Hello Biggerpockets!
Our second group of mailings went out this past Saturday 27th. 300 letters and from the 3 days since the letters arrived have received about 15 calls.
About a quarter wanted to be taken off the mailing list. Had one call about a $2.5 million property in downtown with along the river. Yeah told him that was a bit out of our price range, wow.
Did receive two calls from tired landlords. One of them is doing paint and some small rehabbing to sell it close to retail. Asked me to call him back in a few months see if it has not sold. The other was a lady with 5 rentals, is tired of tenants. Will be selling the rentals over time as the current leases end. They are all financed and said would sell them for what she owes on them. Asked her to give me an example, said one of them she owes $142k and it retails for about $160K. Assuming her numbers are ok, leaves for a slim deal. Told her will call her back every few months and to call us first before listing with an agent. Nice lady.
We did go to our first appointment. Couple called in, have a home they used to live in but it's a rental now. Not motivated but asked us to come by; it's a short drive so we went meet with them. Two properties on one lot. One rents for $700 and the other $1000. They were in their late 30s and these two rentals pays for the mortgage on their new home. Walked the property and talked for a while. Super nice people. Knew a deal was not likely but wanted to get out and talk to property owners. Was a good experience. Ohhhh... Nicholas had googled us and read this biggerpockets post. It was all good, wanted to meet us anyway. We talked about BP a bit.
Last call of today was an older guy, has a home that is pretty much in great shape just needed some fresh paint inside. Wanted $195K, pretty much retail. Said he and his wife were talking this weekend of selling and getting a home with more acres... and two days later our letter came in :-) Did offered him $120K and to keep us in mind later on if it doesn't sell retail. We talked for like 15 minutes.
Feel much more comfortable on the phone compared to last week. We are pretty much alternating. One day Amy answers calls, the next I answer. Gives us a break and both get experience.
I get the vibe that these callers have not gotten real estate direct mailings before, good news. And most think that the letter was handwritten and one of a kind. This is often times a bit awkward.
One thing we need to clarify is if our Buy and Hold investors will purchase at less of a discount than the fix&flip buyers. Going to call them.
It's 6pm and put google voice in Do Not Disturb mode till tomorrow. It's family time...
