| Free Special Report Does Buying Or Selling A Home Have To Be So Difficult? |
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“Most sellers are unaware of the options we offer. What they need most is a qualified buyer... and we might just be that buyer. We can buy houses in as-is condition, pay top dollar and close in just a few days… or whenever they’re ready.”
Richard says it’s normal for people to think they must be desperate before calling him to buy their house. “It’s a very common misconception. But until I look at a house and do some research, I won’t know my game plan for the property or what I can offer. But after a single visit to the property and meeting with the homeowners I can let them know exactly what I can do. My offer is good for 7 days and it’s only at that point, with my offer on the table, that a seller can decide if I’m going to become their buyer.” In fact, price is not an issue for Roop. As an investor, what’s important to him is the determination of what income the property can produce. “It’s easy to determine. I also do an appraisal and look at the recent comparable sales. Then I do whatever I can to offer a seller up to full price today -- or about what they might net sometime in the future pursuing a more conventional route. What I can pay depends on the condition, location and financing options available for that type of property. It only takes about 10 minutes to prescreen a property over the phone and to set an appointment. We typically buy 1 out of every 4 properties we see. In fact, for about half of those I have purchased, the seller pursued their other options and then came to realize that my offer was the best all along.” Roop believes the three biggest reasons a house doesn’t sell are: 1) it is overpriced, 2) it is poorly marketed, or 3) it is not fixed up to show well. “I can pay a fair price on a home that needs work. I might even plan to increase the value or marketability by adding a bedroom or bath, finishing a basement or installing a new heating system. Brand new carpet and paint will go a long way to attract a qualified buyer. But I understand that many sellers don’t have the time, inclination or money to remodel a house... just to get it sold. We solve that problem for sellers.” Overpricing a home could be the biggest mistake. Listing agents sometimes suggest (or a seller might decide) to ask for a higher price than needed. This might be to test the market or leave wiggle room to negotiate. However, this can backfire if the seller wants (or needs) a quick sale, or when the “days on the market” stacks up causing buyers to wonder what’s wrong with the property. Another misconception about how Richard Roop buys houses is the idea that he’s probably looking for sellers in financial distress. “Look, when a seller is out of time or out of options, then I’m usually their best solution -- if their property is not over-financed. But most people headed for foreclosure are either overleveraged or actually looking to save their house. If I buy the house the seller must move. They really need to get into a more affordable home... but sometimes I can help by swapping properties.” Roop warns about companies and real estate investors who target distressed homeowners. “Recent laws have been passed in Colorado that apply to any business and investor who targets people in foreclosure. Be cautious, do your research and perhaps seek legal advice when anyone wants to charge you an upfront fee for helping to get your loan modified, or... if they’re promising to lease the home back to you. That rarely works out like the borrower expects and can lead to accusations of fraud. Perhaps rightly so.” What does a real estate investor like Richard Roop do with the houses he buys each month? What about the hundreds of houses his company has bought throughout Teller, El Paso and Park counties over the last 13 years? Simple. He rents them out or resells them. “We’re usually managing 40 to 50 properties at any given time -- making us one of the largest owners of single family homes in the area. Each month we may have 3 to 6 houses for sale. Some we’ve owned for years and others we have recently bought.” With a reasonable down payment, Roop says he can sell you one of his properties using his popular owner financing programs -- even if you have damaged credit or a short job history. “If you can afford a first month’s rent, a last month’s rent and a security deposit, then I can probably sell you one of my houses.”
His most popular owner financing program includes the opportunity to build “sweat equity.” Before repairing or remodeling a newly acquired house, Roop offers it in “as-is” condition to his buyer’s list. This allows his client to do the work (to suit their own preferences) in exchange for all or part of a down payment. “I have a lot of buyers who check my website each week looking for these ‘fixer upper’ deals. But if the home is not under contract within 10 days or so then I’ll hire my contractors to fix it up completely.” His next most popular program is a down payment assistance plan. Many buyers turn to Roop because they don’t have the down payment required by today’s cautious lenders. Richard helps buyers build up equity or a down payment over time with his rent-to-own (or lease with the option to buy) program. In this program you can rent the property you’ve decided to buy, but have the option to close anytime over the next 1, 2... or even 5 years. A portion of the rent each month is credited toward buying. Additional amounts can be paid monthly for more rapid equity build up plus other promised amounts can be made later... like proceeds from the sale of another property or a pending tax refund. Once the buyer has enough “skin” in the deal, Roop can close with owner financing at the predetermined, mutually agreed upon price and terms. Or the buyer can close with a new bank loan. According to Roop, “There are so many reasons my buyers like some time before qualifying for a mortgage. They may need to sell their house, work on their credit, establish more time on a job or establish two years of provable income on tax returns when self-employed. All our buyers are put in touch with a sharp mortgage broker who creates a plan for them. We can recommend an affordable credit repair company that can do unbelievable things given even a short 6 to 12 months to work on a file. This also helps out some sellers who have found themselves in over their head.” “We do everything we can to get our buyers permanent bank financing. It’s a win-win because we pay sellers all cash and fund our deals with private lenders. Our lenders are mostly local individuals seeking alternatives to low bank CD rates. They earn 7 to 10% interest on real estate notes well-secured by our properties. When we get our buyer cashed out, we finally make our money and can payoff our investor. These investors usually want to reinvest allowing us to buy even more houses.” Unfortunately many of the mortgage programs once available are now gone. It’s reported that 75% of the available lending disappeared when FHA changed their rules last October and again early this year. But, if you have money to put down and can prove your income, there are still loans available now. In fact, some rural development loans and VA loans still allow qualified buyers to borrow with no money down. “We help all of our buyers get a bank loan as quickly as possible... or we finance them ourselves. But we’ve never relied on banks. That keeps us in control and maintains our sanity. But we get those loans done every chance we get. In fact, sometimes a buyer can qualify and doesn’t even know it. Other times they can qualify but need a flexible seller. We’re one of the most creative and flexible sellers you’ll ever find”, says Roop. Does buying or selling a home have to be difficult? Maybe not! “President Obama says today's economy is the worst since the Great Depression and it may take many years to recover. Unfortunately I think he’s right and so do many sharp economists.” Interested in selling your property quickly and easily? Looking to buy a new home without bank qualifying? It may be worth checking in with Richard Roop and his staff at Bottom Line Results, Inc. If interested in selling, call Tom at (719) 687-4472 Ext. 2 or submit an online request here. If looking to buy, call Tom or submit a Home Buyer Interest form here They’re in a unique position to help buyers and sellers overcome the new challenges created by the recent mortgage market meltdown and credit crisis. And if you’re looking for a conservative way to earn 8-10% interest on your idle cash savings or retirement funds, call and ask for info on becoming one of their private lenders. BOTTOM LINE RESULTS, INC. is now located at 350 N. Pine Street in Woodland Park, holds a Certificate of Good Standing from the Colorado Secretary of State, is a BBB Accredited business with the Colorado Springs Better Business Bureau with an A+ rating, proud member of The Greater Woodland Park Chamber of Commerce since 1995, licensed Broker Dealer with The Colorado Division of Securities and member of Colorado Association of Real Estate Investors. RICHARD ROOP is the President of Bottom Line Results, Inc. and one of the top marketing and business consultants to real estate investors nationwide. He is a licensed Sales Representative with the Colorado Division of Securities, is a former Director on the Teller County Economic Development Council and is the author of dozens of articles and training systems for real estate entrepreneurs on creative financing, private lending, marketing, business development and ethical business practices. If you're looking to buy or sell, call Tom at (719) 687-4472 Ext. 2 or submit an online request here. If you're looking to buy, call Tom at number above or submit a Home Buyer Interest form here |
Bottom Line Results, Inc.
350 N. Pine St.
Woodland Park, CO 80863
(719) 687-4472
