Commercial Real Estate Agent · Encino - Los Angeles, CA · Member since 2009 · 123 posts · 11 votes
So i've come up with a decent system of finding properties to purchase, i've lined up some money both private investors and hard money lenders, and i've got a rull rehab team on standby (from plumbing to roofing to landscape and paint even a "green" contractor)
My problem is contacting the owners and getting in front of them. Most of the times i only have an address so i have to stop by and try and speak with them, but i work nights usually and can't stop by when most people are home. I send a letter before hand hoping for a response but never get one. Usually when i get in front of an owner it doesn't go well cause apparently even though their properties are falling apart and vacant they don't have an issue and won't give up any info.
My question is how do i get infront of them or on the other end of a phone with them?
It seems your system is flawed. It seems you have a way to find houses that need to be rehabbed, but not a system that finds motivated sellers. So all you have are leads that aren't real prospects.
What makes you think these run down house owners want to sell? Keep the list for follow up after they have said no and mail them something in 6 months. And make sure your talking to the owner, it may be a lazy brother in law at the door who likes mooching off his in-laws and the owner would like to rid himself of his tenant..
You didn't give a clue to your lead source
but it seems to be targeted at properties that need a remodeling contractor and not at people with a need to sell..
You definitely need people who are motivated..not just houses with problems..you need owners with bigger problems..show them how you will solve their problem..they will be much more receptive to you...you shouldn't want to get in front of them...imho..it's confrontational..get beside them...you should be on their side..
My problem is contacting the owners and getting in front of them. Most of the times i only have an address . . .
You seem to be using the same strategy as me. Find a property in distress and see if the owner wants to sell. I like to call owners, visiting takes too much time and is to hit or miss. If you have the address of the owner so what is known as a "skip Trace" There are lots of services on the internet that will come up with a phone number for a fee.
Another important point is that this is a numbers game. You have to have more leads becuase as others have said you want MOTIVATED sellers. Just because a property needs work does not mean the owner wants to sell or is motivated. You have to screen more leads to find the few motivated sellers.
You mention sending letters. If you have sent 20 letters to vacant property owners that is simply not enough to guarantee a response. You will get a responses when you send hundreds of letters. The response rate to letters is perhaps 2-5%. You have to have had a big enough sample to see those numbers.
As Brian said you need to follow up. Keep sending letters spaced perhaps 1-2 months apart to those same owners.
definately agree to some ends on evertyhing. The properties i'm targeting are usually investor owned properties, vacant, torn up, and becoming more and more dilapidated (sp) My way of finding these properties is just having contacts in title companies and managment companies having been both a realtor and assistant at a pm firm.
When i was at the property management firm or brokerage house we had programs like Merlin or PeopleFinder that would allow me to find Phone numbers or Current Addresses and i was wondering how to do it without those programs since i'm not able to afford them or have the necessary credentials. Also what do most of you do, call or stop by?
i was wondering how to do it without those programs since i'm not able to afford them or have the necessary credentials. Also what do most of you do, call or stop by?
Sorry for the very delayed reply. Many of the online skip trace services offer a daily price in the $10-12 range. Private Eye is one. Save up all the people you want to look up and then spring for a 1 day pass.
It would be extremely rare that I stop by although I have done it and gotten deals that way. My favorite is phone calls. If I can't get a good number for them I will try mail.
Go to the Tax Assessor's Office you can ask for the address where the tax bill is sent, likely no one pays taxes on properties they don't own or control. You'll also get the name, they might be in the phone book. Practice cold calling. Good luck, Bill