All Forum Posts by: Jonathan Emery

I use google voice. I don't have much of a message on mine as you may have but I do get missed calls and messages. You can get any number that comes through google voice on their website, through their app and if you want you can receive in text form their number and message or even email. I have mine setup as "google voice" when rings so I know it is most likely from letters. I call sellers back from my cell phone number so they have that for next time. I Am no expert at this but if you would like I can walk you through the items above.

Hi,

I started a direct mailing campaign.  I have come across a few things I would like to have help with.

1.  I have several properties with the same owner.  I am mailing to each property but when I have the same owner of several do I just pick one or mail to him for every property they own?  

2.  I have met with some sellers and gave offers but never heard anything.  Do I keep mailing to them even though an offer was already made?

3.  I understand that it is good to switch up what you send out for each month during your 6 months run.  Like from Michael Quarles Podcast he suggests yellow letter, maybe a white letter, and post cards etc.  I have started with the first month being a hand written yellow letter.  I am thinking next may be a postcard.  My yellow letter is short and sweet.  Would you make all of your other mailings the same just in a different form? or change it up?

4.  I have a list of properties I'm mailing to.  I can see the positive outcome you can have if you have large amounts of mailings and multiple lists going.  For starting your first campaign, would you recommend using one list for 6 mths then get a new list until you see deals or try to do multiple listings through the months?   I know cost can play a factor here.

Thanks 

Jon

Arthur

Connect with me as colleague and well get in touch over the phone. I have someone who can help

Jon

Arthur,

If I can help in any way let me know.  Is there a reason you are picking Easton?  Would you consider surrounding areas?

Jon

HI,

I am not experienced with foreclosure properties.  I have inquired about a property that had a sign on it.  I called the number and got the lender.  I then proceeded to contact the owner.  He no longer lives there and "gave it back to the bank"  He never signed anything and after talking to the lender it is still in his name and foreclosure date is set at sometime in the future.  The owner mentioned to me that the bank already put different locks on it.  Can they do this?  The lender gave me a package to fill out for short sale.  I think they were confused as I would be the one wanting to buy and not sell.  It looks like the form is for the owner.  Should I still be negotiating with the owner since its still in his name or talk to the lender?  The lender is sending me an amount that is to be due to pay the loan off in full if we settled in 30 days.   Where would one go from here to see if this could be a potential deal?  Do you wait till short sale or try negotiating with the bank now?

Thank You

Jon

Hi Mark

Welcome to BP.  I also invest in the lehigh valley area.  My interest is buy and holds.  Wish you the best on your investing career. 

Jon

Hi Welcome to bp. If I can be of any help, let me know. Jon

Congratulations! Our local REIA just had 4 members speak on this topic last month. What they learned and what to overcome. What they had financially saved for monthly bills so they had time to make it work and not lose a thing. This to is one of goals! Keep going!

Found 4 unit in PA

Owner live in CA and wants to retire

wants to sell for $245,000 without getting my comps yet I think it is worth around $190,000. Not sure where seller got the number from.

owes $180,000

mortgage payment $1,135 PITI

gross rent per month $2,900

willing to hold mortgage in their name. open to down payment terms if needed

Want property for a buy and hold. I remember hearing about not doing a subject-to long term. I don't know why. So what would be my best option to potentially take over a property like this for holding it ? MLO?

Hi,

I'm running some numbers.

Property is free and clear but owner wants to sell to pay off HELOCs that they used to buy the property. They are looking to sell for $130,000. Realtor says to list at $150,000. Think this is high and will sit especially if they hope to have it sold by October because they are moving. Want to pay off the HELOC to buy new home in new location. Not sure what they who on their mortgage on their personal residence. I'm think they could get $100,000 for it and just owe more on their HELOCs then what the property could sell for.

HELOCs - roughly $8400/year

Rent - $20220 / year

Expenses (taxes, ins, mnmt, etc.) - $10,001year

NOI - $10,219/yr

If they weren't dependent on selling this property to clear the HELOCs completely I think something can be done where at least we could do seller financing because they own it free and clear.

Is there anything I may be missing that could make this work? I'm not finding it yet.

Thank you