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Received counter offer on 34 unit!



I did the numbers on a few properties Kathy and I seen the other day with a broker. I told the broker what I was thinking 1.2 Mil on the 36 unit property, which they are asking 1.8 Mil and he said, “did you mean 1.2 Mil for the other property cause that’s do-able?” I told him that I meant it for the 36 unit, he said it would fly. So I came back later and told him, ok we could do 1 Mil for the 34 unit (that’s the one he mentions above about 1.2 Mil.) This property is listed at 1.3 Mil. He tells me, “if you can do 1.1 Mil I’m sure I can get the deal done.” Now I know I’m negotiating with the broker at this point, but the reality is I say to them “look I don’t want to offend the seller, what do you think of this offer?” So they don’t think I’m a jerk or anything, ya know?

Realistically, I think we could offer 1.1 Mil, but I think I’m more comfortable with the MAO of $1,050,000. So I countered back at $1,015,000 and told him to let me know what the seller says.

Also, had a conference call with a broker team yesterday to go over a property we saw with them. They are asking 1.6 Mil and realistically our MAO is about 1, 375,000 ish….they paid 1.4 Mil for it 2 years ago….they weren’t having it. But the broker team is super duper nice. I wish they would get us some more properties because I’d love to see them make a commission because they are so helpful, the broker I mentioned first is kind of a jerk (for now.)

I’m heading to the courthouse to see if I can somehow fanagle (how do you spell that?) a list of evictions that were awarded to landlords and they will become my new “direct mail list.” I think I really want to find MOTIVATED landlords that own apartment buildings….I know they are out there. So far only the small guys are calling me back…..I want the bigger complexes to call me too!




I have a good feeling tho that most deals will come from brokers and not what the places are listed for, but what you can negotiate fairly.

I went to Toastmasters again last nite and it was a lot of fun. I made the decision to join the next time I go and surprisingly enough Kathy told me she was going to join too! Which is really strange because she is scared crazy of public speaking and told me she doesn’t even want to get up at Tmasters. But I think she had a lot of fun there the last time I took her there so hopefully she’s coming around!

The job hunt is not going so well. Which may be a good thing? I dunno. I mean I need money BAD but I’m really not so fond of a “job” per se. I probably wouldn’t even be thinking of finding a job if I didn’t switch gears into commercial real estate. I could have definitely made a decent living from wholesaling, but switching gears into commercial real estate is like completely starting over. I mean that’s ok because passive income is where my passion is, but it is harder and taking a whole lot longer than I anticipated.

Ohhh I’ve also been working on my Gay Marriage website. I look at my adsense stats and my traffic and I see I’d be making a ton more money if I just got my traffic back up to where it used to be when I use to work on it all of the time. Plus, if I had more traffic, I could also solicit more business from attorneys and other types of companies to advertise on the site. I have a few now, but nothing major yet. So my goal is to work on that some more in the evening and get it back up in the ranks where it use to be and then start sending out emails and calling folks to advertise. I think it could be a realllll money maker if I put just a little bit of effort into it everyday (perhaps that could be my 9 to 5 job after it gets rolling while I concentrate on commercial real estate.

One more thing: we have an appointment tomorrow to meet with another potential ATM site. I made the decision to pull the machine from the newer chinese buffet place. They don’t leave the machine on all of the time after me telling them repeatedly to do so, so I told them we’re pulling it. I wonder how the small business loan environment is? Because the only think that stops us from buying up a bunch of machines and just pounding the pavements and putting them in tons of locations is money. I’d say realistically we’d need about 20 to 25 machines out there working for us to live just fine, while we concentrate on commercial real estate (well I’d be just fine, that’d still below what Kathy makes.)

So, we would need 14 to 19 more machines then…and that equals about $42,000 to $57,000. Hmmmmmm. Something to think about. Obviously, there isn’t much money coming in when you’re out developing business, of course. But after they are all placed there is. Something to think about. I don’t think our LLC has been around long enough tho. I remember last time I got LOC for my business I had to be in business for at least a year. We’ve only been doing this since July of 2009. Something to think about.

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70% occupied property plus many more



Been looking at several properties this week. We’re definitely trying to make things happen. Kathy and I even had a talk about the types of deals and investors for those deals that we want to target.

So far this week we looked at 2-30 unit properties, 1-36 unit property and I looked at a a duplex, triplex and 4 unit the other day and a 4 unit (possibly 5) property today. I just scheduled a Saturday appointment for a duplex. Normally, we might not be interested in the duplex but I spoke to the lady on the phone before and she just faxed in the fax back form. On the form she gave a price and then said “or best offer” (I love hearing that) and wrote real big: Need to Sell!

After talking to her again and asking why she needs to really sell it’s actually kinda sad. This is the part of investing that I think sometimes may be a bit more difficult for chicks rather than guys. Ya know we get those emotion things involved. I mean I’m not saying that affects my buying decision but I’m definitely super sympathetic and empathetic. Anyway, she lived in a house that had mold issues for sooo long, TOXIC MOLD issues and 1 of her cats and 1 of her dogs ended up dying because of it and now she’s super sick because of it. So she has to move (and no, she doesn’t live in that house anymore and no, that’s not the house she’s trying to sell!)

The properties I seen today were very nice. The nice rental units I have EVER seen….EVER. There are 4 units now (single family house, a duplex, plus 1/2 a duplex.) Plus, the husband wants to make the other 1/2 duplex into an apartment. So it’ll be 5 units total and they want $750k for 4 or $790k if the 5th apartment is done first. Uhhh no. We offered 900k on a 30 unit! (and eventually, I think they’ll go for it, because that’s what it’s worth…) But the sellers I absolutely adored….older couple who just want to retire (home improvement/roofing biz) but they are a lil unreasonable right now.

I’m pretty sure we’ll draw up an LOI for the 36 unit we saw the other day and I’m seriously trying to figure out how on earth we could purchase a 120 unit property that is 70% occupied. I think it’s got HUGE upside……but I’m still trying to get my head around figuring things out that aren’t the “norm” yet.

Things are chugging along….I told Kathy that I don’t think properties are the problem and that we need to concentrate on finding private money more. We decided that for the smaller deals we’re going to seek out debt investors to just lend the entire loan amount and for the bigger deals we’ll use equity investors and just take a percentage of the deal. Equity investors just doesn’t make sense for these smaller deals…..financially speaking for us, anyway.

I finished a free report on Investing in Emerging Markets last night and today or tomorrow I’ll finish our Investor Brochure for folks that are potentially interested in investing in commercial real estate deals.




OHHHHH I almost forgot, I went to poker last Thursday (finished in 4th and more than doubled my money) but more importantly I know one guy in particular has some dough (and some real estate) so I started chatting it up with him and asked him about his properties (he’s trying to get rid of them all, they are shells in not the best parts of philly) and he said he never wanted to be a landlord. So I took that as my key to talk to him about becoming an equity partner with us. He asked in what areas we were looking and how many units are we talking. I answered him and he said “I’ll give you my email address before I leave tonite. Send me some more information. I mean not specifics or anything, but general information. I have some interest.” ๐Ÿ™‚

That’s why I put my ass in high gear to get this investor brochure together. The next step is to set up a meeting with him and his wife (I guess he’d want her involved…I dunno??)

So far, my monthly poker tournaments have found me 1 private lender and potentially 1 more. There’s another guy that comes sometimes that I’ll definitely hit up….but haven’t seen him in a bit. I know he’s got bucks too!

Ok off to finish my brochure now. Oh and if you are reading this and you’ve done any deals with 100+ units that had 70% occupancy or around there, please email me. I’d love to talk to ya!

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A lot happening – networking is king – a job, maybe?



I have a lot happening lately, which is good, of course, but unfortunately I haven’t closed on an apartment building deal yet. Patience I know…and I have found out they may take a wee bit longer then your typical single family deal.

I’m being a tad bit impatient though because I really don’t want to have to get a j-o-b! Know what I mean? I will though if I have to…I mean if it’s necessary to help take care of my family while I do the apartment thing on the side then it’s ok. That’s not the worse position to be in (it may seem like it because I’m not your “normal” type of job person…..but it would only be temporary.)

You might say “well why don’t you wholesale while working on apartments?” And I’d say that’s a fine idea, but realistically to be successful at wholesaling you’re busting your ass and networking and marketing and doing all of the things that I honestly, want to spend my time doing with apartment buildings.

Sometimes I have that conversation with my self and it makes sense and other times it doesn’t. But the big key is, just because you have a deal under contract when wholesaling does NOT mean you’re necessarily going to bring money in (deal could fall through for a number of reasons, etc.) And if that happens, well that doesn’t do the whole family bank account much good ๐Ÿ™‚

Trust me, I am not dissing wholesaling in any way shape or form. I made some decent money as a wholesaler but I also remember that to make that decent money I worked my ass off. Not that I’m afraid to work my ass off anymore but I want it to be focused on apartment buildings. The goal: to accumulate enough apartment buildings that throw off enough passive income for me to live off of and for Kathy to live off of and quit her full-time gig (Remember my F R E E D O M post? That’s what it’s all about. ) Passive income does not happen from wholesaling.




So my idea was to get a silly j-o-b that I would just go and do my time (like a prison sentence, right? lol) and have normal set hours so therefore I could manage all of my apartment buildings activities around those set hours. And at least I’ll get a lil bit of money coming in regardless (that is probably until my ass gets fired lol because I spend too much time on real estate hehehe)

If anyone sees a flaw in my thinking please let me know. My debt, folks, is really pissing me off and really determining all of the moves I make. I don’t know if you remember, but I “borrowed” enough money to live off of for 3 months in hopes that we’d get an apartment deal by then……..well I’m tired of paying nearly the minimum on my debt and I’m tired of being broke all of the time. I know a j-o-b is not my end goal, but I think I may be considering it a stepping stone to at least allow me to put a crap-load more money towards paying off my debt while I work towards my passive income goals.

Btw, yes the atm’s are kicking it, even the new one….but still, doesn’t throw off quite enough for me to live off of completely yet.

That’s the bad news, but now for the good news. I’ve been a networking fool lately. At toastmasters, whenever I meet folks and definitely at that tradeshow I went to last week. I think I may have found myself a new private money lender at the tradeshow (we’ll see,) I found an awesome contact who referred me to a property manager and the property manager was fantabulous and she referred me to 2 commercial brokers and told me she’d keep me informed of any properties that she hears coming on the market.

A lady at karate last week saw my WE BUY HOUSES lettering on the back of my car and asked for my card. She called me last night. We spoke. They owe more than their house is worth….I told her I could probably make her an offer and do a shortsale but she’d walk away with nada. She understood and said she’d talk to me in the future when they saved enough money to move out. In the meantime, she tells me about a 12 unit apartment complex near us that she’d like to move back into because the rent was dirt cheap. She tells me that the landlord tried to sell the complex before but the deal fell through. The owner since moved into a retirement community. Of course, I talked to her about that complex and she said she’d get the info for the owner (since her mom still rents from her) and give it to me so I can call her, plus she’d pass my info along to the owner as well. Fingers crossed!

Toastmasters meeting tonite again and I’m bringing Kathy with me aka dragging her kicking and screaming with me! Afterwards, we’re going to drive by 2 properties; a 6 unit and a 12 unit that aren’t far from there. If we have some interest in the neighborhood, which I’m sure we will, we’ll make appointments with the brokers and put in LOI’s.

Friday, we have a 3:30pm appointment at Starbucks with a broker I met at the tradeshow. He knows of a 45 unit property that will be coming on the market sometime soon in our area. And I know, I don’t drink coffee…lol but I like Starbucks’ banana nut bread and their strawberry banana smoothies. Yum.

Saturday, I still have to confirm, but may be seeing a 4 unit property. Monday have an appointment to see a 2 unit property. These are all smaller than I’m really interested, but I don’t think it hurts to practice. These gave from my mailings.

Just got another fax back form from my mailings of a lady that has a 10 unit. We’ve been playing phone tag tho. Sent out 255 pieces, 9 came back undeliverable and we got 5 responses so far; 3 by phone and 2 by fax back form. Just over 2% response rate. Not as good as the last piece we did.

Tomorrow we are going to a Chamber of Commerce mixer to see what we can make happen. It’s $10 for non-members. We still don’t know which chamber to join yet. So we’re just going to the free events and any of the cheaper events for non-members.

And today, I’m going to have Kathy call our next potential private money lenders to set up a lunch appointment with them tomorrow or Friday (those were the folks who were excited to do real estate deals with us but went on vacation.)

Soooo things are definitely moving along, but I don’t foresee an apartment deal by next month, so that’s why I mention the j-o-b thang.

Over and out for now.

P.S. If you haven’t check it out yet, do me a favor and check out my shorter private money pitch and tell me what ya think!

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Private Money Pitch – Short

Ok so you remember the longer private money pitch that you saw on video, right? Well this is my shorter private money pitch. And I know the video says I’ll be using it tomorrow at the convention, but I actually recorded that video a few days ago….so I used the pitch all day yesterday at the convention.

I think I even shortened it and went into detail if folks asked questions. At first, I have to admit that it was a little intimidating being in a huge convention center with soooo many people and not knowing how to approach folks or what to say, etc. Because of course, I just wanted the opportunity to try my pitch. After a while I started to get the hang of it and felt more comfortable talking to folks. After a bit I would randomly sit down next to folks just to ask what they do for a living lol

I got 1 guy who told me he thinks he’d be interested and to definitely email him. Another couple seemed interested but they didn’t have any contact info, so I gave them my biz card (probably never hear from them.) About 1 or 2 other folks seemed like they may know folks that may be interested. I got biz cards and I put EVERYONE into an excel spreadsheet today, along with some notes on the back of their biz cards. I’m going to stay in touch with everyone, but definitely with the potential private money folks.

Met a couple of new mortgage brokers and commercial real estate brokers. Had a free lunch, free dinner and an open bar (I don’t drink so I just had 2 sodas.) Also attended a free seminar on financing in today’s market. All in all it was a pretty good day.

So….what are your thoughts on this private money pitch vs. the longer private money pitch?

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Direct Mail Campaign Response Rate



So we’re still receiving calls from our direct mail campaign that went out in January looking for apartment buildings to buy. Remember tho, a lot were smaller units, etc. so I had to fix the campaign?

Well yesterday I got another call! So that’s 12 calls from 255 pieces of direct mail. It’s a little less than a 4.75% response rate. This direct mail batch I’ve added the Fax Back Page to it to see if I can double the response rate. You know how folks like to email/text/fax rather then talk to someone? Well then can do that with this fax back page (I’m going to post it today for you guys to use in your next campaign if you want to.)




Anyway, something realllly odd happened. I was working diligently on our new direct mail list and I finally got it all together. Came out to 261 names. Ok, not that many but it’s ok for a start. So I print out letters and take them over to my neighbor who we pay .10 an envelope (well I gave her a .01 raise cuz I’m making her stuff the Fax Back page too.) Well just returns them to me yesterday and there 133 envelopes. Needless to say I was perplexed. I counted the envelopes like a million times (ok ok I really didn’t count them THAT many times.)

So I text my neighbor and ask her where the rest are? She’s like “what rest? that’s all I got” Confused even more I am now….so I go to my mailing list and see that it’s 261…so I text my neighbor again, “that’s really weird, we have 261 names on our mailing list, I don’t know why you would have only gotten 133.” She insists that’s all she got, she was like trust me, I ain’t gonna throw that extra money away.

Now I guess I’ll go through our list and see what didn’t show up and print them out. Although maybe I won’t……I’ll tell you why when I post about our strategy session that Kathy and I had the other day.

P.S. If you know how to fix my UAW plug-in problem on my other sites, pleaseeeee let me know. It’s driving me nuts. Click here to read the post and see why I’m so po’d.

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ATM Placement – New Chinese place? New Strip Club? New Cash Only business?



ATM Placement is very critical to your ATM business. Well that is if you want to grow your passive income with ATM’s. We currently have an ATM that we bought because it was on sale just sitting in a warehouse waiting for us to find a place for it. (Note: I recommend not buying an ATM until you have it placed. I don’t care how good of a deal it is. Ask me how I know?)

Anywho, we’ve been slacking with ATM Placement for this 5th machine. Don’t ask me why? Because it’s costing us money. Yeah, it is. $15 a month (for the wireless modem.) We’ve had the machine since I believe November. Mhm. I know. You can yell at me if you’d like….I’m a big girl….I can take it. So that’s $75 it’s cost us to have this machine so far. Actually it’s more than that because the modem peeps just lowered their pricing. I’d say closer to $100 and that doesn’t include purchase cost.

I’ve contacted places here and there but nothing all that fascinating and my follow up was lacking. I did follow up relentlessly with another strip club tho (I wonder why? $7 surcharges maybe? lol) Anyway, he’s not interested I don’t think.

Now the other day when I went door knocking to find apartment buildings for sale, remember? Well the only reason I went door knocking for apartment buildings was because I was waiting until the lunch traffic rush was over so I could talk to some chinese restaurants to see about placing our ATM there.




That day I hit up only 3 restaurants (2 chinese places and a 24 hour diner.) We have a chinese place already……..the chinese place that we have is our highest in transaction volume every month (last month it did 277 hits.) Our strip club is our highest in dollars made every month because of the high surcharge (last month they had 53 hits….at $7 a pop.) The chinese place we have currently we partnered with someone so we only get 50 percent of those profits. Strip club we get 100%.

So when I walked into the first chinese place the lady there seemed reallllly interested. I explained how everything worked and we even picked out a spot for the ATM machine in their location. This chinese place was just recently voted Best Chinese Food in the tri-county by the local paper. I was speaking to the manager and she told me to call her Thursday after she talks to the owners but she said “we’ll probably do it though.” (I was doing the happy dance inside by the way, but I was able to compose myself in front of her.)

The other chinese place the owners/manager wasn’t there when I went. The 24/7 diner he was into it and said he already interviewed other ATM people. I’ll follow up with him but we’re more interested in the chinese place. I spoke to the chinese place manager yesterday and she said “Yes, they are doing it.” Hehehe so today Kathy and I will go and sign the contract with them and we’ll set up an installation time with them next week. Rock on.

Now we went to our strip club to fill it yesterday and got to talking to the owner, who is an absolute sweetheart. He told us about his new manager and how he has all kinds of connections. (and from the conversation I gathered he has money and so do his connections. Can you say private money lender?) Anyway, we were talking about this one strip club we want to get into and he said “oh he knows people there. He knows the managers and the owner. I’ll get him to get you face time in there so you can talk with them at least.” We are excited about that cuz they blew me off over the phone. Soooo that’s some good news. Oh and last night we had to go back there to fix a problem with the machine. I told them to unplug it and that should do it….sure enough by the time we got there it had fixed itself lol But we got free drinks from it and 2 free strip club shirts lmao

Oh and the reason we’re so excited about this new manager and his connections is because just with this one strip club that he’s going to try to get us face time with the manager or the owner….well this strip club is one of the best, top-notch strip clubs around. Classy doesn’t really feel ummm right when talking about a strip club, but for lack of a better word it is a very classy, high class, $$$$ expensive strip club…which Perfect girls (I been there twice when I was younger lol I know, I know….I was taken there by some guy friends for my birthday and I forget why the 2nd time.) But anyway, it would be an awesome place to get in to is my point.

And today, Kathy was out trying to get us some business. I’m so proud of her. I’m usually the one going into businesses and talking to folks but today she found a cash only deli by accident and started talking to them about an ATM. She quick ran home and printed out brochures and a business card for them and took it back. When she got back the husband and wife business owner were both there and they said they’d be interest they just want to read over the information (btw, we don’t have a machine for them, we’ll have to buy one lol but we know a guy who is selling a used machine for $800. It’s only 2 yrs. old. So we’d be cool with that.)

We’re working on the apartment building business and we’re going to have a strategy session today (thanks Shae) and then I’ll post about what’s going on with that.

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Door Knocking to Find Apartment Buildings for Sale



So yesterday I actually went door knocking to find apartment buildings for sale. Crazy eh? ๐Ÿ™‚

See here’s the deal…I’m a very in-person type of person so I like actually dealing with folks and talking to them but more importantly the apartment buildings for sale from loopnet SUCK! And yes, I knew they would because they are on the internet, duh, but its just frustrating. Because of this we’re really trying to concentrate on our direct mail campaign for apartment buildings and now, as of yesterday, I’m going to add door knocking into the mix.

Kathy had to head to the airport (AGAIN) for work yesterday so after we ate lunch I went hunting for apartment buildings so I could find out if they were interested in selling. I was in a different area from where I live because we were filling out atm’s and after Kathy left I also went into a couple of businesses to see if we could place an atm there (I’ll post about that in a new post.)

But since I didn’t want to visit restaurants and stuff at lunch time, I went apartment hunting. The good news was, I wasn’t even nervous going into talk to folks. Most of the time I knew I’d run into a manager or someone like that but I know there are some owners that are really hands on and self-manage so I was hoping I may get lucky.

I must have went into about hmmmm anywhere from 7 to 10 apartment buildings yesterday. The first one no one was in the office. But I took their flyer that had info about the apartments on them plus it had the buildings main address. The idea there was to a) get to know the rents really well in the area and b) look up the apartment building address in public records and add the owner to our direct mail list.




So a few places that I went to didn’t have anyone there. Just took down phone numbers and addresses. I went to one place that they weren’t there but they answered the intercom (weird lol) Anyway, I said to the gentleman “I was wondering if the owner of the building was interested in selling?”

The guy said “I think everyone’s always interested in selling, it’s just a matter of getting the right price.”

So I said “well how can I get in touch with the owner to determine what that right price is?”

He said “you get to the owner through me. I represent him and I’ll get in touch with him. The right price for him I know is somewhere between 3.5 million and 4 million.”

I said “Ok perfect. Now how many units are here?”

He said “60. Tell you what, fax me some information on your company and we’ll go from there, but you have the right price for now.”

I reconfirmed “Ok 60 units for 3.5 million to 4 million. Great. What’s your name and fax number?”

He gave it to me. Now, my new dilemma is ummm what the hell do I send him about my company? lmao

I think I’m going to ask Chris (Chrisbuysapartments) and see if he knows ๐Ÿ™‚ Oh and this place…has some definite deferred maintenance and is in a B/C areas I’d say. I’m not completely sure about my B and C areas. I know how to classify the A and D areas, but the B and C areas for some reason I think are a lil trickier.

I went to a few more places to see if I could find other apartment buildings for sale. No such luck. Talked to managers, etc. But believe me, those managers aren’t going to deter me. Because I don’t really believe them all of the time. a) I find it hard to believe that they know exactly what is going on in the owners life all the time and if they REALLY want to sell or not and b) I really don’t believe that they’ll tell me the truth because they may think if I buy the building I will get new management and they’ll be out of a job.

So every apartment building that I went into to see if it was for sale, when I dealt with a management person I just wrote down information and came back home to add the apartment building to my direct mail list for apartment buildings to buy.

Oh I did find a management company that actually owned a lot of apartment buildings. Mental note: don’t hire them to manage anything cuz they’d be my competition.

I found yesterday to be fun and exciting. Mostly because if I have to go to 10 places to find 1 apartment building for sale that NO ONE ELSE KNOWS ABOUT because it’s not listed with a commercial broker and it’s not up on loopnet or anywhere else, well I think it’s a strategy worth implementing, don’t you?

I didn’t get as much computer research work done when I got home because my computer battery/charger thingy just died. And my battery on computer needed to be charged. Was going to get a new one today but oddly enough it’s working today. Things that make you go hmmmmmm.

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$34,317.01 and Direct Mail Response Rate



Are you wondering what my direct mail response rate has to do with $34,317.01? Well at this point in time..Nothing. ๐Ÿ™‚ That 34k figure was how much it cost for me to be in the hospital from Feb. 6th at 7pm to Feb. 9th at about noon. Crazy, huh?

I’m certainly glad I was on Kathy’s insurance at that time….now I’m officially on my insurance, which isn’t as good as Kathy’s work insurance, but it’s a whole lot cheaper.

Anyway, back to our direct mail response rate. We’re STILL getting calls from our direct mail piece that we sent out in January. We have just under a 4% direct mail response rate on that last batch of letters to buy apartment buildings.




I delivered our current mailings to our neighbor and I’m waiting for her to get them all stuffed and ready to go. I’m trying to improve our direct mail response rate with this batch so I included a fax back page. Dave Lindahl suggests this and says that it improves his response rate generally by 50%!!!

Basically, it’s a form that let’s them fill out their information instead of calling me directly. You know how some folks don’t like to talk on the phone? I figured it was a great idea because of that simple fact. So now they can either call me directly or fax me their info. I’ll keep you posted on my results.

I’ll post the form itself just in case you guys want to “steal” it from me and use it in your next direct mail campaign. But there is a catch….if you use it and it works, please come back and tell us about it. Fair enough?

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Direct Mail List to Buy Apartment Buildings



So you know I’m working on my direct mail list to buy apartment buildings. Right? Well my first direct mail list, where I did sent out the first batch of mailings, as it turns out I screwed up the list. One of the counties that I was looking in broke down the apartments in 5+ units….sooo of course, my luck, all of the smaller peeps were calling me back and Kathy and I are looking for minimum 40+ unit on our first deal.

Anywho, while checking out Loopnet last night I came up with an awesome idea to build my direct mail list to buy apartment buildings.




I don’t know how many of you have ever checked out commercial properties to buy and looked at any of their listings. But the better brokers when they list these properties have a pretty decent sized information packet which contains tonssss of information. I mean they’ll have the actual income and expense figures, proforma income and expense figures, demographic information, job information including the top employers in the area, rent rolls, etc. etc.

But another thing that they have is Rental Comparisons. So what they do is they have the subject property (the apartment building for sale) listed with it’s unit mix, square footage, occupancy and rents. Then they show a bunch of other apartment buildings around the subject property with their unit mix, square footage, occupancy and rents too. I’ve been reading this information for a few months now but last night it dawned on me…ya know an “aha” moment lol that I should add those comps to my mailing list! I mean they give me the property, the address and their occupancy. I figure the ones with lower occupancies should go at the top of my direct mail list to buy apartment buildings, wouldn’t you agree?

P.S. My adsense is on my nerves. It keeps showing ummm I don’t want to say the word to give it more reason to show more of those ads but don’t they know that the majority of this blog is about real estate and investing and not ummm d e n t a l work! Am I the only one whose noticed that? It’s driving me crazy lol Maybe I should just make a post that just says real estate, real estate investing, apartment buildings, commercial real estate investing, etc. ๐Ÿ™‚

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Categories
Direct Marketing Campaign Finding Apartment Buildings Multi-Units/Apartment Buildings

Buy Apartment Buildings – Direct Mail Letter 1



So I figured it’d be cool to share with you the letters that we’re using in our direct mail campaign to buy apartment buildings.

I have 5 letters in a series that I will send out to folks on my list in hopes that I can buy apartment buildings from them. Then I actually have 2 separate letters for different types of folks: out of state owners and landlords that are evicting tenants.

Crap, I just realized I didn’t tell you how I came up with my list of apartment building owners. Ok ok I’ll make a post about that after I finish this (sorry ๐Ÿ™‚ )

Here’s the first letter the way I sent it out originally (remember all of the whack jobs that have been calling:)




I’m Interested in Buying Your Property

Read On…

Carey Buck (this is right justified, I just don’t know how to do that here)
Address
State, City. Zip

Apartment Owner Name
Their Address (most likely their home)
State, City. Zip

Dear Apartment Owner Name:

Iรขโ‚ฌโ„ขm interested in purchasing your property. Are you interested in selling?

I currently hold a portfolio of properties like yours and Iรขโ‚ฌโ„ขm looking to add more.

As a property owner, I realize that there are a number of reasons why someone may be interested in selling. Everyone has his or her own reason and my question to you is, are you now ready to sell? If so, I am ready to buy.

I can close quickly or delay the closing as long as you like.

Please contact me at your earliest convenience so that we can discuss the sale of your property. Call me now at my phone number.

I look forward to hearing from you.

Sincerely,

Carey Buck

P.S. To Get The Best Price For Your Property, Call Me At My Number.


Now keep in mind, we only sent out 278 of these and we only got 6 responses back (just over 2% response rate) but not all of the responses were good.

I’ve since changed the letter and I’ve now replaced pretty much everywhere that it says property with apartment building or building, etc. You get the picture. I’m hoping that will cut down on the whacky calls and folks not knowing why we sent them a letter.

What do you guys/gals think of the letter? Any pointers? Tips? Ideas? Thoughts? Criticisms? Comments? Etc.

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