Two speakers outline a script-based system for managing creative financing deals with tenant-buyers. After a grace period, an automatic letter goes out for missed payments. When deadlines slip, they recommend a brief call to reset expectations and reaffirm the program's purpose, keeping the seller positioned as facilitator, not landlord.
Chapters
Here's something I— it took me a long time to realize. You can't solve a problem in the same mindset that the challenge pops up in. So we always want to immediately solve a problem. Problem hits us, we react, we then try to solve the problem. But the reality is we can't solve that problem in the same mindset. So we got to step away from that. So if you automatically— let's say again, just using Rusty's— Rusty's dealing with frustration of a tenant buyer. Immediately tries to solve the problem, more than likely is not going to end up solving that problem. Instead, take a step back, review, go through this process that Chris just went through, then take action. Get clear first.
And what that'll do in Rusty's case is the next tenant buyer that comes up, you go, I know exactly what I'm doing. 5 days, boom. 10 days, boom. And it goes away. I'm telling you, it goes away because you took action. They're going to pull every string if you don't do it. They're going to pull your strings and they're going to be frustrated.
Do you prep— just staying on this line— do you prep your tenant buyer in the meeting when you're having them sign with these statements? Because like, this is exactly what I tell them. I say, I'm not your landlord. Don't come up with the same problems, the same with that. I'm just expecting a check to be on time. If there's not going to be a check on time, you call me right away. Because if not, we're walking through the exact process that the state allows us to because we're— because we're giving you this opportunity to become a homeowner. And it's your job to follow through the opportunity. I'm very blunt with them on that. So if there's no payment and they're not communicating, they know they're getting a letter. Like, there's no ifs, ands, or buts.
No hard feelings. This is what's going to happen. I just say this is a business.
It's not— this isn't me personally. Just know that that's coming.
The answer is no, because Nick has been doing all my meetings, but I'm going to be doing—
Well, there's just some— add that in there now.
And that script came from Scott years ago. I use it to this day exactly the way you just said it.
Yeah. So there's no confusion. I'm just like, I'm not your landlord. I'm presenting you this opportunity for this house. I'm expecting that you're going to be able to follow through if you're accepted, because we've gone through all this. That's why we signed in front of an attorney to protect both of us. There's an agreement that's put in place. And there's no hard feelings.
Like, if—
that's why I say communicate with me if you're not gonna be able to do this on time, so that way I don't have to deal with attorneys and you can just keep walking through. Like, it's just— it's that. So then there's never like a, I feel bad, right? Because you've already set the expectations. So now if day 15, if that's your state and they haven't made payment, they're getting the letter immediately.
We don't call and do the dance anymore, Rusty. You know why? All you guys with the buyers. I wish I could tell you you're not going to hit it. You're all going to hit it. We don't do the dancing wall because we know there's about 32 and a half excuses. We're going to hear one of those.
And it doesn't matter what the excuse is.
This happened. It doesn't matter. So in this case, how do I— I'm ringing the bell. So I didn't send out the letter on time.
So I would call them and say, hey, I was being flexible because when we originally spoke X, Y, and Z, but I can't do this. I can't do this. I'm trying to help out not only you, but many other people through this program. Know that if you're not paying on this, the letter's going out, and then moving forward, expect it like clockwork. So I hope that we can reset this relationship right now so that we don't have to do that. But this is how this is how it's going to happen.
