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.For sign board, we suggest youget tile board from Home Depot and cut it down to size.One 4 x8 sheetwill give you 8 signs that are 2 foot square.You can write on the signwith a felt-tip marker.Your cost per sign will be ca.$1.50.Here is anexample of a suggested sign.We will explain each element below:HOME FOR SALERENT TOOWN$700 DEPOSITCALL 555-9876The sign does not give an address.You can re-use this sign for differentdeals.If you put it up on public property (parking strips along city streets,etc., do so on a Friday afternoon and then pick them up again earlyMonday morning, so that city employees don't take them down.Evenbetter, get permission from friends to put them up on private property.They only need be in the same part of town as the house.Here is an explanation of the sign:1.We call attention to the sale portion of the transaction with the firstline2.We put Rent to Own in larger letters, because this is the grabber.Most people who are renting now would love to buy a home but don tfeel like they can right now.Reading this, they are likely to think, Oh,I m already renting, so I can do that, but now I can do what I ve beendoing all along and still own a place! 3.The amount of the deposit is equal to whatever you would charge forrent on this house, were you to rent it out.That makes it equivalent towhat your potential buyers are used to paying for a security depositon their lease, which they feel they can handle.4.Make sure that you have voice mail on this phone line, since youcan t always be there to answer.Voice mail is better than a machine,because it can pick up while you are talking on the phone, and youdon t miss any calls. pg.51With a monthly payment the same as they are used to, with theadvantage that it won't go up with inflation, and no worries about thedown payment, why would any of these people not want to purchaseyour house? In fact, what you are selling here is not the house, per se; itis the concept of affordable home-ownership.Which house it may beis almost secondary.The sale is made on the excitement of this couplebeing able to buy a house of their own! Because of the other realitiesabove, we approach the market as just regular people, not slickprofessionals.Our advertising is homemade; our approach is low-keyedand simple.The plan comes in five steps, which can begin as soon as the investorsigns a contract for purchase of a suitable house.In fact, all purchasecontracts should contain a clause in the addendum allowing immediateaccess to the house for the purchase of showing it to potentialoccupants.With luck and some work, your buyers could close on theirpurchase simultaneous with your purchase of the house, meaning verylow costs on your acquisition and more profit into your pocket.Here arethe steps:Step OnePut up a dozen signs around the neighborhood.You could put the samemessage on fliers and distribute them on all the public bulletin boards intown.This keeps your cost down.Step TwoAs you talk to the callers responding to your signs and fliers, you want toaccomplish two tasks:1.Make sure this house is suitable to the caller.If the caller has 6 kidsand the house has two bedrooms, it won't do much good to pursuethings.However, now you have a contact who would likely beinterested in any 4-bedroom house you can supply.Get informationand go find a house for these people; you will know how you aredisposing of it before you even sign the purchase agreement.2.Gather the information you will need to get the caller pre-qualified forFHA financing.Check with your mortgage professional (see module#2, The Team) to find out the bare minimum information you need.Don't pump the callers for lots of information or you will lose them.Remember that they may well mistrust institutions, and now you areacting just like a banker if you ask too much. pg.52Submit the information to your mortgage professional, who will needonly an hour or two to tell you whether this caller qualifies.If yes, get incontact with the caller again, and set a time to meet at the housetogether.This will be the first time the caller even knows the address.Let the mortgage professional know of the meeting so he or she can beon call.Step ThreeMeet with the potential buyers at the house and let them look at it.Theemphasis of your conversation should be on the exciting concept thatthey can own their own home.Also let them talk about what colors theywould choose for paint and flooring.Let them dream.As quickly aspossible, ideally at the time of the first visit, you would like to accomplishthe following:1.Have the seller sign the sell and buy agreement and give you thedeposit called for on the sign.This deposit will go into an escrowaccount at maintained by whoever will do your closing, either a titlecompany or an attorney.2.Have the seller fill out the FHA loan application packet.This packethas as many as 18 pages and calls for up to 15 signatures perapplicant, along with a half dozen places for applicant's initials.Without some help and guidance, your clients will likely undergo apanic attack.At the time you set up this meeting, you should havenotified the mortgage expert to be on call.The mortgage person getsa commission for this loan.He or she also has several other peoplesent by you to place loans for, because you only have one house tosell and several people were interested.The mortgage person shouldbe willing to come over to the house and get the application filled outhere and now.It is wise to strike while the iron is hot, while the buyersfeel the enthusiasm and euphoria of obtaining their own home.If themortgage person can't make it, you will have to be the one to hold thebuyers' hands
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