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Real Estate Marketing Talking to Sellers

Wacky Seller Phone Call

You know how when you’re in real estate you can get some wacky seller phone calls sometimes?? Well I got one for you right now.

First just so you know; I have “We Buy Houses” lettering on the window in the back of my car. Plus, whenever I want some quick cash (or relatively quick) I’ll put out some “We Buy Houses” bandit signs.

Since I’m getting married in September I figured that now is a good time to have some “quick cash!” So I put out some bandit signs.

I get a call the other day. No one leaves a message. So, naturally, I call back.

A woman answers. I explain that I missed someone’s phone call and it could be someone that wants to sell their house that called.

She said “oh yeah that was me, tell me how this works.”

I proceed to tell her how everything works; mind you I don’t go into detail at all, I make it VERY simple for sellers to understand. Please much say in a nutshell that I make you an offer on your property, I do not charge any commissions or fees, can settle quickly and if you don’t like my offer, that’s ok….we’ll just part friends.

She then says to me “how much cash will you give me for my house?”

Me: “Ma’am I don’t even know where your house is so I can’t really answer that questions.”

Her: “It’s by the Walmart.” ( 🙂 That was helpful, I must admit lmao)

Me: “By Walmart? What Walmart?” (You know, cuz there’s only 1 Walmart in the world….duh guys!)

Her: “It’s by the Walmart in Kennett. So how much would you give me cash for it?” (Yeah, because the houses by Walmart in Kennett don’t vary by hundreds of thousands of dollars or anything!)

Me: “Ma’am I really need to know the address of your house so I can do proper comps for the homes in the area then I have to figure out the necessary repairs needed.”

Her: “No repairs are needed at all. How much would you give me?”

Me: “Ma’am I’d really need your address so I can do comps on your house.”

Her: “Well how do you do that?”

Me: “I access the same information that Realtor’s do and public records in order to find out what homes are selling for in your area and how many days on market, etc. But I really need your address in order to do this ma’am.”

Her: “Oh nooooo. I don’t do any of this computer stuff. I’m not giving you my address for you to put in your computer and figure stuff out with. I want to meet you in person. I have to see your face, know who you are.”

Me: “Ma’am I understand that you want to meet me in person and I’ll be glad to meet you in person once I figure out what your house is worth and decide that you and I might actually be able to work together. I need your address for that so I can do comps.”

Her: “No way. I’m not giving you my address. I want to meet you in person at my house (lol) and show you my house and see you….I’m not just giving you my address!” (I was so annoyed at this lady I didn’t even think to say ummmm ok I’ll meet you at your house, give me your address! lmao)

Me: “Ma’am listen; I don’t want to waste my time or your time so that’s why I have to figure out the comps first prior to coming to your house.”

Her: “Nope, I am not giving you my address. I need to meet you in person first.”

Me: “Ma’am, I don’t think I’m going to be able to help you. I’m sorry.”

Her: “That’s fine. Bye.”

That was my entertainment for that day. It was fun, fun, fun. I love talking to crazy folk like that. Helps me be thankful that I’m not wacky first of all and then helps me be thankful for all of the “normal” sellers that I speak to lol

That’s about it. Have a great 4th of July. I’m off to get ready for a family picnic!

P.S. If you want to learn how to wholesale real estate then my buddy Steph has an awesome ebook you should pick up. Check it out here it shows you how to wholesale real estate that is owned by the banks! But trust me, I have read this awesome ebook that Steph put together and you can absolutely use tons of the stuff in that ebook when working with private sellers like I was talking to above!

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Categories
Finding Apartment Buildings Makin' Offers Multi-Units/Apartment Buildings Networking Private Lenders

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.” 🙂

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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Categories
Commercial Real Estate Brokers Direct Marketing Campaign Finding Apartment Buildings Multi-Units/Apartment Buildings Networking

Received 1st Response to Direct Mail Campaign



Woohoo! We received our first response to our direct mail campaign that we sent out. Now my neighbor, Becky (and her family,) stuffed envelopes, put return addresses on them, hand addressed the envelopes, sealed them and put stamps on them all for .10 an envelope. They did 278 envelopes when all was said and done and she took out the duplicates.

I paid her yesterday by check and put all of the envelopes in the mail yesterday. This afternoon I got my first call.

Now, first of all I wasn’t expecting the call (but even if I was I’m sure the conversation would have went the same lol) I was helping Joe study for his science test and my phone rang. So I answered it. The guy on the other line says: “you sent me a letter?”

I said: “I sure did sir. Do you have a property that you’d like to sell?” He says: “Yeah. How much will you give me for it?”

I said: “Well first let me get a little information from you sir.” He says: “What kind of information?” I said: “Just your name and number in case we get disconnected.” Then he says: “Well how much will you give me for my property?”

I said: “Well why don’t you tell me a little bit about your property? How many units is it?” He says: “You don’t know anything about my property? You sent me a letter.” I said “I sent out a lot of letters to apartment owners and if they are interested in selling they will call.” He says: “Well I don’t know why you don’t know anything about my property?”

I said “Well I know you have an apartment building in either Montgomery or Chester County sir because that’s our target market.” He says: “I have 3 in Chester County.” I said: “Great! Tell me about the one’s that you’re interested in selling.”




He says: “No, I think you’re just fishing. I’m hanging up.” Click.

Soooo that didn’t go so well, but I think he was just a whacky type of owner. I’m sure we’ve all talking to those types before. But I was thrilled that we got our first call. That’s promising, eh?

Kathy and I have emailed several commercial brokers and we’re trying to see if any of them will meet with us this weekend to feel them out and to see which one we feel the most comfortable with and which one would be willing to work with us newbies.

I’m super excited and there’s a whole lot more research that apparently goes into buying these apartment buildings properly. Some of these commercial brokerage sites though are a wealth of information with research. I could spend all day on them just reading their research.

Anyway, I gotta hit the hay as I’m getting my wisdom teeth taking out tomorrow (I wonder where I’ll get my wisdom from now?)

Wish me luck!

P.S. Kathy surprised me when she got home from the airport today. She had a Movado bag for me (ya know the fancy watches?) I loveeee those watches. They are my fav. So I look in the bag and there are 2 watches wrapped up. She took my 2 Movado watches in 2 weeks ago to have batteries put in them ($41 a battery!) I was like “OMG, I just called the Movado store yesterday to find out how much it would cost to replace both of my batteries!” (And I’m not kidding either…I figured I was going to “dress the part” while meeting with brokers and apartment owners. Ya know the whole “fake it til ya make it” thang??

Anyway….ain’t my baby a sweetheart? I tell you…..I can’t tell you enough wonderful things about her. Well I could, but you’d probably get sick of it and puke. 🙂

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