All Forum Posts by: Nick Brown

@Scott Morris The local REIA meetings are a good place to start. I would create a login on meetup and search the Philly area there's a ton of groups that meet for all different niches of real estate investing.

Hey @Scott Morris welcome to Philly! Are you originally from Fort Lauderdale? I’m from the Philly/jersey area but lived in Fort Lauderdale for a few years after college. Miss it sometimes lol. 

My team and I are licensed agents in Philadelphia and New Jersey and invest here ourselves. There’s a ton of investors/agents on this site that you should connect with. I’d also recommend joining a local investment group when you get up here. As for what areas to focus on, that’s hard to say as I’m not sure what type of investing you and your cousin are doing. Let me know if I can be of any further help, would love to connect. 

I would also like to echo what @Steve Kempton said. I’m in the Philly/Jersey area and we use a title company to help with generating flyers/printing. We use their stuff in an image format too to post online/email. We’re also planning to do EDDM as well and partner with one of our lenders to split the cost 50/50. Our lenders logo will be the same as ours on the postcard I believe that’s what needs to happen in order to split the cost evenly. 

@Mark McNaughton Welcome to BP! Where are you moving from? In terms of rental rates, I would pull comps from the MLS and other websites. It also helps knowing the area. There's a ton of "investor friendly" agents on this site and throughout the Greater Philadelphia area. Like the previous gentlemen mentioned, I would look for an agent/team that invests personally and/or primarily works with investor clients. I would interview a few over coffee and see who you feel most aligned with. Let me know if I can be of any further help!

Nick

I would definitely echo both @Alexander Brian Frederick and @Brendan Markle. We've been finding great deals for our clients in Templetown and West Philly recently.

Did your attorney tell you to put the rent in an escrow? I'm not an attorney but I think you should talk to one. Sounds ridiculous tho the landlord should fix it.

Nick

South Jersey Settlement Agency out of Vineland has been useful to me in the past with assignment deals.

Nick

@Joshua Hardy Thanks for reminding me to update the thread. We did continue to have some more calls trickle in and got a deal under contract last week that is set to close on 10/20. There's also a few more leads that we will continue to call and follow-up with after our initial offer was rejected.

Out of the 1750 postcards we sent we have about a 0.6% response rate which I guess is ok for postcards and for only the second touch. Of the 1000 yellow letters the response rate has been higher around 3%+ but for some reason A LOT of angry homeowners. It was our third/fourth time touching some of them so I guess they were fed up. We're also mailing a bit more frequently (every three weeks) and they are absentee owned so I'm sure we're not the only mail piece they are getting lol.

My partner and I have been driving for dollars for about a month building our own list of distressed properties. We are sending handwritten mail this week to the addresses we found where the owner address is different from the property address (about 50 records or so). The other ~300 records we will use yellowletters.com to save time. 

Thanks for all of the replies.

@Account Closed There has definitely been motivation, just not enough to get us to our MAO or below. Any leads where we could sense decent motivation we set an appointment to walk the property, estimate repairs, build rapport exactly like you mentioned. Out of 40 or so calls, we tried to at least give verbal offers to as many as possible.

I may have spoke too soon for this particular batch as I believe there are some leads that are "No's" right now, but after we continue to follow-up I think they have a shot to turn into closed deals. We also had a few leads that did accept our offers however for other circumstances (on their end) the deal could not get done. 

Would you put a deal under contract at 70-80% ARV and try to wholesale it as a turnkey rental? I may give that a try as most of the leads are willing to accept offers in that range just nothing that would constitute a full rehab.

Thanks!

My partner and I have been having a bit of success wholesaling without direct mail, but decided to give it a try this month. Sent out 2750 pieces (mix of yellow letters/postcards) to absentee owners and had about 40 calls come thru. No deals. Just not enough motivation from this batch. I'm wondering if that's typical for the first touch? Will continue to hit this least at least 5-6 more times but any input is appreciated. 

Thanks.