All Forum Posts by: Nadir M.
Nadir M. has started 66 posts and replied 450 times.
Post: Landlording Leads/Property Management
- Posts 454
- Votes 99
Quote from @Nathan Gesner:
Quote from @Nadir M.:
Buying leads is often a fool's errand. The easy path rarely produces a good return.
It's hard to build the business when you are just starting out. How will you differentiate yourself from the competition when you have little/no experience?
I recommend building your elevator pitch (30 seconds or less), your uber presentation (five minutes), and your listing presentation (up to 30 minutes with supporting materials). You have to be prepared to sell yourself quickly or in detail. The more detailed presentations include the ability to answer questions off the cuff like a professional. Things like:
1. How do you handle evictions?
2. What does the law say about emotional support animals?
3. Tell me why you're charging X when the other company charges Y?
I also recommend building some simple marketing materials. Call around to all the real estate offices that do not provide management services. Ask if you can give a 5-minute pitch during their next sales meeting to explain what you do and why they should refer people to you. Leave some materials for their agents to keep on hand. Offer a referral fee. Offer to send the client back to them if the client decides to sell.
I always appreciate your input Nathan. I also love the elevator pitch idea…which I may need tweek. I have to push cold calling as well, maybe if Zillow rental by owner listing. I also have to expand to more than just a 10 miles radius.
Thank you for the pointers
Post: Landlording Leads/Property Management
- Posts 454
- Votes 99
Quote from @Tim Baldwin:
-join asset owner and investor associations
-network with sales-only real estate companies
-try to be a guest blog writer on relevant websites (e.g. "for rent by owner", investors)
-search for non-homestead properties in your county and send postcards to those owners that own homes that meet the criteria you want to focus on
-network with real estate attorneys
-network with trustees in banks that offer trustee services
-look up court records of landlords who have filed their own evictions and send them postcards
-network with HOAs that have non-homestead properties in that association
-when you see a "for rent by owner" sign in your area, send the owner a letter
-join Facebook groups (for rent by owner, landlords) and being to contribute
-improve your SEO on your website
-find someone who can help you gather landlord info from Zillow, etc.
to name a few :)
Thank you, great advise. Improving my SEO is something that I am working on. I guess how vital is a website in correlation to lead gen? In my opinion, I think I have a great site. Let me know what your opinion if you don’t mind.
Homeremediespm.com
Post: Landlording Leads/Property Management
- Posts 454
- Votes 99
Hello BP community,
I'm currently in the process of starting a Property Management Company and looking for the best way to increase my leads/clients.
Besides word-of-mouth, what are some of the best strategies that have worked for those who have scaled their business.
I know BP just came out with their new platform that allows you to buy leads but my area has been sold out. I also use All Property Management but have yet to have too much luck.
Any help would be greatly appreciated
Thank you,
Post: How to set up viewing a property for rent before tenant moves out.
- Posts 454
- Votes 99
Is this an agreement that you had your attorney write up or just a written agreement between you and your tenant? Do you have an example of said agreement?
Thank you,
Post: How to set up viewing a property for rent before tenant moves out.
- Posts 454
- Votes 99
Thank you for the information. Great point
Post: How to set up viewing a property for rent before tenant moves out.
- Posts 454
- Votes 99
How do you suggest handling the tenant trying to leave the property a month early? Should I just keep his deposit if he’s not willing to pay another month or have him pay and give him the prorated price when property is ready to turnover or should I just let it go so that way, he can have the property as clean as possibly can be
thank you
Post: How to set up viewing a property for rent before tenant moves out.
- Posts 454
- Votes 99
Quote from @Manny Vasquez:
If you are on good terms with your existing tenant, try to come up with a "viewing schedule" that the tenant will allow. This could be on specific times and days of the week. Or, you could have a specific time and date, say Saturdays from 10 am - 4 pm. Channel all applicants to walk the property with your father at the agreed upon time and date. I would highly suggest that your father be present with the prospective applicants. DO NOT let the applicants walk the property by themselves, especially if your existing tenant still has their belongings at the property (this could create some messy situations).
Before renting out your property this next time and after you have done any repairs and "cleaned up" the property, I would highly suggest to hire a professional photographer to take pictures of the property. A video of the entire house would also help. This will greatly help you when renting out your property again in the future. I hope this helps!
This absolutely helped and yes I do have a great relationship with my tenant. I will be going to visit the property this upcoming weekend and will walk through to make sure that it’s not a complete mess.
Post: How to set up viewing a property for rent before tenant moves out.
- Posts 454
- Votes 99
Hi BP community,
I currently have a property that is about to become vacant. Tenant will leave April 30th even though his lease expires May 31st. My main question is regarding interest in viewing the property, by future renters, and how to proceed. The property is currently listed for rent, I’ve had some interest stating that they would like to view the property. Obv, since the tenant is still residing there, it’s hard for me to figure out how exactly how to conduct viewing. I’m also out of state but my Dad is my boots on the ground. Any suggestions or help is greatly appreciated.
Thank you,
Post: Garage Den in Centennial CO
- Posts 454
- Votes 99
Investment Info:
Other commercial investment investment.
Purchase price: $620,000
Cash invested: $425,000
Initial investor of the Garage Den in Centennial CO. Open April of 2024. I was one of the four original investor to raise capitol to get the loan for construction. Very excited about these. Ventured outside of my niche and hopeful of the future opportunities. Check out the site for more details: https://thegarageden.com/
What made you interested in investing in this type of deal?
Great opportunity to own a one of a kind luxury Garage Condo located right across the Broncos Training Facility. Great need for this type of investment. Business owners looking for storage or car fanatic looking to securely store their "toys"
How did you find this deal and how did you negotiate it?
One of my good friends asked me to join. I did not hesitate and was very appreciative of the opportunity.
How did you finance this deal?
I cash out refi all of my single family investments during the times when rates were at their lowest. So I was able to get the cash that I needed while refinancing all of my investment properties at a low rate for 30 year terms.
How did you add value to the deal?
New build...i was able to add value by choosing to build a mezzanine to increase sqr footage.
What was the outcome?
Will get first unit in April 2024 and second unit in December of 2024.
Lessons learned? Challenges?
Challenges was with city of centennial. We were suppose to have all our units by Summer of 2023. Pulled through and shortly will be able to occupy.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I did not. Being a Broker myself, if I plan to sell, i will do the selling myself.
Post: Off market deal while listing my house for rent.
- Posts 454
- Votes 99
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $190,000
Cash invested: $38,000
Found this property while listing one of my nearby properties for rent. Tenant told me the owner of the property she's currently renting is selling and she needs a new place. I was able to talk to the owner and I ended up buying his property and keeping the original tenant. She's been there this entire time and i've had no issues; win-win-win!!!
What made you interested in investing in this type of deal?
The situation that presented itself was an opportunity i couldn't pass up.
How did you find this deal and how did you negotiate it?
I found it while listing one of my current rentals for sale. The tenant came up to me and told me her landlord was selling. She was begging me to place her in my property. She had a recent bankruptcy claim and some of the other applicants were more qualified. I did feel bad and wanted to help her. I talked to the owner of the house she's renting and asked if I can buy and I will keep her. We negotiated a deal, his wife was the agent, so he was able to save on commission and i got the deal.
How did you finance this deal?
Conventional 30 years
How did you add value to the deal?
I got the house below market value because it was off market. I didn't add much value as the tenant never vacated besides appreciation of course.
What was the outcome?
Tenant stayed and is currently there 3 years later. Previous owner was happy because he didn't have to pay any realtor costs and did not have to deal with placing house on market. I am happy because I was able to purchase the property and help someone in need. She was also able to keep her kids in that same school district too.
