All Forum Posts by: Brandon Eleazer

@Ethan Giller

Glad you found BiggerPockets. Enjoy what's here on the site and keep tuning into the podcasts. I listen to them when I'm driving and working on DIY stuff.

Are you looking for leads only in West Philly?

@Mark C.

Excellent point. I try to convince myself that the deals are still on the MLS so I don't need to go the direct mail route....but there's no avoiding it forever.

@Walt Payne

This thought had crossed my mind. It's amazing to see how many times the same owner's name comes up in public record. I write down their info anyways just in case for networking, landlording tips, or potential property management opportunities. I received a postcard myself from another investor that researched a tenant living in one of my properties. It read "Did you know that your tenant was previously evicted?" I'm wondering where he got that information. Whether its code violations, evictions, etc won't that require going one-by-one to lookup this stuff? It seems very time consuming. But I guess it beats paying for a list....

Hi @Andrew Inglis

Welcome aboard. I am also in Philly and I have been on BP for years. There's always new information and you can search through countless threads on anything that interests you. Stick with it.

@Account Closed

I went to the Manayunk meetup too. Did you read Joe's book and get his "rehab bible"?

I believe there's a wholesaler meeting towards the end of this month.

@Tim G.

Yes I have been slacking, and agree that taking action is very important. However Bigger Pockets forums has people that have already went through these steps before and can share what methods actually are proven to get results. I'm setting my mailing budget at $3,400 for the next 12 months; this will consist of 4 mailings to 8 different target areas. I started searching through MLS and public records and have about 500 addresses of NOO leads. Finding good solid leads myself and mailing to each of them 4 times is such a big time and money commitment, I really want to try to avoid wasting them by having somewhat of an idea if I'm going in a wise direction.

@Angel Prentiss

I also agree with you. Some situations will require a more personal touch. I remember hearing on the podcast that the 3 or 4th (or 5th) mailing should be a yellow letter vs. a postcard at that point.

I think my plan will be once I have all of the NOO addresses, I'll go driving through the neighborhoods to record the addresses of houses that need work. Then I can check to see what addresses match those I already have on my mailing list (which would indicate they could be really great leads...) It's basically driving for dollars AFTER I already have a solid list to verify what leads are: 1. Within my target area, 2. Not owner occupied, 3. High equity (little or no mortgage/home equity loans) 4. Not sold within the last 10 years, 5. Need Work

Is there anything else I should be focusing on?

Hello BP,

Among other criteria, I am targeting homeowners with >50% equity in the Philadelphia area. Should I be mailing yellow postcards to owner occupied or non-owner occupied properties?

I noticed that a lot of NOO own multiple properties, so the probability they are motivated to sell is lower; however OO physically live in the property, so aren't they less likely to be in a position to sell (or would just list with an agent?)

I haven't actually sent out the mailing yet, but the way I see it either way it seems challenging to actually target motivated sellers in either group of NOO or OO properties.

Any insight? Which do you mail to or both? Thanks

hello BP,

For those who've owned rental property outright...here's a scenario:

Single family 3 BR currently rented for $1150 per month.

Purchased cash for $50k + $12k to fix it up. With settlement fees and insurance the total all-in cost is $70k.

Would like to tap into the $70k cash invested either through a lending institution (mortgage, line of credit, etc) or taking on a third partner (already owned by two individuals)

Under what terms would it make most sense to add another partner?

I was thinking a $40k buy-in, in exchange for equal (1/3) partnership. This is under the condition that we will cash out refi shortly after and the partner will immediately get back up to $20k of the initial $40k....so in essence we will end up equal owners with a mortgage on the investment property and the new partner only really is out of pocket $20k.

Is this way too off base or somewhat of a realistic scenario? Thanks!

@Jeremy T.

Is your property listed on the section 8 list of available units @ the housing authority?

American Modern Insurance Group

As a Realtor, all advertisements should also contain language with regard to cooperating with other Brokers; I.e. " If your property is already listed with a REALTOR.....this ad does not intend to solicit listings of other Brokers."

@Alex M.

Any update on the 4-plex building? Were you able to come to a conclusion?