholesaling it to another investor?

Again, exit strategy is important as well as being confident with your numbers like @Joe Kling said.

@Brandon Duff

You don't necessarily need to stick to buy and hold if you want to do a rent to own, just ask for more money down......I like rent to owns a lot because its a higher quality tenant and they take care of all the repairs and maintenance to the house since they will eventually buy it.

@Brandon Duff

No.  I wouldn't go for this.  This actually sounds like another investor, do they want to live in the house themselves?

A couple of things here, $1,000 is not enough money for a rent to own, IMHO.  Even for a straight rental around my area we require first, last and security deposit.  They don't have enough skin in the game with $1,000.  The least we are accepting right now for our rent to own houses is $7,000.  We have accepted as low as $4,000 in the past and ended up evicting those tenant/buyers.  So we changed our structure and now $7,000 is the least we will take.  And....we are in Florida....which is much cheaper than a lot of other states, look at your market.

I don't like the fact this guy is putting down the terms, again, that's what makes me think he's another investor. 

Be careful applying part of the monthly rent towards the purchase price.  That's a little gray with Dodd Frank Act.....and if you end up having to evict them it might be seen as them having equity in the property and therefore you may need to foreclose.  I'm not an Attorney so don't take my advice, I'm just repeating what I've been told.  We are very meticulous with our rent to own program because it can get messy.

Thanks James! :)

I have a family member who is renting her house in Pennsylvania and she asked me to help her get a contract to lease.  Can anyone provide a copy of one for me? Preferably the state lease contract that Realtors use if possible.

PM Me and I will provide my email address.

Thanks in advance!

Call her back :)  See what she wants, she may be willing to take less than list price...but you never know until you talk to her

@Alex Russo - In my area we work together instead of seeing each other as 'competition'. This has worked well for us, we have bought properties from wholesalers, and they have brought buyers for us.  We believe there's enough out there for all of us.