Marketing For Lease Purchase Properties
How do you find or create Lease Purchase properties?
A.Classified Ads
B.Secondary Publications
C.Mailers
D.Vacant Homes
E.Teaser Ads
F. Public Information
H. The Internet
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There are several methods for finding Lease Purchase properties which will be reviewed here.
The best way, however, to find Lease Purchase Deals is by creating them yourself!
Most people who are selling or renting their homes have no idea what a Lease Purchase is or how it works. Others may know it by some other name or have a misguided idea of what it's all about.
This is actually to your advantage because once you make a seller understand the concept of Lease Purchasing and all its advantages, you will begin making the best deals of your life.
Once you find a motivated or flexible seller or landlord you begin by educating him on just what a Lease Purchase is and the mutual benefits of this type of transaction.
You begin negotiating just as you would any purchase.
Find out the wants, needs and problems of your seller and see if there is potential to put together a deal.
In many cases you might be the first person who actively has shown any interest in the purchase of the seller's home.
Remember: Very few people are actively utilizing this unique method. This is a niche that is non-adversarial. You can provide a win-win solution for the seller and for yourself.
Use this specialized knowledge to your advantage.
How do you find or create Lease Purchase properties?
A. Classified Ads
Did you ever check your local paper and read some of the ads on homes "for sale or rent" (especially Sunday)?
This is the easiest and most obvious place to find homes that have the potential of becoming a Lease Purchase. The sellers and landlords advertising in these sections have an obvious problem; the need to sell or rent their property. Utilizing the lease purchase advantage, you can offer a win-win solution.
One of the best ways to locate great deals is to scan the local paper and look for the ads that cry out to you, you know the ones we mean.
They have the following verbiage:
Foreclosure imminent, desperate, OWC (owner will carry), any terms, no or low down, vacant, Lease Option, Lease Purchase, Rent to Own, etc.
The aforementioned words indicate very motivated people who have a problem and you have a solution if they are willing to be flexible and creative with you. These are your primary leads.
Start by sitting down with the classifieds, a magnifying glass if you suffer from eye strain and a yellow highlighter pen. Start marking all the primary ads.
We would next call all the FSBOs (for sale by owners). Usually you can tell by the absence of the word "agent" in the ad, the phone number or the way the ad is structured whether a property is for sale by the owner.
These are your secondary set of phone calls and we would recommend using a different color highlighter pen to distinguish them from the primary.
Finally, we would call on all the rest of the ads remaining.
We particularly like the "for rent" section of the paper; after all, if the home can't be sold, renting is the next consideration to offset the outgoing payments on the vacant home.
Tip: Always save the Sunday Classifieds (Homes "for sale and rent"). Call on ads that are 4 or 5 weeks old and if the property is still available, you may have a pre-qualified, motivated person.
B. Secondary Publications
There are so many alternative publications that people advertise in that many others overlook. These are usually cheaper than the major newspapers and offer an alternative means of marketing for Sellers and Landlords.
You should be on the lookout for the following:
1. Local Papers, either daily, weekly or monthly
2. For sale by owner type magazines/newspapers
3. Penny/Nickel/Coupon Saver handouts/freebies
4. Rental hotsheets
5. Help U Sell Publications
6. Specialty Papers, such as senior, religious oriented, etc. Many times these papers have classified listings that others overlook
C. Mailers
The key to any good marketing program involves following up. Whenever you speak to a person on the Lease Purchase advantage you should send them something in the mail, fax or e-mail. The point is to give the property owner a chance to get back to you if they need more information, change their mind or just to impress them that you are a serious. Never let your marketing end on the phone just because the owner said "no".
D. Vacant Homes
Any vacant home that has a for rent/sale sign is an excellent candidate for a Lease Purchase. The reasoning: who wants to pay a mortgage on a property that is sitting empty, whether it's for sale or rent? You can sometimes tell a vacant home from the condition of the yard, newspapers or mail collected by the door, or it may have a general look of disrepair.
Tip: Be sure you have a note pad and pen in your car so you can record any telephone numbers you see on for rent or for sale signs. You can also jot down the address of any vacant property you find as you drive the neighborhoods. You can also use a portable note recorder, but if you do, by sure to have an extra set of batteries available for it.
E. Teaser Ads
Certain types of ads if placed in the real estate wanted section and run on a consistent basis will lead to the sellers/landlords calling you.
Here are some sample ads for you to use:
•Family with excellent credit & referrals needs rent to own in nice neighborhood, 123-4567.
•I buy or Lease Purchase homes QUICKLY Call me anytime @ 123-4567
•I can sell your home in 30 days or less with the Lease Purchase solution, 123-4567
Be creative, develop your own ads that are right for your area and the phone will ring with Sellers and Landlords calling you for the Lease Purchase Solution.
F. Public Information
Public information is available for the smart Lease Purchaser to find motivated property owners. Here are a few places to look:
1. Unlawful detainees (evictions).
2. Absentee Owners
3. Homes with Liens
4. Homes with Judgments
5. Properties in default or pre-foreclosure
6. Homes behind in property taxes
G. On-line Systems
There are so many new commercial on-line systems available that can not only give you the competitive prices of other properties sold, but all kinds of specific information. Imagine being able to get specific facts on properties in other states,
too. Lease Purchasing works all over the country. You can take full advantage of this method if you are moving to another area.
Here are some examples:
1. Mortgages
2. Sales Price
3. Recent Competitive sale prices
4. Foreclosures
5. Liens
6. Outstanding taxes due
7. Names and addresses of owners
8. Out of Town Owners
H. The Internet
It looks like we saved the best for last. The Internet is fast becoming a marketing dream for the Lease Purchaser.
There are so many web pages going up every day with all kinds of homes for sale and rent. You can make Lease Purchase offers all day long by e-mail.
To find the pertinent real estate web pages in your locale just go to your search engine (Yahoo, Lycos, Webcrawler), type in real estate and your area.
You will be amazed at all the homes for sale and rent and all other kinds of fascinating information.
Please email me or Call 626 318 0599 to learn how to set up a business in Buying on Lease Options. You can flip them for quick cash, or hold them for back end profits.
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