All Forum Posts by: Mark Limke

Hello, Isaiah, welcome to BP. What sort of experience do you have from NYC?

Also, please tell us a bit more about your pending deal that you are working with a hard money lender for.

Cheers, and good luck!

I'd start by reading their lease, so you have a clear understanding of what that contract says. Then I'd read the state law re tenancy, to ensure you comply with that. Very important you don't violate their tenant rights. 

My personal approach would be visit in person with the tenants, and seek their cooperation. Perhaps offer them some kind of inducement to play ball. Maybe they have insecurities about the post-sale period you can address. I'll stop with this, and see what others say.

The lease itself should shed some light on this. I would think it would have some language that says the lease survives a change of ownership, such as "Pleasant View Properties LLC or its assigns." I'm no attorney, but that's where I'd start, by reading the contract carefully. I bet there are answers to your questions in it! And have the real estate attorney you use (hint, hint) look at the leases.

Also, look at each lease. Don't assume they are all the same. They may not be. You don't want to end up in court because you assumed something not true.

Hey, Sharaya. One thing is, you won't find FSBOs on the MLS. Unless they were listed and then became FSBO after an expired listing. You'll have to find your FSBOs using non-MLS sources. You may find FSBOA on MLS, which means the seller has their house listed, but is also for sale by owner (FSBOA is 'for sale by owner also'). Those aren't really what you are after.

Owner contact info may be on the expired listing, actually. Check your MLS again, closely. Ours has it, or some of it.

Good luck from a fellow Keller Williams agent!

Your first sentence is missing a word or words. What was it supposed to say? "Buying a house using __ then selling..."

I don't think it matters. You're trying to go for neutral, repeatable materials you can use over and over. Find materials you can mix and match. And keep a log of what you use on each property, it will come in handy down the road..

If you're not an agent, it's going to be harder, I think. I was just watching a webinar about the RPR* tool that I have available through my MLS, as an agent, and it's got a ton of good info for analyzing demographics, etc. I imagine there are other good resources for the public. Try a library or college, sometimes there are good online tools there.

* RPR is Realtor's Property Resource

I think most people will say that a real estate license is optional, and to not wait for that. Get it if you want, but in the meantime, learn, and when you have enough info, make some deals. Figure out later where/if a license will help you.

How are you going to live in the place and keep the tenants? Move in with them?

It sounds like you have an unethical agent. I would get another one.

I would reconsider this post. It comes across as asking for advice on how to get away with taking out a loan under false pretenses.

That's not a great way to portray yourself, since you have to deal with other investors and lenders, some of whom may recall that you were looking back in Feb 2016 for a way to get a loan you aren't entitled to, and would resort to false statements to do so. Like "Hey, anyone want to loan me money? I promise what I say is true, THIS time!" Not so good, when you look at it like that, right?

Hand write, always! That's the whole appeal. Get a yellow legal pad, a good dark pen, draft out a quick, punchy message, and write it over and over.

Keep it simple. Borrow ideas from online examples. Ask for input from others. A bit cheesy might be just fine.

Try two different versions, and keep track of who gets which. That's called "A:B" testing, to see which version works better for you. People say the one thing that really helps is being very detailed about what you send, when, what the message was, how it was sent, etc.

If you're working from an iffy list, I think it's smart to send postcards the first time, since a lot of them may get returned to you (hint: you need a return address on the piece). That way, you spend as little as possible to quality check your list.

But if you're pretty sure about the addresses, then an envelope is OK.

And keep it simple, no long paragraphs! The recipient should be able to read it at a glance.

That's a start. Good luck, and don't forget to post later here how it worked out, and what you did!