All Forum Posts by: Mike Street

@John Underwood thanks John. Nice work!

@Michael Ketchen thanks Michael. Are you saying the operating expenses shouldn’t exceed 40% of the gross operating income?

@Adam Reeves

Hey Adam!

Nice to hear from you. Thanks for the advice. I’d also love to catch up soon. Not sure I can share my cell number on here without getting flagged?

@Jon Kessler thanks! I’ve been thinking I need one more “stressor” when I filter sellers with PropStream. Right now I’m doing 25% equity and absentee owner. The problem in my market is as soon as you filter for tax liens or code violations the list drops to literally less then 40 properties.

@Michael Ketchen thanks for the feedback and encouragement! Are your offers based on current rents or your opinion on market rents?

So I've sent out two rounds of direct mail totaling around 1,000 letters. I've got a 1% response rate. I've made 6 offers. All of those offers were below market value and only cash flowed $100 per door (all duplexes) and had a mere 3-4% cash on cash return. I'm using the BiggerPockets calculators. It appears all the duplexes sold on the MLS are not making sense as investments. How do I get these off-market sellers to sell to me when the market is on fire? I'm in New Hampshire on the seacoast. I only market to 2-4 unit properties.

Hey All, just wanted to let you know I decided on Main Street Homes, LLC. I have my Carrot website up and running. www.mainstreetbuy.com I also just ordered my first direct mail campaign with Ballpoint Marketing.

@Shawn M. haha! That’s very clever! Looks like the llc name is available too. If I don’t end up using this name it will certainly be my slogan! Thank you!!

@Jeremy Wirths thanks! I’ve been brainstorming the possibilities around that idea. Is “Easy Street Properties” too cheesy? I think it’s memorable and the message is relative to distressed sellers. Or do I keep it simple with “Street Properties” for scaling purposes?

@Bob Okenwa I’ve been thinking the same thing lately. Thank you!