All Forum Posts by: Jim Witten

 I agree on a general mailing, but since this was very very precise target individuals, I would of thought at least 1 out of the 31 people, like 4% or something, would give some sort of reply....but yeah, guess not! 

Would be hard to do relatives, a lot change their last names and I wouldnt know who's who. I just sent it to the house the deceased person lived at, but that was just for a few of the 31 letters. Rest was to pre-foreclosures. 

 Interesting, yeah I was very cautious about that. I put a pretty big emphasis that I was just looking for a house in the area, and thought I could help before the bank gets involved, so it's mutually beneficial, etc... But I could try being even softer in my approach. But then at the same time others tell me I shouldnt say anything about their situation haha. 

Ya, I mean I agree with needing a few hundred if your just hitting up a mail route, and all the houses in an area, But  this was extensive research specifically with only houses in pre-foreclosures or recently deceased owners.  Id think that would make a much lower number of letters needed, no?

I signed up for an online real estate software that allows me to see in depth info on properties, most of you have probably used it. I located properties in pre-foreclosure, properties with liens on them, proprieties underwater, etc... 

I also went through the newspaper obituary section and located the addresses of people who had passed away, I targeted addresses that were fully paid off, and ones that were not.  Now this may offend some of you, and your going to bash me over it, but its really just creative marketing that could actually help them out.  I think a lot of families who have to take over an estate when their family member passes away, would love to have someone come along and offer an all cash off market offer, than have to deal with selling it. Obviously some families keep the property.  Either way, the point was to target the trustee, who may not want to take on a second mortgage or whatever and needs to sell it.... you get the point.

So anywho, I sent letters to a total of 31 properties, between 3 different cities, essentially saying that Im looking for a house in the area, and will pay all cash, off market, etc.... targeting properties in pre-foreclosure, liens, underwater, or missed payments multiple times in the past, recently passed away, etc...

Now some of you probably are thinking they didnt respond because they felt I was trying to take advantage of them. Which is why I also tried mixing up the psychology of it, in some of the letters I mentioned how "I noticed it was in pre-foreclosure, and was wondering if me buying it off you would help you before the bank gets involved, would be mutually beneficial" type of thing (just a example not word for word what I said). Then some of the other letters I did not mention anything about the liens or pre-foreclosures I saw on their property. Just that I was interested in buying it all cash off market. 

Anyways, 6 weeks later not 1 single response. Anyone think its just a numbers game, like if I had sent out another 31 letters, maybe I'd get 5 responses, then another 31 letters and no responses?  idk..... I thought it was just as precise targeting as you could possible get, spent at least 10 just doing all the research

Im looking at a probate property, its on the MLS, the agent is taking offers next thursday. But then there will be a court confirmation hearing about 45 days later I hear with probates, when is that, where is an online source that I can look up these court dates for the probate properties?

Just in general, where do you view when probate court confirmations are?

Thanks

Well thats the thing, 50K is a joke for this, but if it sold for 1.4 million, and didnt cost more than 250K in repairs (agent says thats a max estimate), there would be over 250K in profit..... but yeah, I agree it could go way over....

An agent brought me a house in Orinda that is listed for 799k. It is going to need 250k in repairs, some is structural and some is environmental. But the agent says it would be a great flip because it should be able to resell it for at least 1.2-1.4 million. Obviously not a lot of details here, so was hoping to hear from someone that knows that area I could be more specific with?   Its 4 bed, 2200 square feet. 

If it sold for 1.4, there'd be about 250K in profit after commissions and everything, but 1.2 would only leave maybe 50K. Doesnt seem like its worth the margins for a quarter million in rehab?