All Forum Posts by: Thomas Fortune

Great feedback. @Aaron Mazzrillo - Up to this point i've only been buying bank owned / HUD properties - none directly from sellers (working on correcting this though). I suppose the difference here is that i can't have that conversation with the seller in the same way you do - there's an agent that can give info, but that generally yields vague info at best...

For those of you who offer on properties sight unseen, what type of buffer do you give yourself for your reno budget? Every time I start to think to myself, "I've seen/done enough to feel good about offering sight unseen", I see something that changes my mind:

I looked at a property yesterday, expecting it to need a full cosmetic rehab and maybe a few mechanical items as well (roof, hvac,etc.). After viewing the property, i found some major foundation issue, a half completed addition that would likely need to be torn down (or started over from scratch), and a garage conversion that needed major improvement. - these items would likley triple the required reno budget.

How do you deal with this? Expect the absolute worst?

@Dev Horn - post cards i assume??

Great advice @Jerry Puckett - I've been struggling with the right message to send via text for missed calls when there's no voice mail. Going to give your idea a shot!

If the call is from a land line, I assume the best action is simply to call back? It's either that or nothing....and nothing doesn't seem like a great option.

thanks @Dev Horn - I Actually just ordered my next mailing with them. So far so good, can't wait to get the phone ringing!

@Michael Quarles - understood! Thanks again for weighing in.

@Michael Q. - thanks for the input. The .99 letters aren't dirt cheap...but at a mailing size of 250 they were the cheapest available (at least that i could find 2 weeks ago). I think YLW offers their "full" yellow letter at 1.40 or so at low volume....which apparently has a better handwritten effect on the letter itself.

Has your pricing on yellowletters.com gone down recently? I could have sworn that it was previously 1.16 or so for a small batch...but now looks like it is also .99???

Just mailed my first yellow letter campaign about 2 weeks ago - decided to use the yellowletterscomplete.com 99 cent option, and sent 250 letters to a list of high equity owners. Only recieved 3 calls so far...so my question is - has anyone else compared these low-budget letters to the higher end letters?

Yes, i know my list is tiny. Planning on scaling up here shortly, but wanted to start small to work out any kinks in mailing, phone calls, etc.

The envelopes look good (truly hand written), but the letter itself is more obviously computerized. I'm wondering if paying for a more expensive letter will be more cost effective in the long run.

Thanks!

Bryan,

In my market, buyers almost always understand that they are buying a rehabbed property that was originally bought for a much lower price. They don't mind (and in fact prefer), because of what they are buying - essentially a brand new house, at the price of an averaged used house.

Despite being told that zillow is the reason for not making an offer, I'd be willing to bet that there are other largers issues at play. If potential buyers feel like your house of the best fit for them of what they've seen, they'll be interested. Regardless of what you originally paid for it.

Are there items you skipped over during the rehab, that people are discovering once visitng the property? (maybe you did paint / flooring / countertops, but ignored the aging extorior / doors / windows??)

Have you staged the property?

Have you provided any "wow" factors in the rehab? (nice appliances, backsplash, etc.)

13 showings is a lot to have 0 offers. There's a problem that you need to find, and i don't think it's zillow.

Hey Page -

Would you mind posting a link or other info regarding the Wells Fargo rehab loan? I know there are many rehab loan options that will cover cosmetic repairs, but i'm wondering if this program you mentioned will cover other structural repairs that typically make a property "cash only" (like the OP mentioned).

Thanks!