All Forum Posts by: Melodee Lucido

Hi Anu. Welcome to BP!! Memphis is great for cash flowing turnkeys. PM is everything; and I mean everything!

Nashville is a hot market---I am newer to it but it is looking very good in it's economy and market statistics.

I made the bust out from SoCal also and have never regretted it--at all!

Best of success to you

Hi Nathan,

Welcome to BP. You will love it here. Jay covered most of it in his (as always) very comprehensive way ;-)

Basically if the numbers work for you it doesn't matter what the TK Provider is making. Everyone has their target roi%, rent amount and areas they prefer. Just decide on yours and then start shopping. It is as important to like the people you are buying from, IMHO, as it is to like the property.

Best of success!

Dean,

I may have some pkgs in Houston, Atkanta and KCMO very soon---still screening. I'll let you know.

Best to you!

Thank you all for this good thread. 

I'm not going to hijack the thread but the OP did mention why the seller is motivated to sell. I remember back before I had much of a clue about our industry wondering why people would sell for so much less than their house is worth. This is just one of hundreds of examples that answer that "Why". We truly are problem solvers ;-)

@Duncan Taylor 

 thank you for stating that so clearly ;-)  You just taught me something new!

I LOVE seller finance!!!!!!!!!

Best to you Duncan

@Ron K the answer to your questions will depend on your market. You must take the time to learn the numbers in your area. For example, the rent points of low income props in Ca would be very different from Memphis.

Best o Success to You

This program is not going to be any better than buying a GOOD list of out of state owner props. Believe me, you will gets lots of responses from owners of vacant props. Most are pretty motivated.

The main problem with a lot of these vacants is people bought during the bubble and are underwater or were of some fantasy that they didn't need PM so the props are either financially or physically a disaster---or both.

It is not necessary to pay big bucks to buy a system that you can formulate with a bit of elbow grease and a VA. Put your money into mailings. There is no magic bullet

We do as Michelle mentioned; a maintenance appointment. In Memphis it would be better to do it every 4 months but we schedule them every 6 months to chck for laaks, smoke detector batteries, and furnace filter change. While there we check for damages that may have occurred.

In my view if the tenant knows we will be scheduling these appointments they may be more likely to care for the property better. We are seriously considering going back to the 3x yearly. We keep it friendly and let the tenants know it is so we can make their home safe, secure and a better place to call home. No complaints so far.

Hi @David Tomich,

We already met but just want to say how glad I am you found BP! I look forward to doing business together in the near future.

Best of Success!

Christopher,

Dev nailed it. This is a people business. And it takes true grit. I worked a 50 hour a week job while I was getting my business off the ground. You can just set up your daily calendar to handle the calls. It really doesn't take a huge amount of time---unless you send out 10,000 pieces at a time.

The automated systems are such a turn off!!

As far as pre-screening; some of that can be done in your mail piece. A simple yellow letter will get your phone ringing but the leads won't be great. By writing more of what you do in your mail pieces there will be some "pre-screening" happening.

I really encourage you to do two things:

1) Do a search here on direct mail and read for as long as your eyes will work

2) Call @Michael Q and just have a friendly conversation about his passion (one of them) which is marketing. You won't be sorry.

Best of Success