All Forum Posts by: Rafael Floresta

@Todd Plambeck

I will let some time go by and let her survey the market and learn more about the prices.

@Luis Toledo , thank you so much. Your post is enlightening.

She contacted me first because I sent her a yellow letter.

Do you even ask the sellers how much they want out of the transaction? Or do you give a number first?

@William White funny enough you said, another homeowner I scared with a "low ball offer" just called me saying I am his last resort and he needs to sell. I offered 6 months ago and have called them consistently, every month. Maybe I will see her down the line!

@Patrick Parry I don't think she will be very keen to meet again. I can send her a letter with the details, but like you said, maybe my best bet is to move on and wait another year until the listing expire.

@William White I did try to understand her needs, and to some extend, maybe I missing a opportunity to do seller financing or some "more creative" deal here. She is in a pickle and doesnt realize. She needs the money to start her business, she wants to move to another town, 2 hours away, and she want top dollar. I wish I could do a win win here, but I can't find my way out.

This is a "help me"/ post-mortem of a offer I presented to a homeowner today.

I toured her House, and they are living there, but the house is not even rent ready. They started many projects and didn't finish. (Trims missing, flooring is mess, needs paint all arround, mismatched cabinets in the kitchen, missing gutter, etc). All surface, all the mechanicals look good.

I called her to present the offer, and I told her the house would sell for 135k-145k after rehabbed. My next line would be to explain the cost of commissions, closing costs and repairs, but she interrupted me saying she expected to sell for 135-145k "as is". She was nice, no hurt feelings.

I should have figure it out on the phone, before I even went there. I asked her how much she was willing to sell, and she preferred to talk numbers in person. On the phone she kept saying she wanted a "fair price", and my response was that it would be a fair price for both of us, but yes, I am expecting a discount because the house needs repairs.

I know homeowners are delusional sometimes, but I believe it is my job to help them understand the real value of their home.

She just now started to look into selling the house, and my letter arrived before she called the realtor. She is motivated, and has equity. I have a feeling I am letting a good deal slip thru the cracks of my inexperience...

Should I even bother keep mailing her letters? And what do your letters say for those houses the price was a completely miss?

How do you usually present your offer?

I live close to Delaware, in NJ. I have never done anything in Delaware, but I am interested. Do you mean tax (lien) sale or sheriff sales?

Hey @Joshua Dorkin, would it be hard to see an updated list?

I am always curious about peoples interests, and how they shift.

That is what I do, whatever is cheapest. A notepad will do it. I don't use it yellow necessarily. Some people will tell you yellow ones are the best, but if you are hand writing them, people will read.

I get stamps from costco. I don't do a lot of volume, there must be better ways. Hopefully someone will chime in and suggest the most efficient way.

I write a little more than that. Everybody has their secret sauce letter. Mine is not sophisticated at all, I think I based it from yellowletters.com.

Here it is:

My name is Rafael. My wife and I are interested in buying your house located at [property house].

We are local landlords, and we are looking for homes in your part of [neighborhood].

If you are thinking about selling your home, please give us a call so we can talk about a purchase, even if you are behind on your payments.

We buy houses "AS IS" and pay all the costs, things like commissions, escrow fees, and title insurance.

We don't want to waste any more of your valuable time. If you are interested in selling your home, call us so we can make a win-win offer for both of us.

Thanks for your time,

Rafael Floresta

<my phone number>

P.S.: Please call, we are looking to buy soon.

P.P.S.: We can make a fair offer even if your house needs repairs.