All Forum Posts by: Mike Waltman

Good to have you on the site @David Velazquez! If you haven't already, its very useful to set up your keyword alerts to include phrases like "south florida", "boca raton", "buy and hold" or any other locations/ topic. Makes it easy to follow local discussions and subjects that interest you. 

Welcome to the site Sam, theres a wealth of information here to get you started. Where you are looking to buy and how are you planning on finding those flip deals? 

Thanks @Sean OToole and @Charlie John. That provides gives me a much better understanding. Have a touch of the analysis paralysis with the deciding on the list. Think I'm going to go with Total Assessed Value. If there ends up being some leads out of my price range, sounds like it shouldn't be by too much and if I can talk them down to a price that works it could just mean an even better deal 

I've done some searching and haven't found anything on the forums so I'd figured I'd throw this out there because its an issue I'm debating on with my list source criteria.

My question isn't about what Current Home Value or Total Assessed Value are, I get the difference. What I'd like to know is what the pros and cons of using a listsource list with one criteria over the other for targeted marketing?

Is CHV just a more accurate estimate of what the home is worth? A list with CHV criteria is SIGNIFICANTLY more expensive (were talking 200-500 dollars more) than TAV. Is it worth it? 

I get a lot more leads per list with TAV (around 300-700 more). Not sure what to make of that fact in terms of quality vs quantity for targeted mailings utilizing a more expensive piece. 

It could be in my budget to pay extra for a quality list but I just need to know that its worth it, not just making it FEEL like I'm getting a better list because I shelled out a bunch more $$$$. I'm marketing for buy and hold, not wholesaling, if that makes any difference. 

How many people were you mailing to and how often? What criteria have you been using for your list? My experience is limited to education at this point but it seems like people around here generally agree the quantity and quality of the list are key elements (along with type of lead) to a successful direct mail campaign.

Also adding a basic website to compliment your direct mail campaign could be a good/cheap way to boost your exposure. It also provides sellers that are actually motivated a good way to get more information on the service you provide and adds legitimacy. Heres a good blog post by Brandon Turner on creating a good cheap website in case you haven't come across it yet..

https://www.biggerpockets.com/renewsblog/2013/06/0...

If funds are tight though door knocking sounds like a good route though. Maybe order some door hangers (pretty cheap on yellowletters.com) for the people that don't answer.  Also just thought (not based on experience) but it could be helpful to have a flyer providing a clean, tangible outline of your services for those that do answer the door and aren't receptive to talking at that moment. Website on both pieces and now you've provided access points to information for potentially motivated sellers you might have written off.

 Hopefully someone with door knocking experience can provide info on the type of leads that have been the most successful for them.

I have been told by pbc property management companies that they experience higher turnovers because of the city utilities vs FPL. Also east of 95 in Lake Worth is hit or miss in terms of quality neighborhoods, nothing Riviera Beach bad but the school districts are sub par and theres some sketchy areas. Definitely nice cash flow potential in some areas but definitely potential for higher turnovers and lower tenant quality

Hey welcome to the site and to real estate investing!

Congrats on making that first purchase. I'm looking for my first rental in palm beach county and hoping to be in your shoes soon 

There is a REIA that meets every couple of fridays at the Palm Beach Ale House for lunch. The meetings are posted on meetup.com through the Palm Beach Real Estate Investors Association group. It seems to be a pretty good mix of professionals with no pitching just networking. They have another meeting this Friday at 12:30

Thanks for all the advice. I've started attending local real estate meet ups in order to build my network. I believe that aside from the professional services people may offer, you never who will turn you onto a good deal.  

I absolutely get what a lot of you are saying, don't lose focus on finding the deal and understand that a network is a dynamic and will change over time. I won't get side tracked focusing too much on it.

That being said, finding a contractor right now to help me estimate repair costs would be helpful. I can estimate rehab costs to some extent but there's potential I'm overlooking things and I won't be confident in my estimations (and ultimately the deal) unless I can bounce it off someone with more experience that I can trust.