Good day BP,
So recently I have been assigned a new category at work -it is my job to get the Off-Market ball rolling and to snowball it into something big. One step at a time I am wrapping my head around the process for sourcing deals before they're even on the market, what to look for and how to approach each deal differently. So far, while I go do my initial inspections on Court House/MLS properties, I've been collecting data on Off-Market deals that look distressed or a possible buy in any way. Which just means that I drive into a neighborhood one way and drive out another way while looking at distressed homes to buy, any home above 50k and below 500k that a family would live in. I then collect all the data on each, confirming if it fits into our clients boxes, then print out letters, hand write the addresses (it being my 1st time doing this, I thought a handwritten address could add a personal touch) and send them out!
Now, I only started last week and I've only sent out 36 letters to 36 targeted off market properties, so I don't expect all of them to call back. Rather, if I have one person call me back and allow me the opportunity to at least go through my entire presentation, then I feel as if the first the round was a SUCCESS!! I've never done this before, I've never asked somebody if I can buy their house.. My experience has only ever been in Foreclosures and Tax Deeds, no people skills involved really -you confirm if the numbers work for the client, bid against the other bidders and win the property. With this, I feel as if though I need to prepare to deal with every possible story that could occur when some one is trying to sell their house. Im sure there are going to be some crazy ones BUT that's the first goal, I just want 1 call back from my letters to allow me to go through my entire presentation. If there is anything I can help them with I will tackle it head on. Next week's off market letter run will then be 1 step closer to getting a deal.
Any advise would be appreciated!!
This is more for my record keeping, I guess you can say a form of journaling my growth..
So out of the 1st set of direct mail letters (36 targeted properties) I sent out this past friday (6 days ago) I just received my 1st call form a very motivated seller, AWESOME SAUCE!! Its the oldest home Ive ever dealt with, a 4/1 built in 1901 on 2 acres with a 3 car detached garage. Now Im sure Im going to find some surprises when I go look at the property tomorrow -the owner says she had a lease to own occupant in there that just stopped caring after a while and they just disappeared roughly one year ago. She's been sitting on it for a year and cant take it anymore. The kitchen is half way gutted, the bathroom needs some tlc, new flooring needed in the kitchen and bath, I'll have to add a 2nd bathroom some how AND it has a septic tank (in that town hooking up to city is roughly 8-10k).
So based off the info she gave me and the area this property is in, I already know Im going to have to put at least 45k into it, at least. Luckily tax value and comps (the best ones I could find) suggests she could be worth 148-197k.
Never the less, I am SUPER stoked and looking forward to seeing this one tomorrow!!!