All Forum Posts by: Account Closed

@Kameron Ballentine I'm mailing to absentee owners that have owned the properties for no less than 10 years. I'm focusing on SFR but i'm about to open it up to multifamily since I would like to buy and hold with those. I also exclude corps.

@Shelly F. I totally agree with you on that. It seems like I'm never ready to actually turn my sales switch on because I can be awkward and it's something to work on but I feel like it gets easier after every phone call.

@James RitterThanks! I would love to hear your results. I hear yellow letters get a great response rate. On my second mailing i'll probably switch it up and try yellow letters.

@James RitterI thought it was a small response as well. It has jumped up to 12 so far but I do feel I should have gotten more. I did send postcards, I have had 130 sent back so far. Some have gone to voicemail but I do try to answer the phone and even call back the ones that don't leave a message. Everyone I talked to said they have a received a whole bunch of investor type mail but I was the most recent one that mailed to them.

Sorry i've been away but @Matt M.That's so crazy. I did run into agents that weren't that great when I bought my fourplex.

@Roland PaicelyI know some of us have full time jobs like myself and are trying to wholesale but I think it's important not to let that be an excuse. I'd rather call during lunch and then eat at my desk and work. Also I get off at 2:30 so it helps trying to get back to everyone within a reasonable time frame.

@Bob E. Thanks! I did put that out there but she said she wants atleast what she paid for it which was about 90K in 2002. She's currently checking with the title company to see what the comps are in the neighborhood which is understandable. My research with the comps suggests a price of around 134k and after taking out .70 it equals a little over 93k and I told her ball park was around 90k for the house. I also told her it depends on the condition.  I think I just want to see it because i'm sure there are some maintenance items and then after that really calculate my fee which doesn't have to be a crazy amount.

Thanks everyone for your feedback. I'm pretty nervous but she is really easy to talk to which is a plus!

Hello! I just started my first direct mail campaign in Phoenix! I know it's tough competition out here...but is it really? I sent out 1,800 pieces of mail and most of them hit on Monday. So far I have received 8 calls. Most of them aren't too motivated but I said I would give a few of them a call back later on because they may be great buy and holds and you never know what mind frame they may be in later. 

My last call was from a property owner that is ready to sell a property because she can't visit the property as often as she'd like.

She told me that I am the only one out of all the letters she's received that called her back or even answered the phone. I tried to answer the phone when she called but I was dealing with a family emergency and I knew it wasn't the best environment to answer the phone. I just can't believe that people would waste their money mailing to property owners and not following up. 

I guess it's good for me in the end, but I find it odd that some people spend the money and time to mail their letters/postcards and not follow through.

I forgot to mention the company is RMG Realty so please  beware!!!

@Jacqueline CarringtonI did have a contract and minimum reserve fund of $250 with them. I do have a work order that wasn't approved and they did it anyway, which I printed off before they could delete it. They take all repairs out of my $250 reserve/rent checks which I don't receive until the end of the month. Thanks  Jacqueline! I intend on doing everything you mentioned to make everyone aware.

Hi everyone! I currently have a fourplex I have only had it for a year. I hired a PM to take care of everything but lately it's been a mess. I had a quote for work that needed to be done to one of the units and I accepted the quote and the work began. Fast forward 2 months later I am still gettting work requests for work that should have been done in the quote I was never charged for the work that is requesting to be done when the receipts came to turn the unit but I thought that's what I paid for in the quote. The PM thinks since I wasn't charged that I should pay but I paid the full quote price and on the receipt it shows, cleaning and misc charges that aren't specified. 

They also unapproved a work order so I could not see it on my owners portal and did work on that same unit for drywall so I had no idea there was drywall damage since it wasn't mentioned in the walk through. Also charged me for new carpets when the quote said they needed to be cleaned but blamed it on the tenants saying they ripped up the carpet, but there was obviously carpet in there when they did the walk through for the quote. I spoke with the tenant right when they moved in and they said the PM knows the carpets were stolen and will replace them which was news to me.

I fired them today and I am just wondering what other people would do in my situation. I am out money becuase of there incompetence. I could just suck it up but they need a spanking! There was a lot of unapproved work that they did anyway and I feel like sending them my nieces dirty diaper in the mail.

Thanks for reading my long post.

Hi Jonathan! Michele has a great point! I closed on a fourplex in December using a FHA loan. The units were already rented and I was able to obtain a larger loan due to the rents collected. I live in one of the units and still have extra funds from the rents to put aside to maintain the property. I had a great real estate agent that also is a real estate investor. This was my first purchase and it was a relief to have a real estate agent who is also a real estate investor to help validate my purchase. You'll do great!