All Forum Posts by: Isaac El

hi, I am noticing land for development, my question is how do you know how many units you will get out of building?

for example, 40x100 lot, zoned in r6b, FAR 2.0 so you can build 8,000 sq ft.

how many units will that give you?

thank you

I am new to investing and in those beginning stages most investors go through, being overwhelmed, frustrated, trying different things, so whats the best way to "find a deal"?

These are the different things I have tried so far, any advice is appreciated.

1. driving for dollars

2. cold calling the driving for dollars properties

3. cold calling lp's or properties scheduled for foreclosure auctions

4. send out regular mailer once a month

5. call brokers

6. go to foreclosure auction and try to buy property

If there is another way you recommend that I missed please let me know, 

Thank you bigger pockets community!!

thank you so much on both of those, really smart and will try those as well.

I have been calling home owners of distressed properties and I can get to the appointment, I am struggeling a bit on making offers, owner has one price in mind, lets say $500k, but property is really worth $300k and right away they shut it down, even after explaining, repair values and other costs associated it with it.

Want to see what other tips/advice or different ways people make offers to buy.

@Hua Qiu

Hi Rex - you are right, and thank you so much for the motivation.

@James C.

Thanks James, going to put the plan into action and will report back on results, really appreciate the pointers.

-Isaac

@James C.

also in part 2 - when you say put the money on the table, is the best way to do that "give me your email address and I want to send you my offer in writing" and then I email them a professional email offering them $1m? or do I take it a step further and tell my attorney to email them with the offer for $1m, copying me on the email to the owner?

I agree with you that the money talks.

@James C.

Hi James that really helps, I am confident in my ability to get the onsite meeting, before I was making the mistake of having the wrong approach on my cold call, which with your help I changed it and my goal is to get onsite, again I am very confident in being able to make those appointments, and having the owner want to meet me.

I know I need to work on the part where I am making them the offer and to sell me the house.  Would you recommend leaving the brag book at the first meeting? Also I know in the beginning, I am going to "mess up" alot of them, but the more offers I make the better I will get.

Really appreciate all the advice,

Isaac

@James C.

Hi James, got it, something that will come with practice.  Yes I know how much I want to pay for the property, or where I am looking to be around.  I have only had a few meetings, and the number they had in their head, obviously not a realstic one, they are comparing their house to the most expensive one on the block that was fully renovated.  I went through it with them, breaking down the number to get to my offer price.

Part of the other problem I am encountering here in New York (not sure if it is the same in other places) is this.  Let's say the property to an investor is worth $1m, (that's the price investors are paying around) there are some investors that go to the owner and say "I will give you $1.3m" so it does two things, first it puts this number in the owners head, second they get a contract from the owner, so now anybody else that calls the owner - everybody else get pushed out, because the owner says "HA your offering me $1m, I have a buyer at $1.3m" or "I am not interested, I am already in contract" the buyer at $1.3 is really not going to pay $1.3, he keeps delaying the sale, delaying the sale, and back peddling to bring the owner down to $1m - I don't thinks its ethical, but it happens alot here - any advice for that?

Also - stupid question, whats a "brag book"?

And want to make sure I got it correct.

cold call - goal is onsite appointment.

appointment - make offer (want to make offer on first appointment, not come back for a second appointment to make an offer?)

Thank you for all your help!

-Isaac