All Forum Posts by: Isaac El

totally agree with what your saying, and I see locally here there are investors that will buy a share of the property.  So for example their are 5 heirs to the property - they don't all agree to sell (or keep) the property.  The investor will find the one or two that want to sell, and will buy their share at a huge discount. THEN start litigation against the other share holders of the property.  I have never done it before, and I know the process could take years, but eventually they get an amazing deal.  Have seen properties like that get "put together" then that investor will bring it to flip to other investors.  Actually I know a few people locally they ONLY look for situations like that, that's their niche.

These properties, most of them are not even paying taxes.  What I have been doing is driving for dollars, then before I started doing a deep dive to find owner information or doing skip trace. I will research the property to make sure its a good candidate.  For example here I can easily see if another investor has a contract recorded on property, or if they are in foreclosure (how much was the lien) are they paying taxes.  Last thing I want is they say yes, and then for other reasons we can't go forward... that would totally suck! I really get the feeling, and I have called lots of these people, they literally just don't care..  It is hard for me to wrap my head around it because I guess as real estate investors we look at it differently, but I think the majority of the owners of these properties just dont care, or something else is going on, and need to figure it out. 

 I really appreciate this, It gives me more tools in my tool box! All I know is what I was doing before was 100% wrong and amateur.  What I like about this is, also if I try one approach and don't get good results.  I can make notes in my CRM software and call them 3 months later (they wont remember who I was anyway) and try approach B and see if that gets better feedback.

I really appreciate the response, I am going to take the advice and try out the new approach starting this week.  Just out of curiosity, if you want to keep them talking, wouldn't it be better to ask an open ended question? Because if they just answer "yes" (or no) then your doing the majority of talking asking lots of questions? Or maybe a combination of both?  Would love to hear your advice.

I am really planning to do a 2 step approach.  I know the market I am in, NYC specifically has had (and still does) have such a high saturation of real estate investors, with more money, and more experience than I have.  So my only chance is, to do things that will set me apart from them.  I will do calling (hopefully it works on the one receptive to calling) I will do mailing (not a massmail, just mailings to the ones I call so maybe if they were not receptive on the phone, a personal letter might get better response) like you said maybe they will keep it and call me in the future.  All I know is there is something they have to do with the property, it is vacant or severely distressed, so want to keep an eye on it.

Hi Blake, you are totally right.  One thing I know about my self is I wont give up.  I will keep making the calls, what was really getting to me before was that my approach and thought process was totally wrong.  Will keep calling.  I remember a mentor of mine (in a different industry before I got into real estate, where cold calling was also a big part of the strategy would say) "Don't look at a no as a bad thing, actually its a good thing, for every no you get closer to yes"  I really appreciate it.

@Matt Williams  Hi Matt, I really like that approach and that's what I do I call a lot of single family and 2 family properties in the local area, I get it now, just open the conversation up, get them talking, I should be doing more listening.  Kind of like when you turn on a car, you let it run for a little to get warm... I get it, this has really helped me change my mindset and looking forward to hitting the phones with this new approach tomorrow!

@Karen Margrave  Hi Karen, I love that - that is exactly what I am going to try, all the feedback has been great, and I guess if they say no, make a reminder somewhere to call back 6- 8 weeks later to touch base again.  I guess the main thing is not to be pushy, I know from my own cold calling experience, sometimes you get a no, but after you call them a few times (I am not talking about the harassing annoying type of calling where you become a pest) but if you space it out, never pushy, I think they eventually see you are different, then after 3 -5 calls they might open up, and after 3 - 5 calls if its really a no, maybe a reminder to call them 6 months later or mark as dead lead.  Part of my problem was I didn't have a CRM software before and it was hard to keep track of follow ups, and in cold calling world - follow ups are key.

@Matt Williams  Hi Matt, I want to ask you another question, initially when you call them, I see lots of people say you should introduce yourself, How do you do introduce yourself when you call? Before getting them to talk about their property and what you mentioned earlier.

For example, what do you think about this.

"Hi Joe, This is Isaac I am a local real estate investor..." Then free styling with the rest I can handle, but what is the best was to open up

sounds a little weird,  I think right away when they hear real estate investor they shut off.

Or should I just say "Hi Joe, This is Isaac, I was wondering what happened to the people living at 123 Maple st?"  then the person is going to be like "Who the hell are you?!" I guess trying to see what you would recommend on how to open?

@Shana Robinson you are totally right, I am going to start next week with a better approach, change the way I am thinking and how I reach out to them, excited to see the new results.