All Forum Posts by: Joshua Martin

@Svetlana Foley Cold calling, door knocking, and just starting to mail probates from a realtor angle next week as soon as I have print materials back. In short, mail is expensive, and I couldn't afford the campaign, but learned a lot from it. If you check on the thread itself you'll see the resolutions updates I left there, we don't need to hijack this guys thread ;)

But direct mail absolutely works, talk to anyone at the REIA, or any of the other investors you surely know. I'll be back on it when I've stashed enough cash, but definitely more targeted lists than shotgun marketing Milwaukee county...

Best,

  JTM

Hey Jesus! Welcome to BP and REI!

The Biggerpockets meet up is the bomb, and there is also the Milwaukee REIA, good, but not as good.

There are also some landlord associations but I haven't been to those and don't hear too much about them.

If you'd like to get coffee sometime give me a shout, I like meeting other new investors, and I'm only several months ahead!

Best,

  JTM

Ryan Pattee Keystone Property Management and Contracting. He's legit. I'll be using him on my rehab if I ever manage to close on it... PM me if you'd like contact details. BP won't let me put it up. Best, JTM

@Shigeaki Minami Welcome to BP! And if you're patient and refine what you're looking for you'll be able to find what you're looking for in Milwaukee! Stay the course. @Michael Henry should be a valuable asset. Knows his sh*$.

Best of luck, and I hope to see you around!

JTM

@Rick H. Do you always call probate leads? And I'm sure the fear of rejection is greater than the reality, but what percentage would you say are deeply offended or nasty with you? And additionally, if you receive a very aggressive response do you stop mailing them? (I'm almost sure you don't ;)

Switching my probate marketing from a realtor angle but who can also provided a cash option and a list of cash buyers. Brainstorming what I can do in addition to direct mail, naturally cold calling came up but it seems like a difficult prospect group.

One more question if you'd be so kind: what have been your best probate referral sources? I've found the attorneys I've talked to either non-receptive or already have established relationships where they pass their referrals. I'll try to get face time and see what I can do, but over all your years doing this have you connected with estate planners, nursing homes, hospice centers, priests or any other businesses or non-businesses that have been worthwhile relationships?

Thanks in advance.

Best,

  JTM

Well there's the big question. 

Write a handwritten letter and say I'd like to buy your property. Contact me if interested. ### Send one per month with slight variations if you like. Try a typed letter.

Then look up that owner via some online background info checker deal, peoplesmart works well but I don't know what it costs. Give them a call and ask if they'd like to sell.

Look them on on Facebook and hit them there too.

Best of luck!

  JTM

Nice one @John Thedford. It does happen, I guess I just haven't found the seller with the right set of circumstances yet. It'll come soon.

And yeah, for cash I don't have my own but I have a few lines and access. A family HELOC and a private money pal who has been in the business for a lot of years. I'm still probably capped under about 65-75 though (at least that'd be a number I'm comfortable with), and maybe that's a better number for a first project when I find it. I know HM people, but I'd rather not use them unless it was the only available option.

That's actually quite sensical, just giving the option up front. I blundered on one a month ago where I thought I was being asked about the property as a cash buyer, and later when I gave her a listing price she thought I'd been trying to scam her. I wasn't, it was just a combination of inexperience and stupidity, lesson learned. 

Thanks for the insight. That's how I'll approach these.

@John Thedford I'm just wondering, as I'm working as an agent, how do you approach distressed sellers and work in their interest? I wonder because I have a lead which looks like it'll definitely be a cash sale, but do you bring in cash investors or list on the MLS and then let cash buyers fight it out? And if everyone is always looking for a deal, how do you ever buy one in good conscience as an agent when you know the property will sell for more on the MLS? Genuinely wondering, given that selling for cash is rarely a person's best option in terms of capturing equity.

Additionally, realtors code of ethics is not that valuable in actual practice, and con jobs are a matter of degree. I had a FSBO I was chasing, talking to the sellers, thought their asking price was a little high, and then a week later they've signed with an agent and bumped the list price 50k! What did it actually sell for, less than the original, as I told them... What about this level of deception? Maybe it's okay since they're licensed...

And to the 'big dogs,' cutting people out is shady and I think poor business practice. They brought you a lead, you should keep them in mind. More than likely what happened in the case being discussed is wholesaler incorrectly estimated repairs, not trying to make 25k on a wholesale fee. Doesn't make him a con, it makes him inexperienced. Should he lose this one for that reason? Maybe so. And it's part of the learning process.

Additionally, in my market here I've seen and heard about a local company that's always trying to 'sidestep,' yes they buy lots of properties (mostly off the MLS), but fewer and fewer people will work with them, including title companies, wholesalers, agents, and other investors. Long term play is about reputation, not just making a dollar today.

Good discussion.

Best,

   JTM

John Meurer I can give you ideas, but they're not from experience. I would PM Zarak Sharwani, as I know he's done a few of these here and would be happy to help. Additionally, you could call Summit LDS, a local title company here that a lot of investors use, and talk to Donna Myers. She's the bomb. Approximately you're right, you'll set up a third party (title co.) escrow and have them move the funds every month, and they'll give a note and a mortgage I'm told is the cleanest way to do it too. There's also an attorney who works out of the office too who is affiliated with the REIA, and I'm sure he could clarify all of this. Best of luck! JTM