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All Forum Posts by: Thomas King

Thomas King has started 1 posts and replied 8 times.

Post: Looking for good PM in Chicago

Thomas KingPosted
  • Lender
  • Lisle, IL
  • Posts 8
  • Votes 3

oh, good luck

Post: Looking for good PM in Chicago

Thomas KingPosted
  • Lender
  • Lisle, IL
  • Posts 8
  • Votes 3

I can't recommend any property management ... like contractors, a typical dependability issue...

I don’t like to throw a company under the bus with one poor experience, but there were MANY with Elite.

Here is one pitiful but humorous experience (now).

We already decided Elite had to go [there were problems previously ... tenant moving out said they never responded to her calls and none of my tenants hardly ever call with an issue]. So besides not responding to tenants, Elite did not respond to owner (me) requests about the process to ready the apartment and find a new tenant ... including a current state of rent payments.

Frustrated, I had my handy-man prep and paint to make the entire apartment look new and clean ... the last tenant did a good job cleaning, but 3 years of living does show.

While the handy-man worked later in the day ..., Elite (unannounced) sent “cleaners” that cleaned out handyman’s: hand-tools, folding ladder, radio, NEW electronic and older locks, mop and buckets, cleaning supplies .... et al (e.g. sandpaper, painting trays, gloves ...). The real rub (!), there was no improvement over what was already completed, ... chuckle ... hardwood floor was dirtier!

Elite claimed they thought a vagrant was living there (wow, a vagrant that lives to clean) or items were abandoned from the last tenant ... really? ... actually, the discussion started out as “someone else [other than us] took it” ... unbelievable! Took a week to get MOST of it back ... most meaning some items were never returned (worth $200 max). Granted handy-man work was 90% done, but, without tools, it delayed the expected Section 8 inspection by a month.

Lessons learned, I will do property management using a few subcontractors ... most of the process will be on auto-pilot, but more affordably and more peace of mind.

Hello,

Our group focused mostly Chicago metro (mainly SS) … we have similar experiences and are willing to share knowledge to more easily expand while enabling others.

Full disclosure, AFA working in IN, except for calling a broker, we have no contacts there. This weekend we looked at a few NW IN leads that appeared to adhere financially and aesthetically … based on, numbers, a few photos and Google drive-bys. This time we got close, but the real repair and ARV did not match the perquisites. However (smile), what seller provides exemplary photos when distressed (sellers or property) and the preliminary info is supposed to demonstrate investment value?

Whatever path, you need a focus to start. Perhaps 2-4 units in NW IN. Of course, there are deals on SFHs or MDU (5+). But the priority is to focus … identify deals in relative areas and make sure you have useful exit strategies there as well. Each area and property type requires a knowledge base so relative opportunities can be prioritized to maximize the use and profitability of your evaluation time. Don’t rush into any deals, be patient and be ok to “lose” a few deals … rather than money … gain some experience. Work with someone or a group that has a method.

There is much to do to find the sweet spot and the areas to work. That requires doing a broad and deep data dive … (I have not performed this on NW IN yet). Get to know the areas …the MLS areas provides a lot of historical data and granularity. (I chuckle since stock brokers generally have a disclosure that "past performance does not ensure future profitability" … fortunately property investment is not as fickle)

Start simply, ask a few people as to their impression of areas, fi nobody is buying there (based on data), ask why. Perhaps that is not the place to flip but it may be the place to B&H.

I have access to MLS data, if you want to learn how to analyze rather large downloads I can provide data and completed analysis from IL data … or If you have access to the MLS or know a realtor and want to learn on IN, provide IN data, I will also analyze that (it helps me too)

If you want to know more, write to me**. If you can provide a MLS Excel (CSV, XLS) download of MLS data I can do more, but I can also help with MLS info that is in IL and closer to you than to me. The distance is far enough to limit our participation; thus, a couple partners would be mutually beneficial.

If you prefer to go it on your own – you are still welcome to discuss more. Teaching also improves the teaches knowledge. However, there are high level methods you will hear about but also need to develop – the latter is time consuming. So, while I can share much at a distance that give you some ideas, working together will improve understanding and the situation for both of us.

**maybe more than once (chuckle), BP is my “down time” but I wish this reading was where I could make money too

Post: Looking for More Marketing Ideas for Wholesaling.

Thomas KingPosted
  • Lender
  • Lisle, IL
  • Posts 8
  • Votes 3

Another good idea Davyd!!  How did you contact those orgs and what motivated them to work with you? YOu do the "door knocking" yourself? Thanks

Don, (or anyone else) could I get a sample of your Facebook solutons/process please. Thanks

Post: Looking for More Marketing Ideas for Wholesaling.

Thomas KingPosted
  • Lender
  • Lisle, IL
  • Posts 8
  • Votes 3

Brett and Rick,

Good comments. Especially think comments like sharing first and "this is what I do" - very much an abundance mentality.

Good idea about door hangars … I have door hangars aimed at Auc and PF, but have yet to find the time to accomplish this task so the metric of how well works is ... as expected not so good.

I have done all the marketing about 2X/month since 10/2015.

I get / create PF, Auc, EXP/CANC, and ACTV lists from MLS & ILFLS. Probably 4000 - 5000 in intial with some specific elimination criteria to simplify download of "hits" (e.g. $$ range and target areas)

From that initial "dumped list" I prioritize records and then send out about 400 postcards and about the same number of letters per month. I created postcards and check letters, the latter work much better in getting a response than other "forms" of direct marketing (pretty professional printed postcard and handwritten postcards). New records within these lists get check letters - those previously found get postcards. I haven’t tried any of the more costly and curiosity peaking items like a branded pen (refrigerator magnet – whatever) in an envelope.

I set up numerous criteria prior to downloading lists and  with EXCEL focus/target my marketing (not necessarily in prioritizing sort/elimination order):

  • Home with median price range (~+/- 1 stdev),
  • DOM (MT & LMT)
  • evaluate %equity (much of the data sketchy for 2nd liens)
  • evaluate $/sqft (most data sketchy sqft)
  • Zestimate,
  • Target "B" areas,
  • weighting and distinguishing between key words in remarks for distinguishing between motivated buyers in distressed or good/ARV properties,
  • days to auction (don't even try if < 10 days - might consider working with someone that has expereice in solving that issue expediently),
  • eliminate ARM mortgages
  • eliminate banking institutions
  • removing returned mail from lists ...,
  • identify cash buyers
  • track most productive brokers
  • find most productive SS and or foreclosure agents (will be doing the same for probate once started)
  • determine "repair spread" by identify similar distressed and ARV home average prices
  • generate URL to quickly and easily see area and home on Google (the desk audit) ... especially if prioritization ranking is favorable or a marketing response obtained

I will also be doing hand-written letters - not sure which group would be best to use that effort on - probably probate, but not started that yet. I am about to start the same with probate, but knowledge of process is just evolving.

I have not done skip tracing but about to.

For the targeted prioritized property owners, I get phone numbers and do a voice-connect and my partners  call and do a friendly "so how can I help you?" approach with no pressure - hopefully leading to getting 4-5 questions answered to determine motivated seller.

All of this has produced some varying results and still needs tweaking to get more effectiveness and create a win-win acquisition.

I find actionable and promising prospects but my $$ availability limits casting a wide enough net to be more productive. I have access to great financing but my share of the "investment" is the real limit (e.g. 20% in). I know what I am finding are worthwhile properties since within a week 80% or more of the identified  homes are CLSD or PEND.  

I do have to admit that I am disappointed how few phone calls are made (goal is 10 per day and I don't think  even get 10 per week per person is accomplished). I will soon step up here too.

Searches...

Perhaps there are threads on this, but I found this one first. I am new to the forum and tried searching for similar info and got frustrated when initial search with 3-4 words results in nothing found (a few did) – certainly not as helpful as Google (might be too harsh). Gave up too easily and now doing simple searches … but not many yet, but then there are less specific "hits"..

An aside...

I would like to do rehabs, but the projects and those associated contractors I found so far ranged from dishonest to incapable of creating cost and time estimate OR they can do only one type of quality. We know homes of different price ranges require varying "panache".

Hope this all made sense and at least helps someone or generates more win-win relationships. I am especially interested in working with other motivated creative individuals that can review the generated prospects and take action (quickly review/see the property and prospect) so that we can share the benefits.  

Post: Lisle,IL - Abundance Mentality in Investing Knowledge

Thomas KingPosted
  • Lender
  • Lisle, IL
  • Posts 8
  • Votes 3

cesar,

Oh, I have a client especially interested in Plainfield ... let's talk more about that

Post: Lisle,IL - Abundance Mentality in Investing Knowledge

Thomas KingPosted
  • Lender
  • Lisle, IL
  • Posts 8
  • Votes 3

Hello Michael and Cesar,

Thanks for stopping by.

I use MLS and downloaded data in Excel ... using statistics and rules based (e.g keywords with wild-cards, normalization of data) for ranking and prioritization depending on category CANL, ACTV, EXP, ... CLSD. What are you doing?

Certainly up-coming neighborhoods can be detected, but with what I know they are lagging indicators. I'd like to find leading indicators. Something analogous to new housing permits. At this point I just stay in "B" neighborhoods. Much of that is because of finance limitations.

Although, I do have a great relationship with a small bank that can provide a commercial loan and make any good deal happen based on asset buy, fix, sell $$ numbers ... of course while they can make it happen, it gets more expensive when my financial participation get much less ... e.g. I could $1M have $0 in but then it would have to be a really good deal for me to get that done - have not found that one yet - almost in Wilmette - grin.

Another concern for me ... extremely poor results with contractors. Has this subject been addressed, solution or suggestions provided and is there a BP "clearing house" advocating contractors? I have not spent time, but searching previous posts was not obvious working well for me.

I am also interested in SFH in DuPage & W Will ... those borders are somewhat mushy.

Please let me know more about where you want more help and can provide assistance / advancement of knowledge.

Please stay in touch and do bigger and better through brainstorming, lessons learned, and synergistic thinking.

Post: Lisle,IL - Abundance Mentality in Investing Knowledge

Thomas KingPosted
  • Lender
  • Lisle, IL
  • Posts 8
  • Votes 3

Looking to provide and gain advanced knowledge with contacts, tools, processes, and strategies used in property investment.

Partial list of interests with skills to share (but would also like more):

  • Asset based resource lending
  • Lessons learned from completed rehabs, marketing efforts, funding
  • Proficient contractors that follow PM principles
  • Partnering locally (Chicago Metro)
  • Project management
  • Sharing insights I receive and purchased from investment Gurus
  • Statistical evaluation of data
  • Use of MLS ... searching & prioritization within (and rules based on exported data)
  • Like-minded individuals that push for the betterment of each other