All Forum Posts by: Kyle Weckesser

Available?

Is the property still available?

@Brie Schmidt

Sounds like Jerry really helped. What changes would you attribute to the success??

Thanks @Jerry Puckett

All good commentary. 

Have you had any success with NOD recipients with possibly different messaging/approach? 

My thought process was that you are absolutely correct and 98% are going to be either underwater or irrational sellers. My hope is that 2% may be rational, have equity in the house, but unfortunately have extenuating circumstances that require a fast disposition. Capturing 20% of the 2% would seem realistic under such a scenario. 

Hello BP community! I am seeking advice/feedback on my unsuccessful direct mail campaign. Please provide comments, feedback, etc on what may be the issue. Summary of campaign Targets: Recent NOD filings Purpose: Purchase below market due to distress Data: pulled from title company online account. I got 1900 NOD filings in Southern California from 9/1/17 - 11/1/17 across 83 cities. Mailers: Postcard style off yellow Mailer Message: essentially that I will purchase in 10 days with no broker fees. Also that this will help avoid a possible bankruptcy or foreclosure which stays on the record for 7-10 years. 1900 mailers were sent on 11/27/17. To date I have received 1 phone call. All thoughts are welcome. For those with extensive experience - how does seasonality affect responses (I.e I sent out right after thanksgiving) and during this time of year how long from mail date until responses start coming in? Thanks for the help

Aaron, I can definitely help steer you in the right direction. For starters you need to determine if the property is city or county. From there contact the respective planning department and ask about processing a parcel map for your property. California has a subdivision map act that governs subdividing land which is what you are looking to do (I believe). It seems your goal is to create a legally conveyable parcel for the second property - a sound strategy by the way. A parcel map covers up to 5 lots after which you would need to process a tentative map. The problem is the costs are relativity in line. To develop a parcel map you need to work with an engineer and then take the map through the city county for approval. Lots of time and road blocks but I would be more than happy to give you some guidance. Reach out with any questions.

Wildomar is very difficult to achieve density. Matt Bassi is the planning director and relativity reasonable but the biggest issues in the city are (1) adherence to GP density designations, (2) there is an “anti-development guy in the city that has learned he can make large amounts of money by bringing litigation against every TM. You will basically have to settle to get project approval so make sure to have $75K - $150Kin the entitlement budget for legal and settlement costs, and (3) the city has very high fees, in the range of $65K per lot. They are one of the highest in the IE which makes building and therefore selling at market difficult. Please reach out with any questions

My parents have 7 rental properties in Temecula some of which they have been managing since 1989. They have a strict tenant criteria but I will tell you over that time they average 1% vacancy (or less), attract tenants that generally maintain the properties well, and have an overall very positive experience that has lead to an enjoyable retirement for them. It is not uncommon for them to have a tenant for 9+ years. I definitely recommend you invest in temecula. Your sweet spot will be 3-4 bed rooms at $2K in rent. With that said most properties are now $350K - $450K and a 2% tax rate with 50 - 100 per mo HOA. This will help you determine how much money to put down on each to achieve the cash flow you desire. Bank money is cheap right now so don’t leverage all your $1M at this stage in the market. Finance! On average every $100k is $750 per month in mortgage payment (with 4% rate, 2% tax, 75 HOA, and typical insurance). I have a rental in Murrieta with a $200K Mort and my payment is $1500 per Mo. I rent it for $2075 per mo and I cover the $60 Gardner. I have a 2 year lease for which we are 1 year in and I have never had a late payment nor a tenant issue. I’m terms of risk I know from nearly 40 years of direct experience that Temecula is very safe from an investment standpoint. Good luck

Hello @Todd Fithian 

If you are interested in SW Riverside County; your town of MoVal, Menifee, Temecula, Murrieta, LE, Wildomar, etc I am your guy. Let's chat and see if there is an opportunity to work together. 

Best

BP Peeps, I am looking for someone who has influence with the city of Wildomar, (Riverside County, Inland Empire, Southern California). Specifically, I need an in with the planning department to achieve a zone change moving from RR 1 DU/2AC to conventional 7200 SF lots (+\- 3.5DU/AC). Any help, advice, referral will be met with compensation upon successful entitlement. Please help. Thanks so much and good luck to you all.