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HI Daniel
You might review some of the Master Lease training in the Premium Member section. It has a lot of great ideas about how to have that conversation to get a Master Lease.
Remember that your role is to be a real estate problem solver. The owner obviously has a problem and you need to come up with solutions which are mutually beneficial. Try to think of all the questions or objections that could come up – think about the answers before you get there. Some common questions are:
Why should I work with you instead of a traditional property management company?
When will I get paid and how?
Will have a say in the selection of the tenant?
Who takes care of contacting contractors for repairs and who pays for what?
Why do you want a 3 year (or 5 year) lease?
What happens if the house is vacant for a month or two?Do research in advance on what market rents are in that area. This way, you can intelligently decide on what rent you can afford to pay the owner. (you don’t want to leave the meeting saying, I’ll get back to you later) How many other rentals are available now (how much competition)? Check out how they look compared to the subject property. This will also help you determine what rent you can pay the owner.
Take all necessary paperwork to be prepared to “close the deal”
Even though you are going in to this meeting with the thought of doing a Master Lease, be prepared to switch gears to some other strategy if necessary, including getting an option then doing a highest bidder sale, buying subject-to the mortgage, etc. This includes the necessary paperwork to do the deal.
Be flexible. Listen closely to what the owner is saying – what is their problem – what keeps them up at night. How can you solve the problem?
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