All Forum Posts by: Daniel Rubin

Thanks @Justin Silverio . Looking forward to another great event!

Thanks @Dev Horn . I agree with @Barry M. . This has been a great thread and I appreciate everyone for contributing!

@Chris Sweeney - that is definitely part of it. We haven't had a truly motivated seller yet from our direct mail. We know its just a matter of time so we will continue to send out letters. How many letters do you typically send and what is your response and conversion rates?

Thanks @Barry M. - I agree that gauging their motivation over the phone is definitely the first step as we don't want to be going out to all these properties knowing the seller will ultimately say no.

@Mike M. - Seems like its all about tweaking your process and figure out what works best for you and your market.

@Chris Sweeney - By making sure you are in the same ballpark are you saying "im thinking of something in the range of 500k" and see how they respond and based on that determine if its worth going out the property? Do you find it easier to negotiate once you are at the property face to face with the person? We have been using the in the same ballpark approach but feel that a lot of the time the number is so much lower than what was in the sellers head it scares them away or they are insulted.

Thanks @Gavin Welch ! Definitely one of the harder things to master is the art of negotiation. Will let you know how this months mailing goes.

Dan

Thanks @Gavin Welch . So is your goal to try and visit every property from each lead that comes in or do you filter your leads first?

We are on month three of our first marketing campaign. So far we started with post cards then moved to yellow letters and will be sending out zip letters this week. We have mailed approximately 2200 mailers each month and have gotten over a 1% response rate each month but most calls have been from tire kickers who aren't motivated and just want us to give them a price for their property.

How does everyone deal with tire kickers? If you know they aren't motivated do you do some research, call them back and give them a number even though they will most likely say no? Do you continue to mail to them? Do you remove them from your campaign but do regular follow-up via a phone call or text in case they become motivated?

Wanted to get other peoples perspective on how they deal with this type of caller.

Awesome job @Peter Hanson ! Myself and business partner started with buy and hold and moved into the rehab space about 6 months ago. We have one deal underway and another deal in the pipeline which we close on at the end of February. I am assuming based on the number of offers you are writing you don't go out and look at the house until your offer is accepted? If so, do you just base your estimated rehab on pictures in MLS and then tweak your numbers and sometimes renegotiate once you see the property?

@Robert Adams - I agree with @Justin Silverio . I go to both Black Diamond in Waltham and the Chelmsford AREIA. I used to also go to the Boston AREIA but stopped going as the quality of the meetings were going down hill.

Look forward to meeting you if you make it to the Black Diamond event on the 28th.

Hi @Kevin Olson - Are you leveraging a 5% down on both of these properties or just the multi family?

I agree with Justin that the single family seems like a good deal as long as no additional work is needed.

As far as the multi family buy and hold - would need to know a little more info to better understand your strategy and how much cash flow you might make. Do you plan on managing the property yourself or hiring a property manager? Are utilities (gas, electric, oil etc.) separate and do all tenants pay their own? How much work do you think you will be putting into the property and what would your hold time be before you think you can get it rented? All these factors can eat into your cash flow and ROI.

You as the investor also have to think about what your want in terms of monthly cash flow and how quickly you want to make your initial investment back. Each investor has different criteria and you will have to decide what yours is.