Hi everyone, I've been looking on MLS for a multifamily in Lowell, MA where I live, unfortunately there are no deals around within my reach, specifically 2 family under 200K and 3 family under 250K. And I would like to ask if anyone has found any rental properties in Lowell aside from the MLS, such as absentee owner or free and clear through creative methods? Or should I just focus on different locations such as Fitchburg, MA (30-40 min from where I live) where the properties are more affordable? Any input would be greatly appreciated!
Hi @Sarann K.
I am currently not looking in those areas. Off market may be your next step. Direct mail to absentee owners may be a great idea, you just need to understand it is not magic, and will take a min of 6 touches to your list to possibly close a deal. You can purchase your list from a site such as list source and then you want to determine your monthly budget for the mailings. You are not looking to live in the property, just pay conventional financing?
Hi @Steve Bracero ,
Thank you very much for your great advice, I think I'll probably focus more in Fitchburg for now and will start the direct mailing in the meantime near my area. I'll plan to use conventional financing. Wish me luck!
Hi @Sarann K.
Direct mail takes at least 6 touches, and consistency... Best advice is set a budget for 6 months and run the campaign for the time.. Track your calls and follow up, follow up.. I have seen it roughly takes about 20-30 calls to land a potential deal..
@ sarann door knocking baby, Face to Face is still the most valuable way to do real estate. Good to see your still active Sarann.
@Sarann K. undefined
I totally agree with you. I'm also glad to see you again. Is it challenging to manage your properties 30-40 mins drive from home? Or do you think it's not that bad?
My worst experience was driving to my three decker at 2am to try to figure out why the smoke detectors kept all going off at the same time in the middle of the night. I am sure that the tenants were smoking and not admitting to it. Not that bad of experience but yes if your not open to that thing stay close. Or hire a great property mangement team. like uhh hemm myself. lolol anyways but in all seriousness I call around Lowell. The acre seems to have a lot of distressed stuff coming up. If you can renovate those I'll give you call. I actually owe some cold calls to Lowell tomorrow. : )
Stay in touch my man.