All Forum Posts by: Luis Toledo

@Brandon Foken

Is anyone coaching you through this campaign? I'm considering a direct mail campaign in my market and if your results are typical then I'm getting a little worried. Maybe they're typical for a big, relatively sophisticated market like SF and the East Bay, but I'm hoping that DM is more effective down here in the Southeast. Can anyone speak to the relative effectiveness of various direct mail tactics in different regions of the country?

Consider mini-splits instead of central A/C. Installation should be far cheaper and faster. I'm not sure if they'll work to heat a home in Chicago, but if you have a radiator they will cool a room well in the summer. No ducting required. They're basically high tech wall units and are really popular in Japan and Europe. They're just catching on here because it's way easier to retrofit a space with splits than to install HVAC after the fact.

Are you limiting your search to Glen Allen or are you looking in other parts of Richmond? I would think there are lots of distressed properties in your surrounding areas. Glen Allen looked nice and mostly new when I was there last year.

It sounds like once you close, you'll have a month to figure it out. I wouldn't approach someone else's tenant either way, especially since it doesn't seem urgent.

Once you own the property, notify the tenant that you don't intend to renew their lease and offer them a cash bonus if they'll vacate early. The rent they save and a hundred bucks or so might be enough to move them out. That's my .02 anyway...

I don't know what it's like in CA, but in FL lots of real estate brokers are also property managers. The agency get a fee usually equal to one or two months rent for finding a tenants and splits the fee if another agent brings them a renter. Places with lots of smaller multifamily buildings should have many such agencies. Your best bet is probably to get the number of the leasing line at a few small apartment buildings that you'd like to possibly live in and call. If you don't like what they show you in that building then ask if they manage any other properties.

Are there any rehabbed properties for sale or pending that are similar? Those will be the appraiser's comps when it comes time to sell. Your 3 month old comps will be 6 mos old come sale time.

Um, it doesn't really matter what we say... except this: ask your landlord.

Thank you everyone for the warm welcome. I'm looking forward to being a part of big things here on BP.

I just stumbled across this thread and would love to see a breakdown. I see that it sold in July 2013 for $212,900

To paraphrase Dave Ramsey,

Wealthy is when your money works harder than you do.