Boston, MA · Member since 2014 · 14 posts · 2 votes
I got a new job as a Acquisition Manager for FDR Homes. And my job is to find distressed properties that we can buy, fix and flip. I'm walking around every day with a note pad taken down the addresses I think would be a good fit. Then calling them the next day from the yellow pages but I get a lot of no pick ups. Or out of service phone. Any one have any advice for this beginner?
I'll tell you what is NOT a good way. Don't buy a high-equity mailing list.
I recently paid off the mortgage on my personal residence. I have been bombarded with marketing pieces. Someone took some class or read some guru book or something.
It apparently has not occurred to these people that someone who owns an expensive property free and clear is not someone who is going to have to sell at a discount. Even if I did want to sell, I would list with the premier brokerage in my area and sell for full market value.
Also, just because I have not mortgage and COULD sell with seller financing does not mean I will. Why would I?
I got a letter from some woman who offered to buy my house, which she has never seen, for exactly 60% of the assessed tax value (which is far below the fair market value.) And she wanted owner financing! At 4%!
As your city inspector for a list of condemned properties and then call the list of people. I just did this and first person I called was interested in selling
I'll tell you what is NOT a good way. Don't buy a high-equity mailing list.
I recently paid off the mortgage on my personal residence. I have been bombarded with marketing pieces. Someone took some class or read some guru book or something.
It apparently has not occurred to these people that someone who owns an expensive property free and clear is not someone who is going to have to sell at a discount. Even if I did want to sell, I would list with the premier brokerage in my area and sell for full market value.
Also, just because I have not mortgage and COULD sell with seller financing does not mean I will. Why would I?
I got a letter from some woman who offered to buy my house, which she has never seen, for exactly 60% of the assessed tax value (which is far below the fair market value.) And she wanted owner financing! At 4%!
Hey Richard, I will give you - sight unseen - 65% of assessed value and 5% on the note! =D (I'd really enjoy New Hampshire!)
You raise a point that we discuss all the time around here. People who own free & clear don't have a mortgage payment, and that removes one of the biggest "motivators" which is that big payment the owner must make every month.
Christopher - consider direct mail as a core strategy tho. Absentee owners, code violators, tax liens, divorced, etc. You can pull lists with many criteria via a service like Listsource.com. Use a service provider like YellowLetters.com to print and send postcards out (yes, they have really nice postcards, not just letters). Or get someone to design a piece just for you on a site like Fiverr or Upwork if you don't have design talent in-house...
Otherwise, signs work. And Google AdWords (if you know what you're doing)....
Multi Modal Marketing @Dev Horn, not just 1 way to get motivated sellers.
COI Marketing too.
Center of Influence, who knows alot of people?
I like Financial Planners and CPAs for terms deals (sellers).
Here is my list, old school.
1. Place a newspaper ad (major daily) 2. Place an ad in Pennysaver, Thrifty Nickel, Greensheet, etc. 3. Bandit signs 4. Drive neighborhoods looking for vacant houses and FSBO's 5. Call FSBO ads 6. Search MLS for junker properties 7. Search MLS for expired listings 8. Contact landlords who are evicting a tenant 9. Contact landlords with properties for rent 10. Pre-foreclosures 11. Foreclosure auctions 12. REO's 13. HUD & VA houses 14. Tax sales 15. Estate sales 16. Properties with outstanding building code violations 17. Properties with outstanding health code violations 18. Condemned properties 19. Fire damaged properties 20. Out of area owners 21. Network with professionals, i.e. attorney, CPA, REALTOR®. 22. Network with service people, i.e. letter carrier, pool service person, lawn service person, newspaper delivery person, carpet cleaning people, plumbers, etc. 23. Bird Dogs 24. Wholesalers 25. Magnetic car sign 26. Distribute business cards EVERYWHERE 27. Career attire (Polo shirt with embroidered "I Buy Houses" logo) 28. Fliers 29. Door hangers 30. billboards 31. radio spots 32. TV spots 33. full-page ads in the yellow pages.