All Forum Posts by: Rob L.

@Zachary Phelan  I've used Listsource for obtaining the list for my mailings and we have used yellow letters for the actual mailings, but mostly we have been using vista print because its so easy to find deals on their site. 

Your first mailing you can expect 1-2% callbacks at a minimum but depending on your mailing piece it could be higher if it has a real good call to action and you target the right people. 

Good luck!

Congrats @Brandon Hicks , seems like your on the right track for success. 

Hey @Jenny Pena , I'm out of Haverhill/Lawrence and I have used List source before and would recommend using it. Yes it can be costly, depending on how you setup your lists but if you plan on mailing to them multiple times (which you should) its well worth the price. When I first started I found some great tips from others on BP, I figured I would share them for you below, 

"Here's a few tips on direct mail:
1) It works through repetition. You may get a few calls off your first mailing. But you'll get more responses after the 3rd to 5th contact with a consumer/homeowner. Direct mail establishes awareness and trust over time, which results in action (calls).
2) The right # depends on the # of people in your target audience (homeowners who meet your criteria). There may be 3,000 of those in your area. If your drop 500 pieces, you will be better off to repeatedly mail those original 500 before you mail to rest of the 3,000. See what I mean? Personally, if you have the budget, I recommend direct mail at 2,500 or more addresses in a 3 to 5 mailing campaign over 3 to 6 months.
3) Postcards are cheaper than letters. With the best vendors, you can get 2-sided full-color 8.5x5.5 postcards for about 60 cents (all costs considered - list + card + processing + postage). Letters can run around $1.10. Since it's a numbers game, you can hit almost twice as many addresses with postcards as you can with letters, for the same budget."

Great post @Wendell De Guzman ,   I don't know about everyone else but this post made me wonder what indicators were out there prior to the crash of 2006-08 that I could learn from.  I found a great article on how to use real estate trends to predict the next housing bubble, here . 

I know people will argue that RE is localized but I think this has some merit on a macro level. Judging from this were in Phase II of the market cycle, so we have some ways to go before another crash.  

I’ve failed over and over and over again in my life. And that is why I succeed. –Michael Jordan

I've always liked this quote from Jordan...it helps remind me that failing is ok. As long as your failing forward towards your end goal. 

Hey @Melissa Reid , welcome to the site! You have definitely found the best place to go to find info on real estate. 

Here's a great link to some of the most recommended books, 

http://www.biggerpockets.com/renewsblog/2013/10/14...

I would personally start with Rich Dad Poor dad to get you in the right mind set and then a personal favorite of mine is, Landlording on Autopilot by Mike Butler. 

@Daniel Dawson That's a good question. Everyone has their own investment criteria but to give you an idea I started out with metrics of $100 dollars a door from cash flow before taxes and a ROI without appreciation of 16% or higher. I've upped that in 2014 to $150 per door and 20% ROI. I'm planning for 2015 now but I will probably increase that again, it gives me motivation to continuously try to find ways to improve the profitability of our investments.

@Daniel Dawson I'd pass on it. If you secure the property for 200k and pull in $900 per side their isn't enough cash flow. I know its a new building but after you factor in taxes, insurance, management, repairs, accounting/legal, electric  gas, water, trash services the cash flow isn't enough to make it worth it. 

I can tell you from experience,  its best to overcompensate for these things. Its always nice to make more money then expected then the other way around. 

I would run the buy and hold calculator and you will see, 

 http://www.biggerpockets.com/buy-and-hold-calculat...

When I look at comps I'm just looking for similar properties.  If they are good comps for your subject property then I would use them. Its tough to tell without additional information but I wonder how the two other houses vary? Are they more Sq feet, more bedrooms, baths etc? Better location? 

What are you using for criteria? 

Hey @Kush Patel , I looked into RUBS and charging tenants for water in the past. Here's the breakdown for mass law,

Under the water law, landlords may bill tenants separately for water if all of the following requirements are met

• Landlord has installed submeters that measure actual water used in your apartment;
• Landlord has installed low-flow fixtures;
• Your tenancy started on or after March 16, 2005
• Previous tenant was not forced out;
• There is a written rental agreement that spells out water bill arrangements; and
• Landlord has filed proper certification.

If the landlord has failed to follow any one of the above requirements, he or she cannot bill you directly for water. To find out more about the new water law download the one-page flyer and booklet. 

Link for Water Law Booklet