Sandwich Lease Options: Your Complete Guide to Understanding Sandwich Lease Options. Wendy Patton
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2.Try to change the subject or slightly avoid the question.
3.Try to answer to your best guess of who might be renting from you later.
4.Just come out with it: “Actually, I am working with a few local families to help them find a nice home in a nice neighborhood, is your home a nice home in a nice neighborhood?” - this works very well and now you have disclosed you are an investor without saying “I am a real estate investor”.
I am not recommending deliberate deception although it may sound like that. I am very honest and straightforward with my sellers but I need to build rapport—not scare them off. I later reveal how this will work after they meet me or when I feel that they are open to discussion about the entire situation. Because everything will eventually be in writing, they will know that you are not occupying the residence before they sign the documents.
If the home sounds like something you would like to own then pop the question. If it doesn’t just be polite and say you will call back later if you are interested. Thank you very much.
Wow, this home sounds really nice, would you considering selling it?
If they say no, then say, “Thanks, but I am really looking for something I can buy.” Leave them your name and number to contact you later if they change their mind about selling.
Do you know how much you would want for the home?
Start to feel out the owner for the type of terms they would consider but be careful not to make any verbal offers. This isn’t the time for negotiation. This is still just the time for gathering information. You need to construct your offer when you are not on the spot.
When could I come and look at the home to see if I would be interested in it?
If the home is available for viewing, make arrangements to go as soon as possible. This shows the seller that you have more than casual interest in the property. Set a time with the seller and keep it. If you must change your schedule, be sure to let the seller know and make alternate arrangements for as close to the original date as possible. This will also show the seller that you are interested enough to be courteous.
Script for Calling Realtors
This script is for rent-to-own buyers to call the listing agents of properties they are interested in to determine if the seller might consider rent-to-own or to see if the real estate agent has any other listings where the seller would consider rent-to-own.
“Hi Sally, my name is ___________ and I was calling about the home you have listed at _________ (the address). Is it still available?”
After they say “Yes, it is.” I would say,
“Can you tell me more about the home? How much is it and how large it is?”
Listen to see if it is something you would be interested in. If so follow up with
“I noticed it has been listed awhile...”
Wait and see what they say without saying anything else. They might say, “Yes…” then I would go on to the next question. Or they might start to talk more – which is what I am hoping they will do. I want them to start to talk and tell me more. Maybe they will tell me why it has been listed a long time or what the status is. You would be amazed at what others will tell you when you zip it and listen. The next question is,
“Well, I wondered if they would be open to something creative?”
Again, I leave it at that and say nothing more. Sometimes they will runaway with a long explanation of what the seller will or will not do, sometimes they say, “Like what?”
“Well, something like a rent-to-own or a lease option with your commission paid in full. I am a rent-to-own buyer looking for a home in that area. Would your seller be open to something like that?”
Don’t say anything until they respond. You’ll get one of five responses.
1.“Yes, they have mentioned that to me.”
If you get a positive response the next question to ask is:
“Great, do you know what kind of terms they are looking for or are they looking for an offer?”
If they are looking for terms that work for you or they are looking for an offer make an appointment with Sally to look at the home. Note: Sally will try to become your Realtor®. This might not be bad if Sally is creative and willing to read this book along with you, but otherwise don’t sign anything to commit you to Sally except for this home. If Sally is really good, you might want her to be your agent. If the terms are not within your scope then ask the following:
“Do you have any other listings where your seller might have said to you, ‘Sally, if you don’t sell my home soon I might have to rent it’? Sally (remember use their real name), can you think of any of your listings like this that might work for me?”
Sally may also respond to the rent-to-own question like this:
2.“No, they need to sell now and wouldn’t be interested in that.”
If this is the case, jump right to the question where you ask if she has any other listings that might work. You will need to know your price range and what you can afford as she will probably ask you about this (we covered this in chapter 3).
3.“I’m not sure I would have to check with them.”
If this is the response encourage the agent to talk with her clients. Reminder her that you are looking for a rent-to-own home in that area and her commission would be paid in full.
4.“What are you talking about?”
Not every agent knows what rent-to-own is, you may have to give them a brief explanation.
5.“Why do you need a rent-to-own?”
Most likely it’s because you can’t get a mortgage right now or because you don’t want to get a mortgage right now. Your best answer is to simply tell her that a mortgage won’t work for you now but you do want to get into a home now and ask her if that home or another listing of hers might be a candidate for rent-to-own. Keep your answer brief and then ask her the question to keep her talking.
I will challenge you to call 10 for rent ads today and follow this script. If you get some leads and need help, consider my coaching and courses. For more information on coaching, you can email me at [email protected]. You have now called sellers, had sellers call you, and perhaps you’ve accumulated some leads to pursue. Now it’s time to go look at the homes, continue to build rapport with the sellers, and gather more details on the homes. In the next chapter, you will learn more about which tool/technique to use for each motivated seller you have found.
RESOURCES FOR CHAPTER 3
Articles:
Learn the basics of buying and selling on a sandwich lease option.
Educational Webinars:
http://www.leaseoptioneducation.com -- Wendy’s e-book and the 7-Day Video Guide to Attracting (and Getting) Motivated Sellers
YouTube Video Tutorials:
Wendy Patton discusses how many phone calls you need to make when calling potential sellers.
Educational Material: