All Forum Posts by: Tom Bujnowski

Does anyone use radio advertising in their real estate business to get leads? If so can you describe your strategy and your success in getting leads.

I did it and would never do it again. Relied too much on others who didn't perform. I now stay within 1hr of my home!!

I'm big into probates. I use direct mail. I spent $2,000 and it brought in $63,000 in profit for 3 deals.

You're asking the wrong question - how many times do I mail. You should think of having an unlimited marketing budget. How many of you would give $2,000 to get $63,000?

Direct mail campaigns to probates, pre-forclosures, tired landlords, out of state owners.

What I've learned over the years is that you have to have a constant flow of leads in your real estate business. I'm a big believer in direct response advertising and not image advertising.

Your marketing should illicit a response. Should call people to action.

If you don't have a steady stream of leads you're out of business. You can know all the techniques but if you don't have prospects you're dead in the water.

I have many campaigns going at once.

So for all the investors out there -especially the newbies -concentrate on marketing!!

Probate 4 unit. Executor wants out and doesn't want anything. These are the expenses and debts attributed to the estate...

$100,000 5 credit cards of $20k each
65,000 HELOC loan on the 4 unit
12,000 Funeral expense

With this debt of $177,000 the numbers don't work. Is there a strategy someone has used where they buy the house with the idea of negotiating with all these lien holders and getting them to accept pennies on the dollar to cancel the debt.

I'm looking to buy the building as cheaply as possible. My attorney is telling me to tell the seller/executor to try to negotiate with the lien holders. But they don't know how to do that.

I know a guy like Pete Fortunato would be able to make a deal out of this. Anyone have any idea how I can purchase this property creatively at a discount?

I just received a copy of the appraisal which was for $180,000. Since there were no 2-4 unit sales in this suburb since 1999 the appraiser went out of the area.

The 3 comps are from a suburb 4 miles away!! I know he had to find some comps but I believe those comps don't tell the story of the subject property.

As I talked with the seller I found out not only is there a mortgage of $65k on the property but other expenses and debts attributed to the estate equal about $180,000. I'm meeting with the seller to find out more details.

After learning of the debts and expenses I may be able to negotiate with the principals ala Pete Fortunato and reduce them. He often talks about getting to the real problem of the seller.

In this instance I believe the executor just wants out without making any money. She's not even the owner and she's going through all these headaches.

Any further comments from the audience!!

I offered $80,000 for the property. I would buy it subject to the mortgage of $65,000 and then pay $15,000 in cash.

The executor just e-mailed me and said there was an appraisal for $200,000 and her attorney told her it could only be sold for no lower than 5% of that price. Can an attorney tell an executor how much to sell a probate property for?

Furthermore based on my previous posts of the property I think $200,000 is very high!

Ralph, what if I had to put in $15,000 for renovation - how would that affect the 2% rule. What other info. can I provide you?

I'm dealing with an executor of an estate that has a four unit to sell. One building has 2 units(2 beds each) and the other building has 2 units(1 bed each). Each unit has 1 bath.

Both buildings are on 1 lot. The i bed. building has a 3 car garage under it Tenants pay utilities. The 1 beds are renting at $450 and $500. The 2 beds are empty with market rent at $600 each.

Here's the problem!! The property is in a small suburb of about 2,000 people and there are NO comps for multifamily. NONE!! Units all need some updating. I'm trying to work out an offer but because of lack of comps having a hard time finding value. Any ideas from anyone!!