Columbus, OH Investor Checking In!
Hey guys, been a while since I posted on here! Just wanted to kind of update where I'm at now. The past few months I've been learning and learning as much as possible pretty much through the weekly podcasts.
When I first started, I thought finding the deals would be the easy part for me and finding funding would be the hard part, especially because I am only 21 years old. However, I have been talking about real estate investing with a lot of friends and family and funding is now not the issue. I have been gathering lists to get ready to mail to select zip codes near me and call as many landlords that I can find. I'm a little skeptical about cold calling, does anyone have any suggestions for this?(
I'm looking for a 3 family triplex as my first investment because I believe taxes are significantly smaller on a 3 family, opposed to a 4 family and up.
Since I will be managing the property myself, I am calculating about 60% for NOI and looking for cap rates between 8-10%. This way, I know roughly what I can buy a property for.
Hope Everyone has a Productive Week!
Hi, @Zachary Robertson, great job on not having an issue funding your investment -- that's awesome! I assume you have your "yellow letter" ready to send to landlords of triplex properties, right? You'll want to make sure your letter is designed and crafted to get a motivated seller to call YOU. If your letter sings, then YOUR phone is the one that should start ringing.
I sent out letters for a looooong time from a different perspective -- trying to get landlords to come to us for property management -- and I learned a lot about getting your mailing exactly right. I would make sure you read the resources here on BP to get it right so that you can avoid as much frustration (and lost mailing costs!) as possible. Postage is expensive. :) Good luck!
@Zachary Robertson, I also forgot to mention that I called the folks I sent letters to as a follow-up. Granted, I wasn't trying to buy a property, I was trying to sell property management, but a few quick thoughts on that: 1) hardly anyone answers their phone for a number they don't recognize, which you probably already know, so 2) when they do, have your message ready to deliver, fast and friendly -- "I reached out to you by letter to see if you're interested in selling your property at ______." If they are, have your friendly, direct screening questions available immediately bc you want to sound knowledgable and progressional. Be ready with your knowledge of that property from what you found on the auditor's website -- from looking at pictures and reading the property information. Search here on BP too for lots of ideas on good screening questions (also so you can avoid sounding like the stuttering fool I was when I made calls! ;) ).
Thanks for the help! Getting my first mailing campaign ready to go out next week!
You're welcome! Best of luck!