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/biz/ - Business & Finance

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902529 No.902529 [Reply] [Original]

Hello /biz/,

I come to you looking for a little advice, guidance, input, whatever you can offer or muster.

I'm a realtor/investor in New York. I'm looking for how I can attract or locate people looking to sell their homes no matter the condition. Before you ask or comment, no there is no conflict of interest for a realtor purchasing/selling/flipping homes so long as the relationship is disclosed.

I've posted ads on craigstlist.
Haven't done 'bandit signs' because I don't have a virtual assistant to direct them to and I'd rather not get fined for the signs.
Gone door to door.

How can I locate people interested in selling their properties or who know people looking to sell? I even mention I pay a referral fee.

What more can I do to attract leads /biz/?

>> No.902546

>>902529
why would you bother with this shit right now when the market is stagnating?

>> No.902547

Slip your card into the pants on the floor in your room at the bathhouse

>> No.902551
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902551

>>902546
I have my reasons. If I didn't, do you think I'd be asking to increase my inventory now?

>> No.902560

>>902551
what are they?

>> No.902563

>>902560
To keep making money, to put it simply.

Just because the market is cooling off or stagnating, I should stop working and making money?

>> No.902564

>>902563
well if property isn't selling then it'll obviously be more difficult for you to make money.

>> No.902574
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902574

>>902564
Property is ALWAYS selling.

Or do you think once the weather gets cool people just stop buying and selling houses?

Why do you think I'm still trying to find leads on houses to buy or represent sellers for? Its not a matter of how difficult it is, the fact is I'd like to keep doing it and I'm looking for creative ways to keep doing it.

>> No.902702

>>902574
No shit Sherlock. In 1986 they were foreclosing (selling) 2500 homes a month in Houston. Lasted 4 years at that rate.

Property is ALWAYS selling. Sort of, I suppose.

>> No.902919

>>902702
You didn't read the previous posts in this thread, did you friend?

>> No.902922

What has worked for me.

Find the neighborhood you want to buy in.

Make. Mailers, fliers or info packets.
Put them on every door in the area. ( dont put them in the mailbox without postage, the usps takes a dim view of that)

For every 1000 fliers you may get 1 or 2 bites.

>> No.902936

Can I work with you OP?

>> No.902989

>>902922
You want to know what's hilarious? I didn't even think of mailers. I worked in mortgages for a while and we sent mailers out by the boat load and I can't believe I didn't think to do that now.

>> No.902991

>>902936
What can you do? Or what are you looking to do? I always need people scouting out properties for me.

Especially if they're vacant/boarded up, even if they're not we'll still look at them and maybe work something out. I do pay referral fees for each deal closed.

>> No.903213
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903213

Came back for a shameless self bump.

>> No.903248

>>902989

EDDM is actually pretty good for mailing out to specific areas.

>> No.903431

>>903248
A brilliant idea and contribution. If that pans out, maybe I'll find a way to compensate you for helping to make me more money friend.

>> No.903882

attempt at one more bump before I call it quits

>> No.904137

>>902529
Oh Hi, I buy houses in Middletown NY. They sell for $30-40k depending for a mostly serviceable single family. The rent floor for anything with more than 1 bedroom is at least $1000. If it's less it's a real shithole. I don't flip, rather I'm content to let people who have foreclosed pay my mortgages for me until
1) The property values begin to recover
2) The majority of former homeowners who foreclosed are past the 3-year waiting period after bankruptcy before they are permitted to seek another mortgage, and begin doing so
3) The rental market starts to decline (which means 1 is happening most of the time)

Far better than trying to coax people out of their house for peanuts is just surfing the gigantic inventory the banks are sitting on. People are gutting these for copper and appliances so the banks are happy to sell them to you for peanuts. Foreclosure auctions are common and often unattended by anyone but the bank rep. The houses are going for $15k uncontested. It's bonkers.

>>902546
>Why would you buy an investment when the market is at historic lows, credit will never be cheaper, and the markets have been depressed for months?
Gee good question... lewl

>> No.904330

>>904137
I want to start with some up state properties as well!
I have a few friends who live in Middletown and they tell me Newburgh(?) is a dump, which means properties must be dirt cheap.
My could you elaborate a little more on your method?
Because what I do in the city is I offer people cash for their homes depending on the condition, and flip them almost immediately because there's still a big market for Brooklyn, Queens and definitely the South Bronx now.

With houses so cheap upstate, do you purchase them as REOs after the owners have been removed?
Or do you buy them with the homeowners in place and work something out where they're still basically paying the mortgage and you own the house?

>> No.905356

Its like you've never been to a Seminar or REIA.

The 5 D's are your target Market
Death, Divorce, Disease, Disaster, Denial

By checking the court records and getting a few lawyer contacts, you get Death and divorce. Disease, you put flyers up in the hospitals, Disaster, You get leads from insurance agents, firefighters, news, and the police about robberies/murder etc..., Denial you find people whose houses have been on the market for a long time or You check the auction listings for pre-foreclosure houses, many people didn't even know it was happening, and you offer them cash for the deed after some due-diligence.

Once you've built a funnel for these and are getting continuous leads, its time to build a REIA. Basically, you're gonna have 5-6 students all running in making equal or worse offers, eventually they get the picture and call you back.

>>904137
I've got to go to New York, auctions in Florida are packed right now.

>> No.905855

>>904137

>Buy for $30k, rent for $1k

I'm calling bullshit. Let's see a zillow link of one of these houses

>> No.905861

>>905356

Why are you even bothering with single family homes if you have enough money to buy multiples of them at once. Buy some apartments or a fast food restaurant

>> No.906011

>>905861
SFRs are usually easy flips if they don't require a lot of renovations. Plus its about scale in terms of volume. Flip a bunch and make ~20k on 5 different flips in a few months or flip an apartment to someone who's gonna be harder to please and even locate?

And as
>>904137
said, a lot of properties are dirt cheap and rent on the low end goes for around 1k if its 2+ bedrooms and nice.

Rentals in the city for example, you won't find a 1 bedroom for under $1400 and that's if you're lucky and find someone who's not trying to milk every cent out of you to pay their mortgage on a multifam. Even apartment buildings will shake the shekels out of you. Especially apartment buildings actually.

>> No.906016

>>906011
That's meant ~20k each on the 5 flips. If you think I'm calling b.s. that's fine, because banks settle for around 50% of the owed debt, especially when they hear the county is hot on the trail of claiming the property for a tax lien and they risk just being screwed completely. Then some savvy and patient investor just scooped up a house worth around 80-100k for one tenth what the bank wanted.

I, unfortunately, am not that patient. In the boroughs they take about 3 years to act on delinquent taxes and the two entities that handle tax lien auctions aren't in sync and they aren't easy to get auction details from.

I'd much rather approach the owner, pay cash, work something out where they leave and flip it after the lis pendens and any liens are cleared up if it makes sense.

>> No.906465

>>905356
You know there are databases that cross reference legal records with real estate records. You could use this to construct a mailing list to target all these D's at once.

>> No.906600

>>906465
Where would one locate or gain access to such a database? Because the Kings and Queens County clerk's office you have to show up and request the info pertaining to particular properties. They don't just give you bulk data in my experience.

>> No.906616

OP I've nothing to contribute on how to get your business booming, but I am really curious how you're making any money from this idea at all? Unless you're working in the immediate NYC area there is no way you'll be making any bank whatsoever from this. By the time housing does stabilize you'll have lost so much money it is such a HUGE risk.

>> No.906631

>>906616

He doesn't. He's banking on that he can flip them quick for $20k profit. Problem is people know flippers do shitty work

>> No.906636

Speaking from California, realtors can eat a fucking dick.

>> No.906640

>>904137
where do you find foreclosure listings?

>> No.906906

>>906631
That's a broad statement, I go for quality. But you are right, some flippers are a-holes. Its all cosmetic work and they don't care about the structure or even soundproofing some of the rooms. I believe you do good work, you get more business.
>>906636
You know the wrong realtors friend

>> No.907172

>>905356
Im from central florida and really want to get into real estate investing. I young, 18, and dont really have any money so I was looking at wholesale to try to build up some cash to get into flipping and getting some rentals, but law seems to be cracking down on it. Can you give me any suggestions?

>> No.907313

>>907172
What do you mean the law is cracking down on it exactly?

>> No.907583

>>905861
well Multi-family is at multi-decade high multiples in most areas. Fast food is one of the lowest margin businesses. except mcdonalds b/c such volume. even there are better investments.

Assembling and stabilizing a large portfolio of single family homes is a value added play. where you can sell the portfolio at premium for setting it up.

>>907172
the law is not cracking down so much as bank policy trying not to let flippers take all the gains with just an assignment of contract.

>>906600
the various counties have different policies regarding this and digitization of records. most have a firm developer API to tap into for programs like lexus nexus. There isn't a nationwide database aggregator hitting all these elements as far as I know.
>>907172
Get excellent credit so you can borrow to get skin in the game easily. So co-investors will talk to you, so banks will talk to you, and you can be valuable. At your age no one is going to talk to you without a check stapled to your offer,
sign up for your local reia. I know a few kids who got ahead by getting an angel/ mentor and being a gopher. lots of good guys in CF

My favorite program for florida is REIfax.com it aggregates everything in every county in florida

Check out the credit resources here. Soon I'm going to build out a Real Estate Stickie
http://dropcanvas.com/zpf5p

>> No.907735

>>907583
I use TLO to locate missing owners. But I mean in terms of finding recently deceased homeowners for instance. Probates I have to go to the county clerk's office for but they're also slightly disorganized or don't update frequently enough.

Thanks for your input in the threat though, regardless.

>> No.907780

>>902529
Why don't you just identify the realtors that sell all of the foreclosures for fannie / freddie / fha and then just give them the parameters of the homes you are looking for and you can buy them before they even come on the market.

>> No.907791

>>907583
I'm beginning to look through the torrents ytou posted, but some are coming up as empty. Any thoughts about this?

Thanks for sharing

>> No.908528

>>907780
Because every realtor here claims to be versed in foreclosures or have them, and very few actually do. Plus, why pay them 6% when I can just pay the bank after I negotiate directly with the home owner?
I'm a realtor and I've done short sales for people in the past, realtors only complicate the process and cause it to take longer. I work them myself and can get them done in less than 60 days.

>> No.908704

>>908528
Banks don't pay 6% on foreclosures. You get half, or at least your broker does. All of Freddie's foreclosures are listed at homesteps.com ... those are the realtors that only sell foreclosures. Usually they sell for FNMA, Freddie, BAC, and Chase. There are other servicing companies out there that manage somewhat smaller banks like USBank ... I think they use Select Portfolio Services. Anyways, all realtors may say they are versed in foreclosures, but there's only a dozen or so per market that do foreclosures exclusively. They are always looking for investors to sell to so they don't even have to bring the house to market.

>> No.908711

Who's buying these homes off you OP?

>> No.908734

>>908711

Prob no one just paper gains on appraised value

>> No.908742

>>908734
yup no one at all.

>>908711
Other investors. Everybody wants to "invest" in real estate. People renting want to own a house that they can rent out to gain some income, newbie investors want to get their feet wet with a property. Just regular people looking to move.
Do I have to mention I'm a realtor again?

>> No.908744

>>908742
So there is no one kind of customer you've noticed more than others?

>> No.908844

>>908744
I'd say mostly average people thinking they're investors if I had to put a classification to them.

>> No.909038

>>907791
get JDownloader b/c these are all direct and not torrents at all.
I just checked all the links and 100% online

>> No.909045

>>909038
I've got the RAR file on my comp, but when I open it it's empty. is jdownloader going to produce a different file type?

>> No.910053

Forever willing to shamelessly bump my thread

>> No.910065

>>902529
After this mornings news you may want to hold off going into debt there could be a credit squeeze coming

>> No.910096

>>910065
Buying cash. Not worried about debt brobeans. Most I'd have to pay is property taxes if I keep the house empty, but with the rate hike imminent, rents are bound to go up too as homeowners with multifam properties are going to want rental income to cover most of their mortgage. Which means buying and holding is the move now, especially if I keep the rent slightly lower than asking.

>> No.910268

>>910096
It's not the cash scenario, it's that if your neighbours are squeezed you lose capital growth because values are decreased.
Buying right now is smart but you need to be able to take a hit.
The question is will a potential credit squeeze be like fighting some drunk Irishman or Mike Tyson?

>> No.910495

>>910268
I don't think the credit squeeze is going to be that big of a problem. If anything it'll force some fiscal responsibility on a lot of people. Y'know, save up to put ~20% down on a house to get a good rate, no PMI right off the bat which could take anywhere from 3-5 years depending on the person. Which means I just collect rent, leave utilities in their hands and make sure to keep up my property taxes.

Worst case scenario I see vacancies for maybe a month or two tops on a couple of properties if my tenants decide to move at the end of the lease. As long as they don't completely trash the place on the way out, I don't see that much of a loss. Especially since I'm buying them below current market value, it leaves a little extra wiggle room.

Remember I'm aiming for distressed homeowners/preforeclosures and properties people just want to get rid of without huge mortgage balances to begin with.

>> No.910640

>>902529
Market d2d, pick the homes you want to sell

>> No.910831

>>910640
3rd to last line of my original post, I already go door to door...