All Forum Posts by: Keith Agnello

Hello everyone!

I had a seller respond to an ad that needs to sell and needs to sell quick due to being out of a job and I need feedback on the best strategy to exit the property.

She owes the following on the property:

HOA $3,835

Taxes $5,000

Mortgage $69,700

This is a 1 bedroom condo with a tenant in place that has been there for 3 years and the seller just raised the rent to $695 and the tenant wants to stay on a month to month lease. This is in the Palm Springs area and it is a desirable place to live so even if she left, I know tenants are not hard to come by.

All of my deals have been "low hanging fruit" wholesale deals with equity cause this is who I have been direct marketing to but now running ads this is my first lead that is not so clean.

Is a seller financing situation the best case with a down payment of the balances owed being worked out? Is that even attractive for an investor for me to wholesale?

Any feedback would be great. Thanks!

Hello Everyone,

So I had a response to a yellow letter I sent out to an absentee owner that was quite interesting. I spoke to this gentlemen for over 90 mins and found him to be quite the sophisticated investor at 75 years old. It is time for him to start unloading his properties right now because he has done all he can do with them and he wants to spend more time with family.

The property I mailed in reference to turns out is 1 of 3 properties on a single note. It is in a trust and he will only sell 1 if I buy all 3 properties. After doing my homework it is quite the deal for what he asking for the properties.

I have been an investor for over 2 years now and in the last month I parted ways with partners and became a one man band for the moment so I am learning a lot of the components of the business that I did not need to focus on with partners. My focus is wholesaling properties but I am lining up funding to do my own fix n flips once I establish a team.

So my question is what (if anything) is different about this deal than a standard deal? Should I be looking at anything else or asking the seller any other questions than the normal?

Also, he did tell me to take a look at the trust to see how it was set up mainly for my own growth as an investor but I have been unable to locate it through the county recorder web site or anywhere on the internet so insight into finding would be helpful?

As always, thank you for taking the time to help.

Awesome Ron! How did you find the deals? Direct Marketing?

Ryan,

Check this video out and there is a link to purchase the correct paper it sounds like you need.

It is in a pad but very easy to rip out and prints perfectly for yellow letters.

You guys are awesome for all the feedback.

Seeing some of the suggestions here has me already thinking about the next message once I am done with the 1st round of Yellow Letters which should be by next weekend.

Question, on this current marketing piece I have a very generic "I want to BUY your property" message. Through your experience, should I on this next piece message a specific solution I am offering? For example for out of state absentee owners: Lost your tenant? I can BUY your property.

Or should I educate them on what the benefits are of someone selling their home to me? ie Cash, Quicks Close, No Closing Costs, No Realtor Fees ,etc.

It has been surprising to me that a majority of the responses I have received seem to have no clue on why the heck I would be sending them a letter as if they have never seen them before.

Any suggestions.

Hello everyone,

Just want to get feedback on my mailing and some advice on my next step.

I purchased a list towards the tail end of November of absentee owners as well as got another from an agent I recently started working with as of last month.

On my first mailing I sent 1200 postcards, received 3 calls, 1 appointment, no deals.

On this 2nd go around, I have sent 500 "handwritten" standard yellow letters, 3 calls, 1 appointment, no deals.

My market in Orange County, CA as many of you know is a tough market. I have even trimmed down my mailings to out of state absentee owners thinking there could be motivation but even those owners believe they have prime real estate and are expecting full retail offers.

So, my question is, if you were in my shoes, what would you do?

Get a new list in a more investor friendly market?

Keep mailing on this list? Someone told me at a networking event mail at least 3-4 times on the same lists.

Just looking for advice and guidance.

Thanks,

Keith

They do not need to see the contract.

You have an agreement/contract with them on a price and then you move to escrow. Either that works for them or it does not. If it doesnt and you know have a deal then that is their loss and you move on to the next potential buyer. Do not get desperate and make the mistake of being fearful that you will lose the deal. I have in the pass and it cost me. A lot of buyers are sharks and when they smell blood, they attack.

Listen to @seanterry s flip2freedom podcast. This will get you the boost you need. It worked for me

Yes in my experience I have done mailers in OC and have received about a 1% return in calls. Southern California is tough. From what I have learned from other investors wholesaling is that you have to be consistent with your mailing and something will give eventually. I had a conversation with a well established wholesaler and she said after her 3rd mailing is when she finally got a deal. You just have to pursue your leads wisely so you are not spending more money than you want.

Are you doing postcards or letters?