All Forum Posts by: Bob Vollmer

Hi @Steve Haag! It's had it's ups and downs. I either keep getting out-bid or can't come to terms with sellers. Work has been pretty busy over the past couple of months, so I kind of fell off the deal sourcing. That being said, I'm actually talking to a couple different off market sellers right now that sound like they may have potential! So we'll see what comes of those. How has your storage search been going?

I'd consider making the drive.

@Travis Hardy Are you considering HML's? There are a few down in the Denver area that say they'll lend up this way - Pine Financial Group is one that comes to mind. I've never used them, but when I lived in Fort Collins I was a member of a local REIA group that they were also members of. You could also search for lenders here on BP by going up to the "build your team" tab and selecting "hard money lenders". If you're looking for something more local, you could also try Alpine Bank or one of the other local lenders. If you'd consider going to Junction, you may want to speak with Laurinda Conrad at Northpointe Bank. They used to have a program for investors that was very interesting. Again, I haven't used her personally, but I've spoken with her a few times about various loan types.

Do you see the town size as a detriment to your plan? As a spec builder myself, I am very sensitive to absorption rates and overall desirability of an area. While 30 minutes isn't a bad commute, it most likely diminishes the buyer pool, correct? 

@Greg Weik I think your email to Ruby Dickson was spot on. You provided an excellent argument which, in my opinion, she would have a tough time refuting. Thank you for reaching out to your representative and I hope others follow suit. 

@John Ramos I see it as the typical "overreaching offer". The original bill asked for too much with the anticipation of settling somewhere in the middle. If these politicians remain in office, I would expect them to stair-step their way back to their original terms over time under the same "fair housing" flag. 

As someone who only has a few properties here in CO, I am absolutely tempted to liquidate and move on. Why risk it or deal with it? I know that I provide quality housing at a fair price (relative to market rates). Yet if I can't control the property that I own and see growing risks in owning it, why fight the uphill battle when I can move my money to something more reasonable? You're spot on saying that there will be a reduced rental stock in the future if this goes through. Unfortunately, most people don't take the time to critically think through the repercussions of these laws. 

Hey Michael! I'm in New Castle and @James Matuschka is in GWS. Where are you at?

@Henry Clark I actually looked into that about 8 months ago for here in western CO. My problem is that land and permitting in my immediate area is priced so high that it isn't feasible. We're very geographically constrained so buildable land is at a high premium. I've started talking with my business partner (we build SFR's) and have discussed looking a little further out where land costs are more reasonable.

@Joseph Gozlan Oh man that exercise got me! I've never seen that before and once I got to the bottom I was laughing pretty hard! In all seriousness, It's a great example of timing and seller readiness though. I will definitely stick with the mailers and I appreciate the encouragement. 

@Henry Clark I can really get behind your method on this. I completely agree that being specific with who you're targeting and knowing at least the basics of their facility goes a long way in establishing credibility. However, I do think it's a slower game as the leg work required to compile and update the data can be time consuming which reduces output. Currently, I'm running two lists - one is more of the "shotgun" approach where I only have a broad understanding of the facility/market and the other is the more targeted "rifle" approach emphasizing my knowledge of their facility and local market. Response rate is low and is just about split, so jury is still out on what's more productive. I do try to change up each campaign with the message, font, color, etc. to see what helps. 

And I never did follow up with you on that last facility I was working on. I should've taken your advice and put out an LOI much sooner. She took my offer and sold it to someone else who offered a little more. Never even gave me a chance to negotiate... Oh well. There's always another deal out there somewhere!

I will admit that I am guilty of sending mailers. However, I am fairly targeted and don't spam out thousands per month. I build my own list and constantly expand/refine it to target those facilities that fall within my buy box. Response rates are not great by any stretch of the imagination (at least for me), but occasionally someone does reach out and at least allows a conversation to begin. I don't cold call strictly because I hate doing it and always feel like I'm wasting the owners time. So my questions to those who are receiving these mailers and phone calls are:

1. Is there one method that you feel more receptive to than the other? Why?

2. Are there any key takeaways from these mailers/calls that make you feel more confident in the inquirers ability to perform?

3. What advice would you give to those who are looking for their first facility and are utilizing these marketing tactics?

Hey @Evan Zukal. I'm in New Castle and work/invest from Glenwood down to GJ. There's a meetup coming up on Dec. 10 hosted by @Teri Feeney Styers. If you are looking for an agent who knows Grand Junction inside and out, she's who you want to talk with! You should be able to go to the events tab and find the link for the meetup