All Forum Posts by: Isaac El

@Guy S.  Hi Guy I really appreciate the advice and will absolutely try that, especially the sticky note and keeping professional tone.  Your right I have noticed its a "numbers" game, even with my weak over the phone pitch I have not closed any business, but have had some people interested, where we got into conversation on price.  But I guess thats part 2 to this process, how to negotiate price? What I was offering (which was in line with what investors are paying) and what the home owner were asking were totally off, and thats where the deal did not progress anymore. So if you have any advice there, I would greatly appreciate it as well.

@Kevin Whisler  Hi Kevin, this was REALLY helpful and I will try it for sure.  Two questions that I have.

1. In cold calling/sales they say usually you get 7 no's before you get a yes.  So what I am wondering is the people you call and say no, how long do you wait till you call them back? and how many times, how often do you call them back if any?

2.  I have been doing some research on this, and found some people recommend calling and saying your buying on behalf of somebody else like "I know a buyer that is interested" this way its like a buffer and the person is more open to talking to you openly, (obviously on the back end you really are the end buyer) but when you talk to property owner they are not as defensive because your approaching as a third party? again I don't have experience with this, it is one "strategy" I read about, do you have any experience with it?

Hi,  I am new to the world of real estate investing.  I have been involved in some smaller deals over the last few years as a side investor, but now I am looking to take this full on and really get into the world of real estate investing.  I have noticed in some of the neighborhoods that I am looking to invest in, there are many properties that are abandoned or falling apart.  I was able to locate the owner information (lots of research and work there, but I don't mind putting in the effort)  

Where I need help is my pitch on the phone.  Can any of you give me some advice??? Right now I am getting lots of hang ups, don't call me, not interested - that sort of thing.

Right now I call and introduce my self very nice and friendly and say something like "I saw the property at 100 Broadway and want to know if you would be interested in selling" (along those lines)

PLEASE HELP

I just bought a property at foreclosure auction, and noticed the city had a small lien with violations against the owner.  I called city to get a release because in NY City, the foreclosure action cuts off all liens.  It turned out there is a much bigger lien that the title company didn't pick up, reason being the city spelled owners name wrong.  Now the bank is saying they need to do a "strict foreclosure" - Right now they have my deposit and who knows how long this process takes.  Can anybody give more info? 

Also - I was reading the judgement of foreclosure, this might be a stupid question, but why does the bank also list for example "nyc traffic violations" as a defendant to the case, in addition to the name of the person being foreclosed? I am assuming because the person has outstanding parking tickets, but why would that be listed here?

There is a property in Bronx, NY (6 family unit) tax lien auction, the person is deceased and there are no heirs or relatives, is there anyway to buy this? or only way is through auction?

What I have done, is tell them simply, you bought it as foreclosed property, and you want to offer them a little amount of money to leave willingly, some go for it, and some are more stubborn, so you have to negotiate to "buy them out"

@Antonio Porta  WOW Antonio, thank you for replying, I am really so grateful for all of those who have taken time to respond to this thread and to make me realize there is so much more to think about and to consider before buying a property, and also glad I posted it here, instead of buying it then I would have been upside down on the deal financially.  I will PM you for sure, and appreciate the advice, Northern Jersey is like NYC to some respects, property costs so much here, and tons and tons of competition, other investors, with tons of experience, other investors with deep deep pockets, that doesn't make me feel like 'ohh I can never compete with them" I look at it, as motivation, "How will I find a deal? " I got to work harder, and I know I will make it happen.  Not saying its easy, but if you want something you got to work hard for it.

Thank you.

@Austin Fruechting Thank you Austin, this thread and the input from everybody has really opened my eyes, I have since done two things.  On this property I have been able to explain (with facts) why its also not worth it to the owner and the broker, and now they are considering a significantly lower number, and the way I like at it, is if they take a lower number then fine and if not there are so many deals out there.

The second thing is, I have seriously been looking into out of state deals, and there is SOOO  much opportunity out there, so I want to see what I am able to do, and like you said run some number where I am cash flowing, and making money!!!  RIGHT OF THE BAT!

@DJ Cummins I appreciate it, I agree I don't think this makes sense either as an investment property, I am going to make  them a low offer, if they are interested fine, if not move on to the next one.

@Tiffany Rosa thank you Tiffany, I will look for that tool on the website, and use it.