All Forum Posts by: Phil Kessel

@Charles Carillo thanks for the data Charles! That’s great insight. I’m actually in a similar position where I’m getting ready to pull the trigger. You mentioned that with some fine tuning, your getting about a 3-5% response rate.

So for 1,000 we’ll refined and groomed letters, your getting 30-50 responses. In your experience, how many deals will you close of that 30-50 responses?

Obviously the close rate surely depends on the individual who is closing, as mentioned below, but I guess I’m looking for a bar to predict from.

Another question I have is this:

Does 1000 pieces of mail to get a 3-5% response rate mean 1000 different homes? Or does it mean 333 homes for 3 months straight?

Thanks in advance all!!

Appreciate everyone chiming in

Excited to see where this goes! I am definitely on board with the Tiny House movement!

Hey Michael,

I live in the Sac area and can put you in contact with my buddy Kyle who is a local realtor and is on the David Greene team. He knows the area well and may be able to help steer you in the right direction. DM me for his info if you'd like.

What is it that you're finding out in Reno? Ive considered looking out there as I like the area and it seems promising. Are you seeing that everything on the MLS is over priced or are you doing any direct marketing and still finding the leads are wanting too much money?

Deleted my previous post... off topic. 

Lots of smart posts on here so far! I've enjoyed reading through.

@Chris Mason thanks for the insights Chris!!

@Will C. Hey Will, that’s an interesting point you make about seasoning the money in your account for a few months in order to use it as a down payment. I haven’t heard of doing this before. In your experience, is it frowned upon on the lending industry to leverage your equity to buy another property? And if so, is a common solution to season it in your account for a few months and then it’s all good?

@Suny Capezzuto I definitely understand not wanting to refinance out of a 3.5% rate, but considering history, 5.5% is still historically low as a % rate. Also, the loan officers are likely thinking it would be a bad idea to get rid of that loan if it was them, however, as REI, we tend to be a bit more aggressive with our actions and keeping our money flowing. Like has been stated, if you can make it work to keep the duplex and pull some cash out with a refi to keep it flowing, that could be a win win.

A common theme I have heard tIme and tIme agaIn from long time investors who have been very successful, is that they wish that they had sold less and held more. Most recent reference to this was in the book Millionaire Real Estate Investor for G. Keller. Something to consider moving forward. 🤷🏻‍♂️

@Daniel Whitmore Hey Daniel,

I admire you for opening up about your finances. I think it’s an important step on the path to financial freedom and it really helps to get feedback. That being said, when I was looking for some solid direction, I found The Millionaire Real Estate Investor by Gary Keller to be an amazing resource as it really lays out a great path and models to follow. If you haven’t already read it, I’d recommend it. I think it may help bring some clarity and direction to you for your specific scenario.

Btw, you mentioned SLC as a place you’d consider relocating, that place is so rad! I go whenever I can. Best of luck

@Don Nelson thanks for the info Don! I wIll look Into those areas. DId you have prIor knowledge of the area before you started InvestIng there? Or has It be a fully remote Investment experIence so far? Thanks agaIn. 👍🏼👍🏼

Hi @Logan Freeman and @Don Nelson, 

Kansas City is an area I'm beginning to analyze for purchasing  some rentals in by the end of 2019. Are there any regions of the city where you've found particular success or any insight that you've gained from investing there which you can offer?

Thanks in advance!