All Forum Posts by: Ken Nyczaj

@Kevin Roberts that’s a lot of mailers. Were you doing postcards with USPS as an EDDM campaign or yellow letters to motivated sellers? I’ve been in contact with PostCard Mania but their minimum deal is for 2500 post cards and I just don’t have that large of a list yet. Their price per mailing is .29 cents plus .25 cents for the post card plus .07 cents for the addressing, and then some other one time fees on top of that. If you want them to create their own distressed sellers list than the price goes up more.

Currently I’m doing my own yellow letters with a cost around .65 cents a mailer. I’m curious what your costs for mailer are and who you use for mailers and your distressed sellers list, list source?

@Annette Hibbler @Account Closed

Hey everyone, figured I give out an update. After two weeks the response rate has 2%. Four people have called me out of 200 yellow letters.

One seller being highly motivated but had no equity in the deal. A worn out landlord that really let the property go. It is a perfect sized house and location, just unfortunately he will need to short sale it, and our price would be well below what the bank would take, I'm assuming. We would offer around $80k and he owes the bank $220k and the house maybe worth $130k in its current condition.

On a positive note, some other people that called back were other current investors who are now in my contact list. They've asked if I have any extra deals to pass them their way and vice versa. Starting to build a buyers list by networking through direct mail.

My next campaign will start in a little over a week. Instead of being discouraged I'm going to double down. 400 yellow letters to the same group with a 200 person addition. Everything I've read and listened to on BP says it takes numerous cycles of DM to start getting leads. I'd recommend everyone stay with it, and I'm optimistic about getting our first deal on the next round.

Thanks for reading.

Hi, Recently with my direct mail campaign a person who received a letter from me referred their friend who currently owns a home in an area I’m looking to invest. They bought the house at the height of the market near $280k, they owe $220k and are looking to sell, the house is worth about $220k now. He knows I’m looking to pay investor prices (around $160k) and would like to short sale it w/o listing it on the mls and do it behind the scenes with the bank. It’s an absentee landlord who currently has a long term tenant renting the unit out. The rent does not cover the mortgage, not even close, so subject to isn’t in question. Without much equity I’m assuming I should not pursue and tread lightly w/o further damaging the position the landlord is in? Thank you

@Annette Hibbler @Account Closed 

Ok, so far I've only had two calls out of 200 mailings. But, one guy that called me was a friend of a person that I mailed to. The seller is highly motivated but doesn't have a lot of equity and is looking to do a short sale with the bank, but is not currently listed on the MLS as such. He owes $218,000 on the property which is worth around $250,000. The seller knows I'm not looking to pay retail, but more like $150k to $170k on the property depending on how much work is needed. It's currently being rented by a tenant that has lived in the place for three years, but the tenant is now on a month to month lease. I'm looking at the property this weekend with my GC who is also my 50/50 equity partner.

I don't think this would work as a subject to deal because the rent would most likely not cover their mortgage. Unfortunately, the seller bought at the height of the market in 2007 at $279,900.

Anyone have another idea to make this deal work? Or if I should even pursue a short sale w/o a real estate agent.

I use a font called blzee that can be downloaded straight from the web. It looks like hand writing and looked better than the handwritten font I built myself.

@Russell Brazil I’ll make some follow up calls and ask about these points specifically. Our offer was rejected but it would still be good information to know for future reference. Thank you

@James Mc Ree After checking with planning and zoning, they were completely fine with creating an in-law suite. Since we weren’t adding any non-permeable land to the building we didn’t need additional permits or have to pay additional impact fees. Since the property was on county sewer/ water there didn’t need to be an inspection of wells or septic tanks. We would need to acquire permits of course but legally the county was fine with it. Regardless, our offer was rejected.

@Joe Norman thanks joe. I will gladly seek your advice but our offer was rejected.

@Quandra Adams go to your local courthouse and check docket sheets for failure to pay rent. Some court cases may be settled (ie the tenant paid) or a warrant of restitution was issued (a sheriff showed up to the house to evict the tenant).

Every state is different but I’m sure your county has something.

@Jessica G. anytime! Will update next week!

@Annette Hibbler will do. and no I did not include a photo or summary of myself. Something I may try next time

@Account Closed Thank you