Calls are coming in - NOW WHAT?

[Kim Handelman]

Hi everyone,

I put out a postcard mailing a week ago and the calls are flooding in and frankly I"m a bit panicked! I only sent out 500 postcards and I've received 5 calls in the first 2 days. 10% response rate is great but here's my problem. Two of these properties I don't know how to tackle. What would you do to proceed on these?

1) Summer cottage (town turns water off in Oct and back on in April) 385 sq ft. Very few comps. Would a flipper even want to take this on? They'll have to hold it at minimum until April to sell. Looking into whether HOA allows rentals. How do I market this?

2) 4 unit compound.
Building 1 - old store front building converted into 2 units
Building 2 - 3 car garage with 1 unit above
Building 2 - small ranch house. 

There are no comps in the area even close to this type. It is fully rented ($4,800 gross rents) do I just run numbers on rental to find my offer price and promote it to buy and hold investors and show cashflow?

Unfortunately my area doesn't have tract houses. Properties are very individual and really hard to comp. Any insigts on how to manage this workflow?

[Jeff Rabinowitz]

A 10% response rate is excellent. You have received 5 responses from 500 cards--a 1% response rate. If you close even 1 deal it will still be a great start. Best wishes.