All Forum Posts by: Thomas Morgan

Trying to target owners of commercial properties who own the dirt. Any list building suggestions?

Alvin Grier did you execute this campaign? If so, how were the results?

This might be the best thread on direct mail! Thanks for all the tips! Curious as to whether you decided to buy lists in addition to driving for $ ? And whether or not your handwritten letters are better performing than your type font letters or postcard?

Great advice above from everybody. I'll second Adam Powadiuk on the CCIM education and network. You might also find you like either resi or CRE better after taking the classes. Four jobs that you can't go wrong with to learn the biz are: -brokerage -property mgt -appraisal -finance I have done three of the four with exception of the last. All will teach you different but equally important parts of the profession and help you hone in on what you are good at and what you like and don't like. Maybe try to apprentice at a mid size firm that handles everything internally and spend a few months or more in each division? I think you will find that experience is the best teacher so just jump in and let time work it's magic. Good luck and have fun!

Sean Gibson congrats on the responses! Do you mind sharing the criteria you used to select owners and the number of yl's sent? Good luck with the deal!

does anyone have any tips on how to narrow down county records to non-owner occupied houses that are used as a rental?

I live in resort area so we have tons of vacation homes whose mailing address does not match the property address (which is a good start). These are second or third homes etc that the tax bills go to the main residence or a business. The point is though, I don't want to market to vacation home owners.

I want to build my list of homes that are currently used as a rental.

So property address not matching mailing address is a starting point but need to refine further.

Talk to your lawyer but I would recommend a short term lease that incorporates the rental terms that were specified in the PSA. Depending on the state, leases or lack thereof provide certain rights to the parties. It is now a rental and should be treated that way.

I do hope the former owner continues to take care of the property as if they were the owner but they are now a renter and will most likely take care of the property as a renter.

Just did a move out this month with a former owner of three years who then rented for two. House was is much worse condition from the two years as rental including pet ruined carpet. We did a lease and a security deposit; both of which were needed during the occupancy and move out.

Great question but I think there are too many variables to create a general rule. All the variables will move the outcome in one direction or another. The quickest way to do it is with a spreadsheet that has amortization built in which would help you get to the cash on cash quicker.

Amount of down payment v. financing terms effect on after debt service cash flow will have the biggest effect (rate, amortization years, interest only etc) on the cash on cash.

I think it is more than you are asking but the CCIM spreadsheets that compare leveraged v. unleveraged deals will show how the amount of equity and financing effect yield.

Zach Schaar what words are working for you? Happy to share my tools as well.

Ditto on John to get a price reduction. However, check the appraisers comps. Were you over paying in the first place? Hopefully there was room in the deal at your initial price and the "ammunition" for a price reduction is gravy.