All Forum Posts by: Roy Schauer

I typically like baseboard heat to. One of the main reasons is power failure here. Sometimes our weather gets so bad we will lose electricity for a couple days. We had that happen the winter before last. Some parts of town didn't have electricty for more than 3 days. With baseboard heat, at least you'll have some heat transference throughout the home. Also, as Brad Boone stated, forced air has a tendency to circulate dust and allergens.

Ah, that's the difference. Was under the impression you had already established contact with the homeowner and were in the information gathering/ put the deal together phase. I'm different. I don't door knock. I post a contact letter on their door, not direct mail. Here is some information from a previous post.

It seemed much shorter when I was writing it! Lol! Sorry for the long response.

The problem with most people in pre-foreclosure is because their credit is slightly damaged now, the banks are less inclined to refinance or work with the homeowner. I just finished a deal where there was $90k of equity. A major bank, one of the five named in the nationwide attorney generals settlement, would not work with the homeowners in any fashion. And once they were in the pre-foreclosure process wouldn't even take payments unless it was to reinstate the complete loan. This severely limits the homeowners options, and they get frustrated. I'm not saying all banks will behave this way. And maybe its something only in our area, but I have seen and heard similar responses throughout this past year.

Eric, the best approach I use before even making an offer is to ask them what they are wanting and what they see as the best deal for them. And sit back and really listen. They may not come right out and say what they need or are looking for at first. Just let them know you are trying to find the best solution for them but you need to know what they are looking for. Don't be in a hurry, take the time to listen and put yourself in their position. Then ask a few "what if" questions to narrow down the options. I usually tell them I will get back to them by the next day with at least a couple of options and let them pick what works best for them. Create a win/win situation and they will feel less like your there to take advantage of their misfortune. If you are seriously interested in their home to live in, use that as your bridge to build a bond with them. Ask genuine questions about what's been done to the home. Notice their efforts. This goes a long way to them listening to what you have to offer without having to fight against preconceived reservations they might already have about what they are considering.

Good luck and hope this has helped!

Hi Justin,

Here is the link for you to find distressed properties in Texas:

Homepath

There are other ways to gain revenue from a property without having to be a landlord. Not familiar with what works in Texas, I know their Lease Option statues are very tight. The easiest way to deal with it might be to sell if you think you can recover market value, and do a 1031 exchange. Congrats on the new job and good luck!

Thanks for the heads up Indrani. Hadn't heard of that use for a meetup group. But it's a shame. So many people are looking for something to help make a change. Hope your Christmas is great and has been good talking with you. How do I get on a mailing list for specific areas when you have properties your dealing with?

Hi Jimmy,

Welcome to the group. There is a valley REI group that meets at the Matsu Dinner once a months. Let me know if your interested and I can give you the contact info for the organizer.

Hi Winson,

When driving for dollars and you find that house that looks vacant and slightly run down. Have you tried taking a picture of it and putting it on a post card or in a letter sent to the owner. Sometimes the owners haven't seen the property in a while and they don't have an accurate mental picture of its current state. Not to mention, if its on a postcard, their more likely to pay attention because "hey, that's my house!" Hence the name ninja marketing.

If you want, email me and I'll put you in contact with a realtor to do a CMA for you. she is a local investor with a realtor license.

Hi Alexander! Welcome to Bigger Pockets, and back to Alaska. Sometimes you have to do what needs to be done long enough to make it start working the way it needs to. Congratulations on your property and finding an understanding woman. Their worth their weight in gold!