Second Owner-Financed Sale and List Building Tip!
Saturday, June 26th, 2010 at
6:00 pm
Just a real quick update. I sold my second property with owner-financing after only owning it for 8 weeks. So, I will have a nice $171/month coming in for the next 10 years at 9.9%. ‘Aint it great that land cash flows? No tenants! Just dirt! Love it!
As for my list building tip, what’s been working for me is posting different types of ads on Craigslist (single property ads as well as collage/group ads) and driving people to my squeeze/opt in page. Would love to hear from you so feel free to post a comment or ask a question.
Onward and upward,
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Hello Renée,
Thanks for posting when you sell too as it is good to know there are still active buyers out there in this odd economic time.
I have a couple new questions for you.
1.) Did you change the buyers agreement (the one you get back as an acceptance) from the original contract/ form that Jack Bosch uses?
2.) When you get acceptances back do they ever ask you for a deposit?
Thanks for all the great information, it was so valuable to get to talk with you are the pro corner!
Best to you,
Angela
Hi Angela,
1) I did very minor tweaks to the sale agreement when I buy, ie changed ‘Warranty Deed’ to ‘Grant Deed’ since I primarily work in Calif. However, I did just make an offer in SC and added language for an attorney (since they close the transactions and not escrow). The agreement is pretty much the same aside from minor tweaks.
2) I had one instance where a buyer asked for a deposit and I added language to the Closing Procedure section that said ‘buyer will make deposit of $500.00 to be held by a reputable escrow company who will close this sale”.
You are welcome and it was great to see you again in the Pro Corner. That was a fun night….didn’t expect SO many questions! Hang in there!
Hello Reneé,
I was wondering at what point you start advertising a property for sale? Can you list it after you have an agreement but before you actually have the deed in hand?
Thanks again for all the info it is very helpful.
Angela
Hi Angela!
I would think it would be fine to market the property once you have a signed purchase agreement. If it turns out that you find a buyer quickly you will just have to explain that it’s in escrow. Glad to hear from you!