All Forum Posts by: Cameron Berens

Thanks for all the helpful advice!

As far as asking him what the property is worth, I did that during our first phone call and his answer was he really has no idea. I did not ask him what he wants for the house though. I will be speaking with him again tomorrow and if we can get a number in the same ballpark he will show me the house this weekend.

If more numbers or other information would help please let me know and I'll answer to best of my knowledge.

I've just recently sent out my first YL campaign and think I might have my first actual motivated seller to work a wholesale deal. 

Some info about the property - about 2,200sqft, 2 story SFR, 4b/2.5b, built 95', unfinished basement, 2 car garage, owner owes approx. 30k on mortgage.

Motivation on the seller's end - got remarried and moved out 2-3 years ago, still paying on mortgage, new wife hates he is always stopping over there checking on the property, busy with work so hasn't got around to deferred maintenance (water damage, broken gutters, etc...), doesn't really have time to fix up to list property.

Best comps I could find in neighborhood within past 9 months - 2,630sqft, 3b/3b, 2 story SFR, $173,000... 2,688sqft, 3b/3b, fully finished basement, tandem 4 car garage, 2 story SFR, $235,000... 1,992sqft, 3b/2b, ranch, $205,000... 2,300sqft, 4b/2.5b, built 95', 2 story SFR, $243.000.

Do I have something potentially good to work with here? Without actually seeing the property yet what would be a good number to start with?

@Rudy Vasquez  sorry didn't tag right in the first post.

@Rudy Vasquez  Basically they are what they sound like, hand written letters on lined yellow notebook paper in red ink (or printed off in such a way to look hand written). The reason being is because this appears more from a real person rather than something typed or a postcard (these forms of direct mail have their place as well though). They are used to try and contact motivated sellers. Go to the yellow letters website, one of this sites sponsors, and you can see exactly what I'm talking about. 

@Steve Vaughan  and @Larmon Cummings Jr  thanks for the advice. I decided to call them all back just for the sake of experience. I'm extremely happy I did because one of the guys owns his property free and clear and is interested in possibly structuring some sort of owner financing deal. Once I get some more concrete numbers I'll be posting that up for some advice.

Lesson learned- Callback EVERYONE no matter what.

Sent out my first 200 yellow letters and have already received 11 call backs through the Google Voice number associated with them. I'm pretty happy with the call back percentage even though it only seems 1 so far has the potential to turn into a deal. The first couple calls were the hardest but now the conversations are flowing pretty naturally and I am enjoying speaking to each person. Even though I have gotten 11 calls not all have left voice messages but I obviously have all their numbers from caller ID. 

Being they didn't leave a message should I count them off as probably not motivated or should I still give them a call back regardless?

@Eric H.  Thanks for the advice. Being this is my first direct mail campaign I didn't make any decision from the first phone call I told him I would talk with my partners and get back with him within the next 24 hours. If a deal can't be made from this call I will definitely ask about him joining my buyers list for the future.

I just received my first call from my direct mailing sent out 2 days ago. I was very nervous but after about five minutes of talking to myself I built up the courage to call back. After our conversation I'm wondering if I should even make him an offer or if he is just toying with me. He is a causal buy and hold investor in the area that owns a few properties and his wife is a real estate agent. He doesn't seem to have any motivation and to me just seems to want an offer because he's curious. He won't give me an exact amount that he owes but he does have equity in the place. Being he is lacking the key thing to a good wholesale deal, motivation, and his wife is an agent so if he wanted to sell he would just use her, should I bother with this or just thank him for his time and be done with it.

Welcome!

Biggerpockets is full of great content and people to network with.

I'm across the river in Kentucky but I've noticed in my short time in the business that the whole Greater Cininnati Area is full of properties for real estate investing. Great area to be involved in REI!