All Forum Posts by: Mark Graziano

Dear BP Mentor,

I feel like I am spinning my wheels.  I was finally able to buy my first rental property this year in May with a conventional loan and after a small rehab had it rented out by mid-June.  Now that I have that under my belt I am ready to take more action.  

With a limited marketing budget, I have started a small direct marketing campaign (about 250 pieces per mailing) as well as actively D4D.  Through D4D I have found, researched and mailed about 8 owners and continue with this practice weekly.

I spoke with one of these D4D leads and walked though one of their properties however the numbers just didn't make since when taking 70% of ARV and then subtracting out rehab cost, closing costs and holding cost. I would rather have no deal then a bad one.

So my question to the community is what are my next steps?  I feel like i am just waiting until I have saved enough money from my J.O.B.  until I can buy another property, however I am far from comfortable with that plan.   I am all about taking action, and would like your input.

Thank You

@Jason Wilson

Jason, what type of home are you looking to purchase?  Single family, condos, town homes?  In this budget (35k and under) you are going to find your own deals or use a wholesaler.   What type of marketing are you using to find these properties?  .

@Benjamin Cowles         I have not used the service but I think it is $5 for an individual search and $30 for the month. 

Hello fellow BP's,

I am reaching out to get your opinions on local banking options.  I currently have my accounts with a big bank, mostly because they carry my personal mortgage.  However, as I move forward I really need to develop a relationship with a bank that can offer me more.

Do you have any bank that you strongly support and have had a great relationship with as you have grown your business?

Thank You,

Mark

@William Hochstedler  Thanks for all the great advice.

@Genna Andersen

How do those phone calls usually go?

Hi, my name is Mark.   I am  calling because I buy houses and wanted to know if you were thinking out selling yours?

@Devin Scott They are published here in a local newspaper as well as going to that 

newspapers site, clicking legal notices and then foreclosures

@Jessie Bienvenu Thanks for your input Jessie

I do my door knocking from 5 - 7pm Tuesdays, Wednesday and the occasional Thursday.  I find this give me enough time to get to around 4-6 homes after work.  I only visit those who are in my target markets and target price ranges with adequate years of ownership to have build up some equity in the home.  So far I have been well received by those that I have spoke with.  Unfortunately,  i just haven't had any real strong leads from it.

The opening line that I mentioned in the prior post was given to me by an investor in my area who has been in the business for 30+ years.  It is his impression and experience that 

1. People are eager to help other people if they see that you might need help (i.e. being lost) and may open up into telling you their situation.  I had this happen last night with a lady that was going though depression and her husbands business was going down the toilet. 

2.  People get confrontational if you bring up their house being in foreclosure to early  in the process.  It is his experience that most people don't want to leave and they feel like the house is being taken from them.

What do you use for your knocking?  Do you find 1 and 2 to be true?  Do you have a standard opening line?

If something works great for you I will definitely try it, I am ears, well eyes.

Thank You

Hello BPer's,

I have been door knocking pre-forclosures for a few months now with little success.  I have been able to speak with a few residents, but only one homeowner who was not interested in selling.

My approach is normally to act stupid, like I don't know the house is in foreclosure and proceed with, " I am sorry to bother you but my Realtor said that this house might be for sale.  I didn't see a for sale sign so I was wondering if I was at the right house?

If I do not make contact with the homeowner I will always leave a business card, letter or postcard. The single contact I have had with an actual owner was from a business card.

I was wondering what your experience was with door knocking pre-forclosures?  How many homes do you visit before you get someone interested.  How often do you get in front of the homeowner?  How often are you able to close a deal.

This is a very time consuming practice and really  I need to maximize my efforts as time is limited.

Any critiques would be greatly appreciated,  and if you have a specific technique

( MLS, Auctions, direct mail) that you notice closes the more homes I would appreciate the feedback as well.

Atlanta Market OTP

Marc Swales is a tile and stone contractor in the Northern Atlanta area.  

Contact number - 404-886-5793

[email protected]

Unfortuatnly I can not comment on his work as he is only a business client of mine in a different industry.