All Forum Posts by: Adam Cole

 Heck yeah that helps!!! Thank you so much for that advice. I have been making some major mindset shifts but still struggling in some areas. Namely the "get the hell out of your comfort zone" area. If I have further questions, I'll be sure to reach out !!

Thanks again and we'll talk soon!

@Erik B. I was just about to ask the same question!

One of my biggest obstacles I face is liquid capital at this moment in my life. I have been able to identify good deals but money is always the issue, which ultimately causes delays. Also, I'd be very curious how you found leads for partners in your area? Or are they out of state? I have had poor experiences in the past with partners, so I am just trying to learn from others success! 

Congratulations on the potential for this portfolio acquirement!!!  

This is tremendous Nikki! Thank you for sharing this incredible accomplishment. I have been in a bit of a rut since I lost one of my previous deals and reading your story helped to recharge my batteries. 

Whereabouts in Michigan were you able to do this?

Thank you again for sharing and I look forward to your response!

Adam

Thank you for sharing @AJ Shepard!! Submitted my letter just now!

Thank you so much for being willing to help me!! I'll message you right now

AC 

I think you're right Tanvir. Thank you for your reply. I am going to give cold emailing a shot and see if I can get any responses. I was trying to put myself in their shoes and if someone called me wanting to give me money, I'd probably think about responding lol

Adam 

Hi Nicole!

I typically send letters once per quarter. Normally the students cycle through the homes every 3 months, so my guess was that they'd be more apt to sell once the changeover is approaching. 

Do you think increasing the frequency is a good idea? 

Adam
 

Hi Steve! 

I typically find the email addresses in their LinkedIn profiles or through Facebook. However, I am not always successful with this. I think that you are correct in saying that phone calls will be number 1. And for those that I can't find phone numbers for, I will be more persistent in sending letters.

Thank you for your reply!!

Hello Everyone! 

I'm excited to be part of this community and I am hoping that all of you can help provide some insight into how I should approach this situation.

Quick background: 

I currently own 4 homes in Flint, MI that I rent to Kettering University students. Home location is crucial since Flint is not the safest area, therefore choosing the right area to buy in is typically known by those who attended the school. The home cost, on average, is $60k and the rent is between 1800 - 2000 per month. Needless to say I want to expand this portfolio as much as I can in order to take advantage of this ROI.

Current Dilemma: 

I have sent cold letters to the homes in an attempt to identify potential sales not available on the MLS, but to no avail. My suspicion is that the tenants toss the letters and that they aren't actually making it to the property owners. Using the property gateway for Gennessee county, I am able to find the actual names of the owners (not just the property management company). Using the name, I am able to use either Linkedin or Facebook to obtain their email addresses. I want to utilize this information and obtain deals in that area, but I wanted to see if anyone else has had success doing this.

I know that cold calling / sending letters is a big thing that a lot of aspiring property investors have utilized, but have any of you had luck with sending cold emails. If so, did you follow a particular format or just send an email letting them know you want to buy their crib?

Hi Ryan! 

I just finished up, as of last Friday, of closing on my home that I am house hacking by renting out 1 room and then converting another for a student rental. With interest rates as low as they are, I wouldn't wait. Even if the deal is an absolute slam dunk....just go for it.

In every podcast that BP puts out, @Brandon Turner continuously mentions that the first one is just to get the water flowing. When you have 10...20...or 50 deals under your belt, you won't care if the first deal was a home-run. But it will get you started.

I'm over in Michigan and was able to secure a 200k loan for my home at 2.8% interest....and I've heard of people getting even lower than that. 

Make sure the numbers work...and go for it. Like Marcus had said, the first one isn't meant to make you a millionaire, but it will get you on the road to it.