All Forum Posts by: Shaun Caldwell

@Brad Carrier  Driving for Dollars and Driving for Dollars II

@Joe Bushman I am looking for signs of neglect. Piled up newspapers, deferred landscaping and maintenance, yard signs, notices on the front door or windows of the home, windows without drapes or blinds, etc. From there you can search for the owner of the property via your local tax assessor website and determine if you want to contact the owner to find out more about the property and circumstances surrounding it.

@Joel Owens, a phone call to the city was always something that I planned on doing. I'll update this thread once I get some results.

@Steve Babiak, thanks!

BPers, I was driving for dollars and came across a vacant property with a hand written bandit sign in the front yard that listed a phone number and the word 'foreclosure.' I plan on calling the phone number on the sign but want to be more educated about the property and the circumstances surrounding it beforehand which leads me to my questions...

How do you research and evaluate foreclosures?

BTW, per our tax assessor site, the property is owned by a company based on the west coast; however, the number listed on the sign is local.

BPers, as I was driving for dollars and ran across a vacant three unit strip mall that is classified as "the property of xyz city." I'm not sure if that means they own it or control it. While my focus is on residential real estate investing, I am curious to learn the fundamental aspects of researching and analyzing commercial properties for my own understanding. 

Bpers, I thought I'd share the results of an afternoon of driving for dollars...

1) Located 25 distressed properties

2) Various surrounding circumstances and conditions (code violations, foreclosures, "pretty and ugly houses"), etc.

3) I have yet to research the properties to determine if investible. I have yet to contact the owners to determine motivation levels. 

Bottom line, there are off market properties. Find them and do a deal. Happy investing!

Market

Every direct mail campaign starts with an equity list then you branch off into sub groups once you've found what works in your market. Consider starting out with absentee owners opposed to owner occupied (higher motivation generally). 

Message

Tired landlords care most about your ability to close quickly and in all cash. Tailor your marketing message to speak to that. 

Media

Generally speaking, yellow letters will yield a higher response rate and more tire kickers. Zip letters yield a higher response rate compared to postcards (higher quality leads) but are more expensive. Postcards yield the lowest response rate and are the least expensive. Although fewer people call they tend to be more serious about selling their property.

Campaign

Plan to mail for at least 6 months; however, after three mailings reconvene and examine your results and determine if you'll continue mailing to that list and/or a subgroup(s). No two prospects are the same therefore you'll want to mix up your marketing pieces; yellow letter, zip letter, and text postcard and track your results.

Let me know if you need any more help.

@Daniel Tolchin, welcome to BiggerPockets! I live in Charlotte too! I wouldn't spend too much time on building your buyers list. Find a good deal and you'll attract buyers. I'd encourage you to join the Metrolina Real Estate Investors Association (MREIA) there you can network with cash buyers, other wholesalers, and practically any other professional within the local REI community. Happy investing!

BP Community,

A friend of my family has a luxury condo that she is looking to sell. I'd like to help her out if possible. I am looking for advice in terms of determining what options she may have at her disposal. Below are some specs that I was able to gather from her and through an online search.

1. FSBO (free and clear property)

2. Asking price $1.25 million (something she made up) (I have not run the comps)

3. Move in condition

4. Just over 6,000 sq ft (largest condo in building)

5. 3 bed, 3.5 baths

6. Built in 1990

7. New construction in the area (Several similar condos being built) so there's some competition.