All Forum Posts by: Stacey Olson

Thank you!

Hi all,

We're putting an offer on a property tomorrow that, if accepted, would provide a minimum $30-40k equity.  How would you recommend leveraging that equity?

In many ways, @William Murrell , I do feel the same way as you and @Lance Johnson , no doubt there are risks and potential long term issues if not approached correctly, with eyes wide open.

I had a long talk with a colleague leading up to my interaction with one homeowner with MH issues and he was really great about clarifying the importance of bringing in other competent family members or community support into the picture from the get go. Yes, legal support is also extra valuable in these cases.

Ultimately, though, I'm wondering about how people approach things when they suspect they have a seller with MH concerns that aren't necessarily diagnosed or debilitating. I fully understand that some things are just not worth the time and energy, but I also know there is the potential to have sellers with depression or generalized anxiety that isn't debilitating but does impact interaction and outcomes.  Honestly, maybe it's just not something that investors think much about, and that's fine.  I was just wondering :-).

Thanks @Philip Cutting!

Yeah, I totally agree on the limiting visits, and I will definitely do that as business picks up.  I've learned over time that I'm very much a visual and kinesthetic learner, which means I get the most from a situation when I'm right there in the fray.  I actually feel much more prepared to manage things over the phone now that I've had that one face-to-face interaction.  However, now I also see that I need more focus and experience on really understanding why selling to me is a great option for them. I'm good at customer service, but not always so great at sales and negotiation, so now I have a new direction to focus my energy. Oh yes, and I'm still pretty weak at understanding exactly what all of a seller's options are and how to proceed once we find an option that hooks them. SO MUCH TO LEARN! Thanks for your feedback!

Hi all,

I'm interested in talking to those of you who have worked with sellers (or potential sellers) with mental health issues (suspected or confirmed).  I'm a therapist, and one of my first interactions was with a home owner with chronic mental health concerns, so I found it fun and interesting, but I'm not sure everyone would feel the same way.  Anyhow, what are your experiences and how have you handled them?

Thanks!

Stacey, Tacoma, WA

Yesterday's success: We got our first call back on our first teensy batch of yellow letters.

Todays success: I learned a whole hell of a lot about vetting sellers to determine who is actually motivated to sell and to what degree. (When I met with the buyer and eventually figured out that they're just not quite "there" yet).

The takeaway: 90% of the work we're doing (at least now in the early days) is seed planting. Follow up is huge. Patience is necessary. Getting a sense as to when to walk away and for how long is vital.

Up next: a more official marketing campaign and some general business organizing.

I've appreciated all the feedback from many members along the way as we get started on the journey!

Welcome Julie (fellow has been lurker :-),

My husband and I lived in NoPo (just east (I guess) of St. Johns) for a couple of years.  Loved PDX, but had to head back to the Seattle area when my husband got a Boeing transfer that we couldn't refuse. Super interested in hearing about your experience investing out of state.  We're just now working on our first wholesale deal, we're interested ultimately in buy and hold multies...anyhow, we're wondering how it would work if we wanted to start investing in other markets, so I'm looking forward to hearing more of your story!

Good luck with everything! I always wondered how the market in Astoria is; have you explored the options there at all?

Best,

Stacey Olson, Tacoma, WA

You're a rockstar @James Stevens! Thank you!

It looks like I may have a meeting (my first with any motivated seller :-D) tomorrow with a highly motivated seller.  

The question: Is there a way to do a rough estimate of repair costs on a SFR? We're going with the 70% rule (70% of ARV minus repair costs).

The details (those we know, anyway): Partially gutted 1,546 sf home; 4 Beds, 2 baths. Assuming the foundation is sound. Roof appears to have some life left in it. Windows need replacing, exterior needs paint. No drywall in interior. lacking all fixtures and appliances. 

We just need a very rough estimate so that we can come up with a ballpark figure.

Thanks in advance for your help!

Stacey, Tacoma, WA

Hi all,

Okay, so I'm cracking up that I'm in this state of "oh crap what the heck do I do now?!"

A couple of weekends ago we went out and drove a few neighborhoods, took down a few property addresses (I guess it was about 20 over the course of two or three drives over 7 days).

Yesterday (YESTERDAY!) I sent out five (yes, FIVE) hand written yellow letters to as many absentee owners. Two of those letters were to addresses here in Washington State. Tonight one of those two called me and left a message saying, "I got your letter about my house in Tacoma, and I'm interested in talking to you."

So now, here's my plan, but I need some input on information to gather.  Keep in mind, neither my husband nor I have a broker's license and this is our first non owner-occupied potential property purchase.

1. During the first call, I plan to let her do much of the talking.  I want to use the time to build rapport and gather information about what is going on in the house and what her needs and the general issues are.  

2. Once I have gathered that information with as many specifics as I can pick up without sounding pushy, I plan on telling her that my husband/partner and I are going to pow-wow figure out how we can best help her/figure out what her options are and get back to her.

So, what questions do I need to ask in order to set myself up with all of the necessary information to explore the options and get back to her with an educated and helpful list of scenarios?

THANK YOU!!!