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All Forum Posts by: Michael Dunn

Michael Dunn has started 3 posts and replied 12 times.

Post: How to write a great rental ad

Michael DunnPosted
  • Investor
  • New Westminster, British Columbia
  • Posts 15
  • Votes 6

Learn the three critical components of an attention-getting rental ad that can help you get YOUR property rented FAST, to a GREAT TENANT and for TOP Dollar. Details here.

Post: Newbie from Vancouver

Michael DunnPosted
  • Investor
  • New Westminster, British Columbia
  • Posts 15
  • Votes 6

Hi Valerie, I haven't been involved in REAG but recently joined Synergy, a RE meetup. We are cash flow positive with a condo here in the Lower Mainland but SFH is scary in these parts! What did you invest in in Phoenix?

Post: Finding a tenant seems like pooling teeth

Michael DunnPosted
  • Investor
  • New Westminster, British Columbia
  • Posts 15
  • Votes 6

Hey Alexander, your post was a few weeks ago so perhaps you now have a tenant. If not, I'd highly encourage picking a specific target market (yes, narrowing the field). Most condo ads are the same everywhere I look which ultimately turns the engagement into a commodity play. Lowest price per sq ft wins. When we took possession of our unit in a brand new building, there was a long list of units already up for rent. The ads were all the same; "Brand new 1 bdr condo, x sq ft, y$/month". The ad copy was consistently bullet points listing the same features as the next unit. I wrote a completely different ad that focused on some of the buildings unique design features. My subject line was "Aesthetics important to you? This could be the one!" I completely avoided bullet points in the ad copy and instead gave an in depth overview of the unique design features of the building and our suite. (Something every other owner in the building could have done but didn't). I got it rented in less than 24 hours with four back up offers. Your "target market"could be something as simple as pet owners (if you allow pets). Suppose you have a nice park nearby, subject line could be "Dog owners. You're going to love this apartment!" Ad copy to focus on how much 'Rover' is going to enjoy the park instead of listing how many electrical outlets are in each room. The goal is to stand out from all the other ads and reach directly to a specific market. Hope this helps!

Post: Newbie from Vancouver

Michael DunnPosted
  • Investor
  • New Westminster, British Columbia
  • Posts 15
  • Votes 6

Thanks, Kevin!

Post: Buy and Hold Newbie Accountability Group

Michael DunnPosted
  • Investor
  • New Westminster, British Columbia
  • Posts 15
  • Votes 6
Originally posted by @Todd Krzeminski:
Originally posted by @Michael Dunn:

Hey Todd, I'm curious as to why you are seeking "out of state" rental property rather than in your local area. 

It's just not cost effective. Home prices in the DC area are very high, and I still have a full time job so I don't have time to find distressed properties, fix them, etc. I like the idea of a turnkey solution in an affordable area.

 Makes sense. I'm the Vancouver area. Home prices are insane here but you can still get some postive cashflow with a well chosen condo.

Post: Newbie from Vancouver

Michael DunnPosted
  • Investor
  • New Westminster, British Columbia
  • Posts 15
  • Votes 6

Hey Tom,

Thanks for the welcome! Things are going well with this one property. No immediate plans for new additions. Too much on the go in another business plus want to absorb more knowledge on the topic. Will be looking at adding in the future I'm sure.

Best regards,

Michael

Post: Newbie from Vancouver

Michael DunnPosted
  • Investor
  • New Westminster, British Columbia
  • Posts 15
  • Votes 6

Hey Paul,

Thanks for the welcome and the detailed information. I'll be diving in! Can you share the purpose of the "vote" button? Is that like a "like" on facebook?

Thanks,

Michael

Post: House Doesn't Sell So Realtor Raises Price $10,000

Michael DunnPosted
  • Investor
  • New Westminster, British Columbia
  • Posts 15
  • Votes 6

So true, Mark. I see the same challenge on the rental end. People try to appeal to as many potential renters as possible rather than tailoring their marketing to a smaller group that holds the best potential for a "yes." 

Post: House Doesn't Sell So Realtor Raises Price $10,000

Michael DunnPosted
  • Investor
  • New Westminster, British Columbia
  • Posts 15
  • Votes 6
Originally posted by @Mark Holencik:

I learned a valuable lesson from my dad. He was selling an item and a man asked my dad if he could do better on the price. My dad looked at the man and said "yes, and raised the price. 

I was around 11 or 12 at the time. When someone asks me that, I instantly think of a higher price. 

Your price only has to be right for one person.

Post: Buy and Hold Newbie Accountability Group

Michael DunnPosted
  • Investor
  • New Westminster, British Columbia
  • Posts 15
  • Votes 6

Hey Todd, I'm curious as to why you are seeking "out of state" rental property rather than in your local area.