All Forum Posts by: Lynette Braun

 Hi Arthur, 

I prospect distressed listings both as an agent to get listings and to search for possible deals for my investors/buyers. So I know they are very...sensitive situations.  I think, like any other marketing efforts, it can take time and consistency to create an image that people are comfortable with and feel that you are there to solve their problems. not take anything from them.  If you have never mailed this list before that would be the first step. Mailing them first will get you a better result when you door knock also because they might recognize you/your company/your name when you do come to the door.  

There are a lot of great posts on BP about what to mail but I would introduce myself to the seller in one of two ways: 1. You know about the problem they are facing (divorce, foreclosure, etc.) and you can offer them a solution by buying the property/representing cash buyers. Or you can market to them saying that you're looking for good homes to buy that match a certain description (insert a description of their house) and give them the grace of pretending like it's divine timing. Either way, everyone wins. 

You can and should use a combination of different ways to reach and remind the seller of your offering. People in a distressed situation have naturally heightened emotional reactions and sometimes react by not facing the problem. If you're sending them a few letters, combined with social media campaigns for a few weeks before you door knock, your time will be much better spent because you are seen as a consistent presence who is their to help and they have an idea of what your company does. Running an ad that shows up in their Facebook feed everyday might be a better use of your time than pounding pavement. 

There are always going to be people that don't want to receive communication from you, door knocking or otherwise. So play the numbers game and keep going until you find someone that needs your help to get rid of their property.  Be sure to dress professionally but not too formally if you do decide to go door knocking. Avoid carrying a clip board otherwise people are more hesitant to open the door. Also, bring something of a value that you can leave behind if they do answer but turn you away. That brief meeting might fuel the courage they need to call you later on so always leave things positive. 

Read up on both wholesaling and geographic farming techniques and work a "farm" area by looking at public filings like divorce, probate and notice of default. Also look (through the MLS) at expired and cancelled listings that have not re-sold since the sellers attempted to sell it last, offering a lower price and an easy close.

Let me know if you have any questions about real estate here in San Diego. 

Happy investing! :) 

Hi Micki, 

Great question! Where are you currently getting you data from? Data aggregation sites like Zillow are estimated to be about 60% accurate. So trying to assemble information about comparable sales from a variety of of sources like from the original source is important. But here are some things that comes to mind about the differences between the MLS and public information. Hopefully some other experienced licensees can bring their expertise to this conversation. :)

• The MLS shows a complete history of a property for every time the listing has been sold, withdrawn from the market, expired or cancelled and rented (by an agent.). Sold data would be most important here. But as a smart investor, you will want to know if the seller has previously listed the property at either a high or lower price to aid in your negotiations. These records go back to when the MLS went electronic. Here is San Diego it was 1998, with some records going back to 1996.
• Pictures. (But not always.) It can be beneficial to see pictures of the condition of the property before the current owner took possession. 
• Private agent comments. This is where agent communicate with each other without the public data site picking it up. There is valuable information about whether the property is vacant (possibly indicating a more motivated seller), the condition of the property and the terms of the sale. 
• Days on Market, When a listing expires without selling, there are usually only a handful of reasons: price, presentation or representation.  If you see the seller has previously tried to sell the home above market value for three months, you have a better understanding of the market.
• Tax records. The MLS here is San Diego links to a system that pulls data from the county assessor's office. (These are public record so you can access them too. It's just more leg work.) Linking these systems allows agents to include information about private sales in comparable data, giving you a picture of the complete real estate market.

If you questions about investing in real estate, I'm always happy to help! 

Happy Investing. :)

 Thank you @Mary B! :D :D 

 Hi John, 

I'm a realtor in San Diego specializing in Luxury & Investment. I often get e-mails or calls from individual investors or investment companies looking to purchase pocket listings or "get the best deals before anyone else".  My first requirement is to meet them in person for coffee, lunch or at my office. If they are out of area, this is a 30 minute video chat. 

I want to hear about their goals, the properties they are looking for and understand their financing. If there is anywhere I can help in the planning process, I am happy to do so. But, 90% of the time when I ask for in person meeting, they don't want to take the time to do it. Yet, they want me to spend hours researching and favor them over my existing clients. When an investor or company puts time and energy into building a relationship with me and brings something to the table, values my time and shows me there can be a win-win for both of us, I am going to pour a lot more than just a 15 minute CMA into that relationship.

I can create custom off market property searches and do the leg work like a wholesaler to bring you deals that meet your needs. Before I invest that kind of time into an investor, I would want to know it's mutually beneficial. Start by building a relationship with just 2-3 agents and really share your goals and how you might be able to work together. You might find them much more motivated. Hope that help! Happy Investing! 

Hi Jack!

There are two separate things you're considering here: Whether the additions are permitted and whether or not they are up to code. Check with Realtor in your area about local taxes. But here is California, property tax is calculated from permitted square footage. Leaving that area un-permitted would probably reduce your annual taxes. When you go to resell the property, some buyers may avoid or want to get a discount because the un-permitted area, so keep that in mind. But that's also the same great deal you enjoying now! :) Request a building inspection before you fully fund escrow. An inspector can give you a better idea of any repairs that may need to be done. If they are significant or something that the seller didn't disclose, you can renegotiate with the seller.  If it seems like it would be a good fit for your investment plan, go for it! Just do your due diligence in escrow. I included a link to a video I made about what kinds of due diligence you can do before going into escrow, linked below. Happy investing! 

https://www.youtube.com/watch?v=n_7bzGnWaBM

I'm not sure if this is helpful for anyone ...but I use a CRM called Wise Agent.  I've tried spreadsheets, Sales Force, and a few others.  This has been the most comprehensive way I've found to manage drip campaigns and checklists for closings all in one. Trying looking at CRM's designed for Realtors because they have a lot of the systems you need. Have a great week!  

This is an awesome post Steve! Thanks for taking the time to put this together. I'm an agent and this list helps me organize my traditional buyers and wholesalers in one place. Thank you! :)