Calling for rent signs?

Question

When calling for rent signs, what is the main purpose? Ask if they want to sell the house? See if they're buying, so maybe you can add them to your buyers list?

Does anyone have specific info they ask or try to get?

Thank you...Norm

Norm Chrostowski · Answer

Thank you for the encouragement and your advice. I agree, I think getting started is the hardest part. It was the same with going to the gym for me, once I started it became easy, not it's part of habit. It's funny you mention that, about doing something, ANYTHING RE related everyday. It's kinda become my theme song. Even if I only have an hour, DO SOMETHING. I have more time tomorrow, so I'll be spending more time. Have my little "to do" list already written out. Hopefully get started early. Again thanks, Norm

Scott M. · Answer

Hey Norm - it sounds like your doing a great job and as Steph said your taking action which is the most critical part. No offense but you shouldn't "know" what your doing yet - you are exactally where you should be and many years from now you will look back and say - wow - i can't beileve I did my first deal with all I didn't know! If you wait till you know it all you will never do a deal cuz you will never know it all :) So really - I just encourage and support you to do just what your doing - go to meetings - stay active on BP and other similar sites - ask questions - and take action each and every day. In terms of numbers - you need more then you think - while I may only work with and handful it does take more then that as not everyone is serious - ready to buy now - or is looking for what your offering. Good job!

Norm Chrostowski · Answer

Yes, I'm moving along, but a lot more work to do. And it's ok, I expect it. Thanks for all the good advice ( and don't go away...lol)

Stephani Davis · Answer

You are on the right track, Norm. You are taking action, which is something that most beginners never do. You can read all of the books and courses that are available, but if you don't put what you've learned to action, you might as well set your money on fire and save yourself the trouble. As far as how big your buyers list needs to be- all you really need is one solid, active buyer to get you going. Find out what they are looking for and then bring them a deal that fits their criteria. I usually only have 5 or 6 buyers that I work with at a time. I keep selling them deals until they don't want any more, or until they run out of money. Then I find some more buyers and repeat the cycle. Steph

Norm Chrostowski · Answer

I'm trying to build the buyers list, BUT I have been actively looking. Nothing yet, but I have sent out a few letters and have been doing some driving in my farm areas. I have one in particular I'm a little excited about. The owner had mentioned to a neighbor that if he could get 75k for the property, he'd sell. It's a long story how I found out about it but...I tried to call him with no luck, so I sent him a letter. I'd hate to have him call wanting to sell, and I have no one to sell it to. I had a Realtor pull comps for me, 3 to be exact. They came back at 139k, 135k, and 125k, but the 125 was in "not so good shape ( I drove by). The longest one on the market was 90 days, the other 2 were 64 days and 28 days. I believe if he called wanting to sell, I'd find someone to buy, it's a nice deal. I feel convident I've done my homework, and I think with the "right" rehab, and a bit of forced appreciation, the house will retail for 140-145, my fingers are crossed. I have a LOT more work in front of me. I need to get the buyers list a bit bigger. How many do you suggest as a minimum? Do some phone work, network at the meeting, and get to the tax office. I'm going to target Probates, and out of town owners, as well as the vacant houses I find. Then I hope to plan a direct mail campaign. Again fingers are crossed. Do I know EXACTLY what I'm doing yet, probably not. But I have to start somewhere, and the sooner the better. Any suggestions or critiques for "my plan" are welcomed and suggested. I hope to one post a success story blog. Again, thanks to everyone

Stephani Davis · Answer

Yes, I always tell them I'm a wholesaler. Always best to be upfront and honest with people. Steph

Scott M. · Answer

OP = Original poster or in this case - you :) So your looking for people to buy your homes - do you have homes already to sell or you trying to build a buyers list before you have homes?

Scott M. · Answer

The OP question is a bit vague - what I ask depends on the purpose for which I am calling. What is it YOUR looking for - are you looking for buyers - for sellers - a place to rent for your self :) What info I get depends on my goals so why are you asking the question - you looking for buyers or sellers?

Norm Chrostowski · Answer

One More :) Do you come right out and tell them your a wholesaler?

Norm Chrostowski · Answer

What's OP? I'm looking for buyers. Maybe the question wasn't worded right. I do have an ad on Craig's list. Have gotten 2 calls already, and an e-mail response. Going to my local REIA meeting, I believe it's this weds. Drove there last Weds, and no one was there??? It's supposed to every 3rd Weds? Oh well, I try this week again. I think the bandit sign idea is good, I'll start calling all I see. Are your buyers ALL cash? I had one buyer say he is looking for duplexes and SFH, and could put down 10-30%, and would like some type of seller financing if I could find it? It's a start. Thanks for the replies, Norm P.S. please keep your little fingers warm, I'm sure I'll have more questions...again, thanks