All Forum Posts by: Rick Magennis

Hello,

What are the best direct mail pieces to use for the following groups? :

1. Pre-Foreclosures

2. Divorced prospects

3. Tax defaults

4. Absentee owners

I looking to see what pieces work best for the above targets? Do yellow letters work best for them, postcards, or letters with company logo/letterhead? 

I look forward to hearing your feedback and help. 

Rick Magennis

There was a new twist added to the deals mentioned above. 

Most of the properties have tenants either living there or moving in soon. As a new investor I do not want to make a huge mistake and commit to deals that I cannot afford. 

How can/do wholesale properties with tenants?

I look forward to some feedback. 

Andrew,

Thank you for the reply and advice. I am looking to wholesale the properties. I am not looking to finance them at all.

The seller said that they are in good shape and need "very liitle" fixing up, but you know how that story can go :) I should do my estimates and then present my offers after I have seen the properties. 

It is odd that the 3 family property he discussed with me is not presented that way on Zillow. It is only presented as a single unit. 

I am thinking that I should look for some local help on this to help me so that I can do things correctly and make sure I am not going to get hosed.  

Hello,

My name is Rick and I am new to REI. I posted an ad on Craiglist asking for properties to purchase and within a few hours I got a call from a prospect.

Here is the overview of the situation and I would like to get advice on how to handle:

The prospects turns out to be an investor, but he is looking to downsize his portfolio. He is looking to sell 7 properties and do other things with the money he gets. 

The properties are in an area in NJ that is not the greatest, but it is a heavy renter area, where many of the houses are inhabited by renters. The first property is a stacked 3 family house with one unit having 2 bedroom and 1 bath and the other two units have 3 bedrooms and 1 bath, a basement that has 2 rooms and is legal to rent, and 4 car parking in the driveway. 

The other 6 properties are single family homes in the same area. 

How do I handle this with another investor? He asked me to provide offers and we can go from there. I am a little hesitant because of the area and of course, my lack of experience. I do not know how to determine if these may work for me and I can possibly wholesale them to another investor. 

I would gladly share some of the money made on these if I can get assistance through these deals if they are a good deal of course. 

I am looking to get back to him ASAP, so any advice and guidance is greatly appreciated. If I did not ask any appropriate questions to the seller, please advise on what other info I need. 

Rick Magennis

Hello BP Community,

I am just about read to start my Wholesaling business, actually I am starting my marketing efforts on Monday January 4, 2016. 

I have my bandit signs ready, my 2 squeeze pages (for buyers and sellers respectively),my website will be done shortly, but want last minute advice on direct mail. 

I want to target absentee owners to start, but am unsure what style of yellow letter to use? What is the one that best appeals to absentee owners? Can you please show me which one performs the best? 

I want to also target pre-foreclosures, but think starting out with absentee owners will be a good starting point to me. Please correct me if I am wrong. Should I be doing both to start? I am on a limited budget to start. If I am to do this to start, can you please guide me to the best performing yellow letter for pre-foreclosure prospects?

I look forward to hearing the communities thoughts and ideas. If anything I am about to do does not sound right please let me know, 

Your help is greatly appreciated.

Rick Magennis

Judy,

Thank you for the response, I appreciate you letting me know this. With that being said are there any other ways to find how a property was paid for besides the county website?

Thank you very much Kevin and Daniel. 

I just spoke to my real estate agent that I have personally worked with for years through buying and selling my own homes. She told me that there is no way to find cash buyers using the MLS.

I asked her to help me find buyers in the last 30-60 days that paid with cash and she said it is not possible. Please correct me if I am wrong, but I thought that could be done? Should I look for another agent to help?

I am in the New Jersey market and she also said that there are not a lot of investors in the area. I thought that was an odd statement. 

I would like to start working with title companies, but how do I find them and have them agree to give me what I am asking for. I am not going to just meet them and demand things, but how do I start the conversation (and relationship).

The help is greatly appreciated. 

Hello Bigger Pockets Community,

I am ready to start marketing to acquire properties to wholesale, but need a little guidance first. 

I am debating on what strategy to use first - direct mail or bandit signs.

I have the signs and areas to place ready to go, but want to know if I should start with direct marketing first and if it will be more effective as my initial strategy. 

My question with direct mail is where do I find lists to mail to? I am looking for people who are behind on their taxes. The county site is very confusing and not sure how to filter them out to get the people I am looking for. Should I be starting with another group? I was also thinking of starting with absentee owners. 

Any and all guidance will be greatly appreciated.

 Rick Magennis

Hello,

As a Wholesaler I have been told to look for real estate agents to partner with, but want to better understand this strategy. Why would they want to partner with me if we are basically doing the same thing? 

If I were to meet with agents what questions would I ask them to get them to work with me? I am just a little confused on this topic and hope someone can help me out with the reasons and some questions to ask agents if I meet them to consider a partnership. 

Thank you in advance.