All Forum Posts by: Helen Kolton

Behan,

I will check that link.  thank you.

I have been learning, reading, analyzing, calculating, looking for, talking/discussing and running numbers for the last 5 months.  Now I have 3 properties in motion, that i am waiting word from the bank.  they are REOs.  I am trying to choose the best strategy now.  Since I do not have a lot of money "seed money" i want to make sure I make the most ultimate decision.  

Gary,

Thank you.  How do you mail an unopen letter?  why are they called "yellow letters".  I have one i just sent out the other day.

here:

My name is _______________ and I noticed your home on MLS. I do not know your current circumstances but from researching the area and doing my due diligence I know that there are quite a lot of foreclosures in your area, as a matter affect several houses next door to your property are in foreclosure right now: 1311 Summerfield Avenue, 1515 Summerfield Avenue, 1306 Summerfield Avenue, and others. There are currently at least 12 more properties within less than 0.14 miles from your property that are in pre-foreclosure. According to county records your property estimated value is $_________.

You are competing against the foreclosures out there. The foreclosures are bringing down everybody’s values. I do not want to give you a lowball offer, but the reality is that those foreclosures are really what’s at fault here. I also see that your property has been on the market for over a month.

As I said I have been doing some research on the area for quite some time now. According to county records and other comparable properties in the radius of up to half a mile is currently between $_____________ to $______________.

Keeping all this in mind I would like to give you an offer on your property located at 1407 Summerfield Avenue of $___________. My reason for selecting this number is because of the current housing market in Asbury Park, the age of the property (Built in 1930), the absence of stable jobs in the area and the anemic general health of the real estate market and economy.

Thank you for considering my offer and I look forward to hearing from you soon.

Respectfully

What do you think about my letter?  any suggestions?  thanks a lot.

I am a new investor.  I like to know more about yellow letters marketing.  Please advice.  Thank you

Garrett,

"I am concerned that a lender wont pay a 15k "consulting fee"." 

We are new too but typically if your end buyer is a retail buyer then he/she already paying your price (190K).  So what is this 15K "consulting fee"?  You get Assignment fee or "consulting fee" when you sell to other investors/rehabbers.  

You must put the property under contract and then as Gerald Harris said market it to your buyers or here.  Also if they are retail buyers they will need a mortgage.  Lender will do his own appraisal on the property for that.  No lender will allow to mark-up the price.

You are confusing wholesaling with retail buying.

Aaron,

I need second look at my preliminary number if its ok with you.

It is very hard to come up with good comps for this property. Its a short sale, bank wants 200K, the owner paid 183K in 2005, missed 3 last payments. The house next door sold for 100K. the comps I came up with are from 100-179 within 1 mile radios. My offer to the bank is $120 or $125K. The rentals go for 1,000 to 1,200 /mo. Cap rate is around 12% or better.

Your thoughts please. I appreciate everyone's input. I am working on pre qual ltr so i can submit my offer.

Thanks everyone.

Hi Erin,

Thank you for replying. My ex used to be in the military. Unfortunately I am not qualified for VA but I am looking for muli, 2 or 3 units. I was thinking about it for a while until Aaron confirmed my decision making process. That is exactly what we want to do.

I am so looking forward to start. Please keep in touch and good luck to you guys.

Aaron,

I will research it on citi-data.com, i am familiar with that area. Thank you.

Just called my realtor re: multi.

Aaron thanks a million. I will research this information. I was looking for 2 to 4 multi but have not considered living in it. Saving on rent is something I have not thought of. But now since you brought out to light i see there is a good point. I appreciate your advise.

Hi,

I am a new real estate investor. I want to know what is the best way to start investing in real estate, particularly in multi-unit properties. I am looking for good residual income and appreciation. Thank you.

How do I place my add? Thank you