- Joined
- Sep 1, 2007
- Messages
- 12
After hearing on a REIN CD – perhaps it was the June 2006 workshop – Russell talk about a Vancouver investor who handed out "I want to buy your house" letters in Edmonton, I decided to try it too. After all, if a Vancouver investor could find properties that way, shouldn`t I, a Banff-based investor with the advantage of living in the same province, be able to do the same? I made this decision after making two unsuccessful offers in Edmonton that Spring, and being generally dissatisfied with the Edmonton realtor I had found for myself.
To make it even more interesting, I decided to hand out the letters while scouting out neighbourhoods in North Edmonton by bike. I now take my folding bike with me on business travel – biking from airports to meetings to hotels and back to airports again – and thought to myself, "Why not try it for my property searches as well?" So, in August 2006 I booked off two days from family and work, put my bike on the bottom of a Greyhound bus to Edmonton, put myself up top, and went off on my search.
What I discovered – and intuitively knew beforehand – is that there is no better way to meet people and get leads than by zipping through target neighbourhoods, streets and complexes on a bike. You run into people – not literally of course – who can tell you, say, where the property manager lives in a complex. I guess that there was something so disarming (and geekish) about me on my foldable bike, brandishing a map and politely asking questions, that the managers always seemed happy to chat at length. As you can imagine, the manager is a treasure trove of useful information, producing exponentially more leads.
In one well-kept complex in the Northeast (my target zone) I tracked down a condo board member`s unit using my usual two-wheeled approach. She mentioned that a realtor lives two doors down, and that I should speak with him. I walked my bike over, propped it up prominently on its kickstand nearby, and rang his doorbell. Joel and I ended up having a great, wide-ranging conversation about the Edmonton market. Drawing upon my REIN schooling I spoke about the economic fundamentals underpinning the market, which seemed to impress him. We exchanged cards and promised to chat more, after which I pedalled on my merry way.
Well, 25 minutes later Joel calls my cell. "A new listing`s just come up in the Northeast – want to look at it?" Turns out that the listing was in an attractive complex that I`d just biked through and noted on my map. "Why call me and not one of your usual clients?" I naively asked him. "Because you`re a serious investor and you`re available right now." And with that we met at the property 10 minutes later.
To cut this long story short, through Joel I made an offer (accompanied by a very personal cover letter) on that townhouse. Unfortunately we came in second out of 8 offers. We got the next one though – and the next one, and the next one after that, and one more in June 2007. 4 properties in 12 months in a very hot market, and I`m lining up JV cash for more. And I couldn`t have done them without Joel`s keen sleuthing.
Thanks Russell, Don and all the good folks at REIN. In addition to the incredibly valuable information that you have provided through the REIN site, emails, workshop packages and those great CDs, you gave me the one tip – the one challenge really – that I needed. Through the action that it spurred and the wonderful combination of events that followed, I`ve landed my first four Edmonton properties.
Ed Whittingham
REIN Member
Banff, Alberta
p. 403-762-5194
ewhittingham(at)telus.net
To make it even more interesting, I decided to hand out the letters while scouting out neighbourhoods in North Edmonton by bike. I now take my folding bike with me on business travel – biking from airports to meetings to hotels and back to airports again – and thought to myself, "Why not try it for my property searches as well?" So, in August 2006 I booked off two days from family and work, put my bike on the bottom of a Greyhound bus to Edmonton, put myself up top, and went off on my search.
What I discovered – and intuitively knew beforehand – is that there is no better way to meet people and get leads than by zipping through target neighbourhoods, streets and complexes on a bike. You run into people – not literally of course – who can tell you, say, where the property manager lives in a complex. I guess that there was something so disarming (and geekish) about me on my foldable bike, brandishing a map and politely asking questions, that the managers always seemed happy to chat at length. As you can imagine, the manager is a treasure trove of useful information, producing exponentially more leads.
In one well-kept complex in the Northeast (my target zone) I tracked down a condo board member`s unit using my usual two-wheeled approach. She mentioned that a realtor lives two doors down, and that I should speak with him. I walked my bike over, propped it up prominently on its kickstand nearby, and rang his doorbell. Joel and I ended up having a great, wide-ranging conversation about the Edmonton market. Drawing upon my REIN schooling I spoke about the economic fundamentals underpinning the market, which seemed to impress him. We exchanged cards and promised to chat more, after which I pedalled on my merry way.
Well, 25 minutes later Joel calls my cell. "A new listing`s just come up in the Northeast – want to look at it?" Turns out that the listing was in an attractive complex that I`d just biked through and noted on my map. "Why call me and not one of your usual clients?" I naively asked him. "Because you`re a serious investor and you`re available right now." And with that we met at the property 10 minutes later.
To cut this long story short, through Joel I made an offer (accompanied by a very personal cover letter) on that townhouse. Unfortunately we came in second out of 8 offers. We got the next one though – and the next one, and the next one after that, and one more in June 2007. 4 properties in 12 months in a very hot market, and I`m lining up JV cash for more. And I couldn`t have done them without Joel`s keen sleuthing.
Thanks Russell, Don and all the good folks at REIN. In addition to the incredibly valuable information that you have provided through the REIN site, emails, workshop packages and those great CDs, you gave me the one tip – the one challenge really – that I needed. Through the action that it spurred and the wonderful combination of events that followed, I`ve landed my first four Edmonton properties.
Ed Whittingham
REIN Member
Banff, Alberta
p. 403-762-5194
ewhittingham(at)telus.net
