All Forum Posts by: Rob L.

@Mike Yerardi What about saying it like it is?

Your a local buy and hold investor that is looking to purchase additional properties in their community. If they are interested in selling, you would pay a fair market price for a property that fits your investment goals(gives you the ability to bring price down during discussion). You could also add that by going direct they would save the 5-6% closing costs that would otherwise be going to Realtor's. 

Just a thought. 

Hey @Account Closed , I deff start the mailing. I learn by DOING, and I'm sure you will too... at the very least the mailing will get the ball rolling for you and get you some experience talking to potential sellers. 

Hey @Steven Crawford That letter looks pretty good. I also like to give another option besides calling, dunno if its just me but I feel like people are more apt to email or text now so I don't want to lose a potential lead because there scared to pick up the phone. 

I found this one off another forum on hear awhile back and saved it. I didn't write it but I've used it for mailings. I made a few minor tweaks but it worked well. 

"I’ve spent a significant amount of time researching multifamily communities, and have identified your property as one I would possibly be interested in, should you have the desire to sell it.

My name is INSERT NAME and I’ve been lucky enough to take over my family real estate business, which I’ve been working on for the past 6 years. I’m looking to expand our business and am seeking an opportunity where I can use my hardworking management team to help provide affordable housing.

I am in a position to move quickly if the right opportunity presents itself. I am interested in finding units that meet my long term goals, which include purchasing low to moderate income properties, located in INSERT LOCATION, containing DESCRIPTION OF PROPERTY.

I have the financial backing to pay cash for your property, but I am also willing to discuss land contracts, and other creative financing should you be looking for interest income or other ways of creating cash flow.

Most importantly, should you have the desire to sell; I am willing to pay a fair market price for a property that fits my investment goals. Please contact me at NUMBER or by emailINSERT EMAIL if you would like to discuss the sale of your property.

Have a great day!

PS. Vacant properties in need of rehab are OK!"

@Michael King Great thread. Keep up the good work with the cold calls to expired listings. I'm in sales myself and I can tell you from experience that the more calls you make the easier it will get. You will quickly learn what works best. 

As far as the most important things to look for... that's kind of a loaded question. I would deff take a lot of pictures so you can review after. I think your main concern should be the big ticket items, roof, foundation, hot water heater, furnace etc. Also, what works well for me is bringing our contractor along on properties that we like, that way we get a good estimate and scope of work upfront. If you know anyone handy that may be an option. 

Hi @Maryann Lacey , you could certainly research what other investors are doing here on BP but I think your best bet is to talk to a lawyer about what you would like to do. 

When it comes to LLCs, trusts, etc I like to let Lawyers do there thing...I know there overpaid but its worth it having the piece of mind knowing it was done correctly for you. 

@Christopher Johanson  First I wanted to say I'm jealous that your buying your going to buy your first property at 21. I was 24 myself. 

The quick answer to this is to go and get a pre approval. Its free and you can do it at your local bank (convenient). They will be able to tell you everything you need. 

It looks like your debt to income ratio is low, no student loan debt and only one car loan is good.   Solid income so I bet you would be able to get a Owner Occupied loan for a decent amount. 

Hey @Ryan Dossey , 

If you are willing to pay for the services, these two sites are good. My wife is with KW and thats what they use for calling expireds. 

http://www.vulcan7.com/products.html

http://www.archagent.com/Property-Marketing-Tools-...

"@Mehrzad Foroodi 

I appreciate your help. We've though of doing the same thing but out main concern is: how to design this mailer or lets say advertisement to be interesting and noticeable, and not to get thrown away like the other typical ads? What sort of information should it consist and how should it be formatted?"

I think our pieces are bound to get thrown out the first mailing, we can probably expect a 1-2% response rate but the key is consistency. I always think back to a stat I heard when in sales training. They said 80% of sales are made on the fifth to twelfth contact. So with that in mind I plan to mail the same group consistently for the next 8 months or so. 

I will try to grab the copy of what we used on our last mailing off vista, but I plan to do another 5-6 mailings and I'm sure I will stumble upon what works best from trial and error. The key thing is showing value and providing a call to action, a reason for them to call, email text etc. 

@Samson Kay I just tried to do it on one of our properties. Similar situation to yours, we bought it last november at a good price and fixed it up and upped the rents. 

What issues did you have? Because mine were the fact its in a LLC with me and my partner. They wanted it under our names only and they would only do it with existing customers. The mortgage is with another bank now. All in all they did not seem interested.

Interested to find out what people are doing as well. 

Hey @Mehrzad Foroodi , great post. I'm pretty much in the same boat. We have self managed our properties and just started managing for others last summer so were growing our customer base. 

I just sent a mailer out to expired listings for multi families. I read that other people were doing that with good luck. I guess the thought behind it is your reaching out to people that are most likely fed up with their property. So if you send them a mailer offering to take their headache away for them its perfect timing. 

We just sent it so I don't have results yet but I would be interested to see what others are up too.