All Forum Posts by: Daray Olaleye

There are a ton, literally hundreds. A simple google search bring about different strategies. Here are a few:

Driving for Dollars

Code Calling

Mortgage Pre Foreclosure

Tax Preforeclosure

Bandit Signs

Door Knocking.. (best with a list)

Use Birddogs (ie your favorite postal office driver)

The list can begin to be overwhelming. Choose one; get really good at it. 

@Deonte Palmer I don't think there's any best way. As you know, every market, investor, seller and price range comes with different variables. I think the biggest takeaway would be consistency in whatever it is that you do. Readjust and remeasure and repeat. 

@Alton Williams I think driving for dollars would come down to competitive advantage since it's not a list that multiple people are farming. 

At the end of the day, most if not all lead sources work. It's just about consistency. Picking one, sticking to it, evaluating and reevaluating your results then tweaking and repeating until gold.  

@Everett Morris what @Aaron K. said. 

You don't have much of a leg to stand on if he's not having it and you don't have the funding already lined up. If you don't already have a buyer lined up 2 of my favorite fast track methods are:

• 'For Rent' signs owners
• Real Estate Meetups

If you want to do a little more work but have much better buyers, get a list of cash purchases in the neighborhood in the past 90 days and look up and contact the buyers with your proposition. A cash buyer who already invests in your market and in the area your property is in is what we call a grade A lead.

Don't lose this lead! 

@Olivia Rojas

2 of my favorite fast track methods are:

• 'For Rent' signs owners
• Real Estate Meetups

If you want to do a little more work but have much better buyers, get a list of cash purchases in the neighborhood in the past 90 days and look up and contact the buyers with your proposition. A cash buyer who already invests in your market and in the area your property is in is what we call a grade A lead. 

@Tara Lowther Door Knock (not for the faint of heart), especially when you're first starting out; apart from landing a deal, the skills you'll innately pick up are invaluable . 

It started with a $6,000 mistake...

Late Saturday, enjoying one of my much needed nights out, I received a text from one of my tenants stating that the A/C unit was just blown out..

I wasn't concerned except that it was a 2am text & call and that the next day was Sunday (weekend service repair calls are always more expensive).

As summer approaches, I knew that this was a situation that needed my immediate attention...

I immediately had one of my managers collect some quotes for a new unit and labor (never use Yelp! - It's only good for food haha).

The quotes came back as such: $5500, $6400 and $7800 for a new 3 ton unit and installation..

I was appalled as these prices didn't sit right with me so I decided to take matters into my own hands and do some on the ground research since I just so happened to be in Houston that weekend.

They say your network is equal to your net-worth so I immediately reached out to my network of investors and got the contact of a formidable handy man in the area.

We were able to cut out the multiple middlemen and go straight to the wholesale distributor (cutting off all middle men would mean going straight to the manufacturer but it's not possible to buy one off units from them).

I paid $1000 for a brand new 3 ton unit and was charged $500 for the labor of the handyman...

Needless to say, I'll be working with this handyman for future projects and repairs..

Total cost - $1500 and 2 hours of my time

Total savings - ~$6000

Because of my spidey sense and network, I was able to save a ton of money, form a new relationship in the process, acquire a connect with the wholesale distributor and write this article..

@Kyle J. @Mike McCarthy Amazing advice. The both of you are spot on. I think it's best for everyone to have a clean break! That resolves all 3 problem without the headache. Well said. 

I'd love to hear other experiences anyone else has had with early terminations.. These are the types of things we don't talk about enough...

Hey Gang -

I've been having some turnover in some of my units as of late (which is always fun - haha). My most recent notice was from a tenant looking to break their lease 5 months early. I'm pretty lenient on security/pet deposits as long as everything is physically in order and they are able to find replacement tenants but my questions are as follows:

1. How does one go about charging a security deposit on the lease takeover? Should you require the same full amount required of the existing tenants. Not sure how much a proration makes sense, nor do I think it's a smart decision to bank on the fact that the new tenants will renew for a full lease so there are some hang ups there as well. 

2. Is there a specific way of doing things when assigning the old residential lease contract to the new tenants (ie an extra step or extra forms to consider)?

3. This last one is more specific to my situation: Should I allow the tenants to market online (ie Zillow) for new tenants or should I take on that responsibility and give the tenants the responsibility of facilitating the tour etc. I ask this because as much as I'd like to give total responsibility to the old tenants, the system I use for background checks and all is cozy so I'd either have to provide my old tenants access to cozy or I'd have to screen the leads that they attract myself and then approve the good ones and relay that to my tenants. In other words, I'm looking for a system or some efficiency around this process.  

Of course, I have mentors and contacts to answer these questions if need be but I know the power of community and that there will be others with similar questions. So in efforts to create some dialogue, I hope we can provide some value and lift as we climb. Thanks BP! 

Thanks for the invite. I've been investing for a few years now, although still young (at heart!). I'd love to attend and maybe share some experiences. Looking forward to it.