Hello BP members,I would like to share my current experience with mortgage preaproval letters from lenders. 

@Kenneth McCuistion It is ideal if you can answer calls live but if that is not possible and you are just starting off I would make a really friendly voice mail message saying that you return all calls and ask that they leave their name number and property address and you will get back to them as soon as you possible (and then make sure that you are doing follow ups daily when you are off your day job) maybe time block from 5-7 for those calls/appointments.As for the direct mail you can always outsource it if it is too much to do in house.

Each property now is in rough shape to say the least, and many homes on the blocks are also distressed...The ARVs may be off somewhat - I didn't have the agent pull the comps.

My experience says to focus on finding wholesalers and to also make sure you know the city because areas can change within a few blocks. 

Does a portfolio lender preapproval letter count as cash when searching leads?

Does a portfolio lender preapproval letter count as cash when searching leads?

The serious investors who I actually work with come in and know their neighborhoods, have a bank letter ready, know the general financials, and have an idea of what kind of rehab they are capable of taking on.

Plumber says a clog that blocks a 6 inch pipe can not evacuate through a 3 inch clean out.Anyway, we had to take action on it.  

Instant devaluation.Renovations will probably stagnate too--meaning Slums cannot be to far away for some of these places.Then they they will probably pass more laws to "Crack down on" the Evil Slum lords who own these places.What's next in some of these areas, old Soviet style Khrushchyovka Grey block flats with one common kitchen for all, to house the "good" Komrads and everyone else to the Siberian Salt mines.

What I would recommend is to send each tenant a letter with instructions on where to send their rent and an effective date.