Rent to Buy now available

Is this you?

You’ve seen tons of homes for sale on the market. You know it’s a buyer’s market. You either owned a home previously or you are a first time buyer. If you owned a home previously you might have lost it to foreclosure, either due to a job loss, divorce or your mortgage rate adjusting upwards.

Now is the time to buy! After all, you keep hearing in the news about how BAD things are for sellers, and prices are the lowest they’ve been in years. This is true and it is to your advantage. For most of us, home ownership is our single, biggest source of wealth. It not only puts a roof over our heads that we can call our own, but it also builds security for our futures by paying down the mortgage and building up equity. For most people, their home is their single greatest asset.

Probably the first thing you did was to start looking on the Internet or checking the local newspaper for homes for sale. After that, you called a Realtor® and he told you that he would love to help you, but you needed to get approved for a mortgage first. Ugh…you know you don’t have the best of credit and you are not sure if you should even call a mortgage lender.

You decide to make the call to a mortgage lender. You know what the outcome will most likely be in advance, because of your financial situation, but you do it anyway. After gathering tons of information from you all the way down to how many times a week you floss, he finally tells you that based on your current credit, income, down payment, inadequate amount of time spent brushing after meals, etc. you aren’t currently qualified to get a mortgage. Well, duh! You could have told him that in the first place. Do not despair.

Rent to Buy is now available. Rent to Buy is your hands-on, step by step, guide to buying your next home as a rent to own. You can get your next home NOW without having to qualify for a mortgage until later. This is the solution you need until you can qualify for a mortgage. This is the solution home sellers need because they can't find mortgage qualified buyers. Rent to Buy is a great option in our current real estate market. Check it out!

View this post at it's original source at http://www.wendypatton.com/blog/rent-to-buy-now-available

Realtors - Finding buyers in today's market

In today's real estate market mortgage-qualified buyers can be a real challenge to find which makes it difficult for us real estate agents to make a living. In reality there are lots of would-be buyers out there right now if you are a little more creative. You see, the real hang up comes with the mortgage-qualified part. Lots of would-be buyers out there (in fact, I would say the majority) can't qualify for mortgages right now.

Most real estate agents turn these people away saying, "I'm sorry, I can't help you."

But the truth is, if you are a little bit creative, like I teach in my book Rent-to-Buy, you can turn all of those buyers into full commissions by finding them a lease option home. Not only that but you can collect buyer leads from other agents who turn away those not-mortgage-qualified buyers too!

How do I do that? I have this letter that I send out to other agents called my garbage or $500 letter. It goes something like this:

Dear Agent Name,

Have you ever had a potential buyer come into your office and not be qualified to get a mortgage? Don’t throw away their information. Refer them to us, and if we end up renting to them, we will send you $500!

So, is it a piece of garbage, or $500?

Please call us at (phone number) to get more information, but don’t throw away your potential buyers that we might be able to work with. This offer is valid until (date).

Sincerely,

Your name

Very simple and straightforward, but very powerful. Most real estate agents turn away non-mortgage qualified buyers. Get them to give them to you instead and they'll see a payout instead of a lead that is garbage.

The buyers are the gold in today's real estate market. If you are creative and help non-mortgage-qualified buyers find lease option homes you can earn a TON of money in commissions right now. For more on how to do lease options as a real estate agent and how to help buyers find homes check out my new book, Rent-to-Buy.

View this post at it's original source at http://www.wendypatton.com/blog/realtors-finding-buyers-in-todays-market

When to do lease option?

Let me give you an example situation where you as a real estate investor, or if you are a Realtor, when you can suggest a lease option to the home seller. As a real estate agent our responsibility to our home seller is to get their home sold, and sometimes conventional methods just don't work. That's when we can offer the home seller the alternative of a lease option as a means to get their home sold. Remember, any time a seller suggests that they might have to rent their home if they can't sell it you know they are prime candidates for lease options.

So let's look at an example situation where a home seller might be a good lease option candidate:

A doctor has built a new home for himself. His old home is worth $200,000 and he owes $125,000. He has $75,000 of equity. He is not behind on payments, and he did not need the $75,000 in cash to build the new home. His old home is now sitting vacant and it hasn't sold yet. He qualified for both house payments at the bank and he can technically afford both, but who wants to make an extra house payment for a home that's sitting empty?

Although he is motivated to sell because he's paying out of pocket every month to own a vacant property, this type of seller isn't going to just walk away from the home. No way is he going to give up all of his $75,000 in equity and no way are you going to pay that much cash out of pocket.

When you lease option this house, he gets most of his equity back - although it won't happen until the lease option buyer you find closes on the property. The deal might work like this: You, as the real estate investor, option the property for $190,000 and make payments to the seller that equal his total mortgage payments with 100% of that amount applying towards option credits (let's say $1,200 per month). You then sell the property to a lease option buyer on an 18 month lease option for $200,000 with a monthly rent of $1,350 (which is the going rate in rent for that area). You, as the investor would make about $34,000 on the deal.

The doctor will get the remainder (less real estate commissions) of his equity back plus he doesn't have to worry about property management or a home sitting vacant. Anyone who has had a home sit vacant knows how stressful it can be a what a relief it can be to not have to worry about that.

View this post at it's original source at http://www.wendypatton.com/blog/when-to-do-lease-option

Private Money Webinar Tonight

This is a very hot topic! After all what real estate investors couldn't use some private money to fund their deals?

I'd like to call this one, "How a 15 Year Old got $6 Million in Private Money to Close 127 Deals." Lol, it's kind of funny, but our speaker tonight looks like he's only 15! But you certainly can't argue with his success. If the private money is rolling in like that, funding so many deals for him.

This webinar is tonight, November 3rd :

• 8 PM Eastern
  
• 7 PM Central
• 5 PM Pacific
• 3 PM Hawaii

You can register at https://www2.gotomeeting.com/register/770886891

Our private money speaker tonight will have a special gift for everyone who attends tonight's webinar. A free PowerPoint Presentation (the same one he uses) to get private money deals. plus you'll get the exact speaking scripts that he created and still uses too. Is that incredible? Just for attending tonight's webinar.

Private money is one of the best and easiest ways to fund deals in today's market. Banks are almost impossible... hard money is too expensive.

And you'll never have your credit pulled when you use private money... and don't have to pay points or high interest rates.

A lot of people think it's tough to get private money. It's not... when you say the right things, use the right templates and forms, and target the right people as you'll learn how to do in tonight's workshop with an everyday investor just like you and me... who figured out how to get private money easily. Just think, if a guy who looks like he's 15 can inspire the credibility to get over $6 million in private money you shouldn't have any problem either. Especially when he is going to give you his PowerPoint Presentation and script for free. But you must attend the webinar to get those so make sure you don't miss out tonight.

Register now at https://www2.gotomeeting.com/register/770886891

View this post at it's original source at http://www.wendypatton.com/blog/private-money-webinar-tonight

Rent to Own Negotiating Tip

Here is a tip on negotiating from my book Rent to Buy, which will be released on November 10th. Rent to Buy is a hands on guide to buying a home on lease option from the home buyer's perspective as well as the real estate agents who serve them.

One of the great things about buying a home as a rent to own is that you have a broad range of terms to negotiate when putting together the deal on your rent to own home. This means that you can get creative and put together a deal that is good for you as the home buyer, or the real estate agent who is assisting their buyer, as well as still be good for the seller too. If it's a win-win situation you'll have a much better chance of getting the home.

So here is one of the negotiating tips I talk about in Chapter 12 of Rent to Buy:

Don't Give Away Anything without Asking for Something in Return

This tit-for-tat technique helps ensure that even if you are giving your sellers a key aspect that they want; you are getting something in return. A good way to handle this is with a question, "If I agree to your asking price, how much per month in option credits do you think is a fair exchange?"

Or, you can ask for exactly what you want, "If I agree to your asking price, would you agree to give me $1,000 per month in option credits?"

By asking a question, you give the seller a chance to voice what they think is a fair exchange for what they are asking for. It may turn out to be MORE than what you would have asked for. If it isn't enough, you can always negotiate up from their proposal.

By stating what you want, you are more limited. The seller may even try to negotiate you down from this position. However, if there are a few key things that you really want out of the negotiation, this is a good time to go after them.

View this post at it's original source at http://www.wendypatton.com/blog/rent-to-own-negotiating-tip

Wow - Last night's webinar was amazing!

If you missed my webinar with Kris Kirschner last night you missed out on some super powerful information about what to expect from the real estate market from now until 2013. Kris shared information from top economists and I was blown away.

What was clear from last night is that the way we invest in real estate needs to change for the next few years. The old strategies of buy and hold won't work. As a real estate investor you need to be focused, for the short term, on strategies that minimize your risk and minimize using your own cash and credit. Lease options and subject to investing, like I teach, are 2 great ways to do just this.

The fact of the matter is that expert economists are predicting that real estate is still several years away from recovering and many areas will still decline. You can't just buy and hold real estate because you're going to be upside down. Kris talked about 3 great strategies for real estate investing, from the short term to the long term for retirement.

If you missed last night don't worry! Kris Kirschner and I will be doing a 2 day training event November 7th and 8th in Livonia Michigan. We'll be training you in how to invest in today's real estate market. These strategies we'll be teaching you apply to our current real estate market as well as our coming real estate market.

If you want to keep investing in real estate you need to know the right strategies. And with a price of only $59 for both days of training you can't afford to miss this. I don't know if Kris and I will be repeating this event so you definitely want to attend this one.

To learn more or to register for this 2 day training on November 7th and 8th go to http://www.wendypatton.com/schedule/nov2009event.php

You must pre-register for this training to get the $59 price and space is running out so don't delay!

View this post at it's original source at http://www.wendypatton.com/blog/wow-last-nights-webinar-was-amazing

How to invest in down markets

For the last couple of days I've been posting about my upcoming webinar tonight with Kris Kirschner about our current real estate recession.

We are going to cover a lot of good information tonight and you don't want to miss it. But that's really just the tip of the iceberg. If you want to get in on proven techniques that work in down real estate markets Kris and I will be holding a 2 day training event November 7th and 8th here in Michigan. http://www.wendypatton.com/schedule/nov2009event.php

Two days packed with information from myself and Kris on how to do techniques that work in flat and declining markets. What would you expect to pay for this kind of training? 2 days, jam packed with education and proven knowledge for today's real estate market? Probably hundreds of dollars.

Not this time! Kris Kirschner and I are offering this special 2 day training event for only $59 if you pre-register now. $59! That's like 1 dinner out with your family. With information that will change how you invest in real estate. This training event may never be repeated so you don't want to miss this opportunity.

When you've been investing in real estate as long as I have you want to see other investors succeed. I've been teaching this long because I want others to experience the same kind of success I have. But in today's real estate market we are facing unique challenges. You must adapt to succeed. Make sure you attend our 2 day training on November 7th and 8th to learn how to invest in flat and declining markets. It can truly change your life. To learn more or to register go to http://www.wendypatton.com/schedule/nov2009event.php

-Wendy Patton

Space is limited so please don't wait.

View this post at it's original source at http://www.wendypatton.com/blog/how-to-invest-in-down-markets