All Forum Posts by: Nicholas D.

I am currently self-managing my properties located in New Bedford. I was curious if anyone has any experience with property managers in the area. Good and bad experiences are both helpful.

Thank you

@Candido Trinidad I have seen some commercial lenders move to 80% locally dependent on the deal. 

This, however, will put you in a shorter fixed term rather than the conventional residential fixed 30. You could put multiple properties under one commercial loan and get them appraised individually as to save you some money on the back end should you wish to liquidate some in the future.

Other options are:

HELOCs offered from some of our local banks can push up to 80% if it is your primary residence

Typical Hard Money Lending

Partnerships

etc...

It all depends on your goals and plan for the funds are you looking to flip, grow your portfolio and leave in the down-payment, or try a BRRRR strategy to get your funds available again. Should you choose the BRRRR the HELOC can be very handy as to save you from pricey closing costs and no interest paid on the funds unless used.

@Rob Lehmann did you ever find a good PM for you properties? Find myself in the same boat.

@Alex Cornwell I have some rental units in NB as well that are currently self managed. I am looking to transition to a PM for certain aspects. Do you still have a good relationship with one in this area?

@Aaron Araujo Good stuff! Way to take advantage of a market increase to keep your money moving. The flips that you completed, did you find those deals through MLS or other leads? Also how is your pool of subs and GCs? I feel like every month I find a new sub or GC because the old one disappointed somehow or turned out to be a poor fit. After all these years I still have only a small handful of contractors I can depend on.

@May Emery you hit the nail on the head. I don't want to bore people with a lengthy letter or message, however, I have seen way too many "Your house for cash!" post its and have actually made contact with some leads that have received my letter (where I don't mention at all purchase for cash etc) and they immediately say "I didn't know if this was a scam or not?". I feel like I want a quick personal message to inform the lead that I am interested in purchasing their house, but don't want them throwing away the letter or not bothering simply because they think my campaign is some 1-800 numbers scam.

@Ehsan Rishat I guess I have to accept the contingency that a lot will be tossed out. As you said, it's part of the game. I am glad to hear your info and stats regarding multiple touches. I had planned for a 5-6 touch campaign spread out over 6 months. I am still playing around with the idea of transitioning from initial personal letter and transitioning into a post-card as follow ups? Or if you have any recommendations on the opposite perhaps? I took a look at your link that you messaged me regarding. Your prices appear to be much cheaper in bulk than where I have looked prior, is there any fee for personal messages? Are you able to use personal messages or are forced to use the company's specific templates?

All insight and help is appreciated!

@Kyle Mccaw you bring up a great point with post-cards having to at least have the message visible. I feel like I throw out post-cards far more than envelopes and will at least open the envelope. But to prove your point, I at least see the content of the post-card prior to tossing it out. Are you always doing post cards? Or do you start with a post card and then transition to letters etc on second touches or third touches?

Tim, 

Welcome to BP! If you have listened to any podcast or interacted within the BP community you will quickly see that there is absolutely NO NEED to "pay" for a mentor. Dive into some forums, ask some questions and network. You will find the information you are looking for and hopefully make some great connections in doing so.

Hey guys and gals,

So I finally purchased a direct mailing list in hopes to ramp up some leads. I have previously done some direct mailing generating leads through driving for dollars and networking etc. I have previously always typed up my own letter with my own personal little message and signed it and mailed using a professional envelope. I purchased a list, this time being much larger than my previous campaigns: (Previous 80-100 at a time. Now 650 multi unit leads/ 650 SFR leads). Needless to say I don't plan on typing all these letters and mailing them. I have reached out to a couple different direct mailing contacts for prices and options etc. I personally feel in my market that post-cards will be thrown out, but have instead been looking at tri-fold flyers. They are slightly cheaper than letters, and still offer a personal aspect of hand-written font. I feel that these will at least get a lead to open it and not come off so much as "junk-mail" despite being labeled a "flyer". Any thoughts or guidance? What has worked for you in the past?

Thanks for any input!