Real Estate Broker · Portland, OR · Member since 2016 · 97 posts · 90 votes
Just bought my first duplex that I found off market using $300 of direct mail. It's located in an up and coming part of Portland Oregon called Foster Powell. The owner was an out of state landlord so I was able to negotiate the price to $320,000. Icing on the cake was it appraised for $370,000! The seller even agreed to pay $4,200 to help move the tenant out so I could move in for my FHA loan requirements. Market rents will be $1,200-$1,300 each unit starting in 2018. Already sending out my next $800 of direct mail!
Real Estate Agent · Social Circle, GA · Member since 2015 · 116 posts · 53 votes
9y
Congrats! I'm in the process of selling my Portland duplex that I bought 2 years ago from an out of state investor. It's a 3/2.5 built in 2007. Selling it for $360k. We're moving out of state. Rents for $1400/unit. There's still deals out there!
Real Estate Agent · Social Circle, GA · Member since 2015 · 116 posts · 53 votes
9y
Congrats! I'm in the process of selling my Portland duplex that I bought 2 years ago from an out of state investor. It's a 3/2.5 built in 2007. Selling it for $360k. We're moving out of state. Rents for $1400/unit. There's still deals out there!
Real Estate Agent · Willoughby, OH · Member since 2014 · 560 posts · 690 votes
9y
congrats! I also just finished a mini marketing campaign that yielded some possible results for an FHA house hack. I hand addressed every envelope which seemed to help immensely. I have heard that Portland and seattle are getting ever more popular so hopefully the appreciation keeps moving upwards!
Investor · Chicago, IL · Member since 2014 · 81 posts · 35 votes
9y
I love every bit of this story @Melissa Dorman! Little marketing money and you have a good deal, appraised it and it turned out to be a great deal! Congrats. Keep crushing it.
Orlando, FL · Member since 2016 · 21 posts · 5 votes
9y
Awesome work! I haven't started any direct mail marketing yet. Have been mainly focused on MLS things that pop up but the good deals go on and off the MLS in less than a day so I might have to work on rethinking my strategy.
Developer · Portland, OR · Member since 2015 · 21 posts · 5 votes
9y
You nailed it @Melissa Dorman. Good work! Did you buy your list from a list provider or build it from the ground up by driving/biking/walking for dollars?
Real Estate Broker · Portland, OR · Member since 2016 · 97 posts · 90 votes
9y
Max Brunke and Charles Street I got about twenty calls from 500 mailers and of those 5 sellers really trying to sell at market price that I passed off to my realtor friend for a referral fee if they execute on it and this deal and one I'm still negotiating with another seller to do a lot reassignment as a joint venture deal with a fellow investor who would build on the lot and give me equity in the duplex or a wholesalers fee for finding it. I got my list for free from a title company search with a simple criteria of 2-4 units in 3 specific zip codes. $300 in mailers well spent, I would say.