All Forum Posts by: Michael Lee

Weighing in opportunity cost and effectiveness, how would you guys rank door knocking pre-foreclosures as opposed to other marketing strategies?

Thanks for everyone's input! Definitely not looking to take advantage of people while they are down, and if I can help them get out of foreclosure, I would. Besides, I am an agent so I can help list if they got time. 

@Ray Lai awesome walkthrough of your conversation, thanks!

@Adrien C. yea I guess it makes more sense contacting the ones who are actually close to auction, or perhaps have auction dates set

@Alice K. Tony Robbins tape is a good fit for door to door haha, thanks!

Thanks for the input guys!

@Jon Lee I gave that a try, going around the block knocking with 1 target house that's a pre-foreclosure ( I didn't tell my partner which house was the target, so he wouldn't act strange lol ). And while we're out there, we walked for dollar and got some addresses as well for mailing. Great suggestion for the 3-4 questions!

@Jay Hinrichs I got a good friend from the title side as well helping me out with the list :) 

I heard a lot of guys say they are not really motivated when they have months to take care of the problem. My thinking is when I do the mailing later, they have a face to go with the letter. Do you feel it works only if it's close to auction date? or you're getting some results even if it's earlier in the cycle?

But I'll definitely look out for the ones who are close to the auction date.

Hey BP members,

Have anyone in here ever went door to door knocking a pre-foreclosure list? Any results? What is your experience? Would you recommend doing it? 

I don't mind getting rejections so I would like to give this a try :)

Let me know your thoughts!

Thanks for the input!

Hey all,

If I waive inspection to stay competitive and gets the property under contract, but later finds out there’s an oil tank and/or contamination, would I be able to get out of the contract? If so, under what grounds? (This is in New Jersey)

Thanks!

Hey @Wayne Smith , are you looking for a turn-key investment? What are your requirements? Cap rate?

It's definitely not easy to find someone who can be on your team. As an investor, we need people on our team that is good at what they do and looks out for everyone's best interest, someone who got each other's back. And as a team, everyone needs to know your vision and your goals. When you succeed, everyone wins. @Redgy Saint-Germain Clearly that guy doesn't want to be on your team by the unprofessional way he spoke with you. If he was your best friend from middle school, maybe he can say it the way he said it, but as a licensed Realtor who should respect everyone they work with, it's absolutely unacceptable.  Keep looking for your teammates, I'm sure you'll find a few good Realtors sooner or later!

Hi @Yavuz Bayram

Every broker is different, and it also depends on what you're needs are. Do you need any support from their team? Training? What else do you plan to do with your license?

Some brokers give training, start you off at 50/50, and move you up as you do some transactions. Some start you off at 70 and give no support. There are some brokers that charge only desk fees / EO insurance and monthly fees and you keep 100% commission. If you're looking for smaller brokers and non-franchise ones, I believe they are more flexible, and everything is negotiable. If you tell them what you will be doing, most can accommodate. Good luck!

Hi @Chris Monello welcome to BP!

Looking at the numbers you provided, this deal looks expensive. If you look at the rent/price ratio, its less than 1%. You mentioned you will need to put 15k each unit to upgrade, so you ll be in it for ~ $630000 to make $4400/mo. It's tough but I'm sure you can find some deals that are 1%+ in Union City. If I am looking at this deal purely based on numbers, you can definitely find some better. Good luck!