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Thanks Gary
Anyone else from Ontario have any thoughts?
Anyone else from Ontario have any thoughts?
Pulling comps - Ron LeGrand style
- Thread starter BenSanderson
- Start date
An appraiser is always a good source. Call a local appraiser and see what they can do for you. A full appraisal may not always be required, and you`d be amazed to discover what kind of services an appraiser can provide apart from full on full appraisals requiring full inspections. Never hurts to call one and find out. ALWAYS remember, appraiser`s act in the best interest of their client... their value and comps are true and reasonable... we have no alterior motives other than providing you with real, reliable, unbiased information.
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QUOTE (BenSanderson @ Oct 13 2010, 12:02 PM) I agree that specialized knowledge of an area and it`s housing data is a tremendous asset, however it should be understood that Ron`s system is not geographically specific. I know the "Southwest Kitchener 1300 sq. ft. 3/2 detached two-storey" segment quite well, but this is only a tiny portion of what we`re looking for. Because we are after the 1-2% of houses that fit Ron`s specific criteria, we must open our nets to include a very large area, perhaps even an entire city or multiple cities.
Hi Ben - I remember a year ago when we left RLG`s seminar in Edmonton that Lynda and I had similar thoughts going on. We ordered yellow letters for Airdrie, Olds, Strathmore and even into Invermere BC (!). I posted ads on every Kijiji website in the province and into Sask as well.... the Olds/Str/BC letters sit collecting dust in my basement currently.
We quickly realized that we could get more than enough prospects by focusing on just Airdrie (we are a pop of 40k 15 min N of Calgary) - in Sept alone we bought 5 houses, and 2 have lease-purchase tenants in already, 1 has a renter (the original owner - we will not rent to own to him in that prop), and the 4th is is c/s and the fifth has been getting traffic.....
Any Calgary leads we get (unless they are truly compelling...) I turn over to others - we are focused on being market dominant in Airdrie, not market average in the Calgary area.
You can either start broad geographics and narrow in, or start small and scale up - one big recommendation is to get your (scalable) system in place first though.
As far as comps go, we talked with our realtors (yes, we date more than one here in a city of 40k and they are aware, but each has their area of specialty and they rarely cross paths....), and a true CMA is a reasonably lengthy process. Comps are fairly quick to do, and recognizing that one hand washes the other (one of the 5 Sept was MLS bank owned) we have an understanding. We definitely (as posted above) try and have our broad filter/ranging done and the underlying deal roughed out well in advance of requesting the comps though.... (try requesting 7 comps in a week on every suspect you have and see what that does to your relationship.....)
Hope this helps - good luck at the course!
My wife Lynda will be attending next week with Maribel Pelcastre from 911 Homes / Edmonton. Look them up there if you get the chance!
Cheers!
Hi Ben - I remember a year ago when we left RLG`s seminar in Edmonton that Lynda and I had similar thoughts going on. We ordered yellow letters for Airdrie, Olds, Strathmore and even into Invermere BC (!). I posted ads on every Kijiji website in the province and into Sask as well.... the Olds/Str/BC letters sit collecting dust in my basement currently.
We quickly realized that we could get more than enough prospects by focusing on just Airdrie (we are a pop of 40k 15 min N of Calgary) - in Sept alone we bought 5 houses, and 2 have lease-purchase tenants in already, 1 has a renter (the original owner - we will not rent to own to him in that prop), and the 4th is is c/s and the fifth has been getting traffic.....
Any Calgary leads we get (unless they are truly compelling...) I turn over to others - we are focused on being market dominant in Airdrie, not market average in the Calgary area.
You can either start broad geographics and narrow in, or start small and scale up - one big recommendation is to get your (scalable) system in place first though.
As far as comps go, we talked with our realtors (yes, we date more than one here in a city of 40k and they are aware, but each has their area of specialty and they rarely cross paths....), and a true CMA is a reasonably lengthy process. Comps are fairly quick to do, and recognizing that one hand washes the other (one of the 5 Sept was MLS bank owned) we have an understanding. We definitely (as posted above) try and have our broad filter/ranging done and the underlying deal roughed out well in advance of requesting the comps though.... (try requesting 7 comps in a week on every suspect you have and see what that does to your relationship.....)
Hope this helps - good luck at the course!
My wife Lynda will be attending next week with Maribel Pelcastre from 911 Homes / Edmonton. Look them up there if you get the chance!
Cheers!
- Joined
- Oct 19, 2010
- Messages
- 11
I know there are a lot of great Realtors who may be able to give you a sense of the property value for free. But I concur with Nathan that an Appraiser will provide solid unbiased feedback.
If you are going to get a Realtor to give you some comps, you will want to make sure they are truly comps. The most important thing to remember if you are going to pull your own comps and determine value is to "think like a buyer." It`s vary rare that you will be able to find recent sales that are 100% comparable. So you will have to make adjustments and that`s when you need to put your "buyer`s" hat on and consider what a "typical" buyer of this kind of property would expect to save or pay for those things that require adjustment.
If you are serious about building your REI business, you may find value in actually taking some Appraisal courses. While there are many honest, knowledgeable, experienced Realtors. It is like relying on a lending institutions financial planner to give you unbiased advice on their product. Whereas an Appraiser`s primary mandate is to provide an unbiased opinion of value based on the scope of the appraisal. The Appraiser`s critical success factor is the accuracy of their opinion of value, while a Realtor`s critical success factor is their ability to help clients successfully buy and sell properties. If you are simply looking for an appraisal of current fair market value, I would definitely consider a good local Appraiser.
If you are going to get a Realtor to give you some comps, you will want to make sure they are truly comps. The most important thing to remember if you are going to pull your own comps and determine value is to "think like a buyer." It`s vary rare that you will be able to find recent sales that are 100% comparable. So you will have to make adjustments and that`s when you need to put your "buyer`s" hat on and consider what a "typical" buyer of this kind of property would expect to save or pay for those things that require adjustment.
If you are serious about building your REI business, you may find value in actually taking some Appraisal courses. While there are many honest, knowledgeable, experienced Realtors. It is like relying on a lending institutions financial planner to give you unbiased advice on their product. Whereas an Appraiser`s primary mandate is to provide an unbiased opinion of value based on the scope of the appraisal. The Appraiser`s critical success factor is the accuracy of their opinion of value, while a Realtor`s critical success factor is their ability to help clients successfully buy and sell properties. If you are simply looking for an appraisal of current fair market value, I would definitely consider a good local Appraiser.
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- 731
QUOTE (neill @ Oct 19 2010, 08:23 AM) We quickly realized that we could get more than enough prospects by focusing on just Airdrie (we are a pop of 40k 15 min N of Calgary) - in Sept alone we bought 5 houses, and 2 have lease-purchase tenants in already, 1 has a renter (the original owner - we will not rent to own to him in that prop), and the 4th is is c/s and the fifth has been getting traffic.....
Hi Neill,
What marketing is working best for you in that location? Still using yellow letters?
Hi Neill,
What marketing is working best for you in that location? Still using yellow letters?
- Joined
- Oct 22, 2007
- Messages
- 472
Hi Jim - long time no talk! How is your national rto website progress?
We have been finding houses via a variety of methods, although YL is not currently in the mix - we were the third letter that hit Airdrie back after the Edmonton conference, lol (although it was interested that there was more than one person that did not differentiate between the senders, and the sequential marketing aspect got them to call us.....)
We get responses from and have bought houses directly due to: bandit signs, kijiji ads, newspaper advertising and referrals - one from a realtor (someone called him and asked if he bought houses and he told them no, but he knew someone that did....), one from a property management company. One was from a condo owner where we have current buy and hold props.
How about you?
We have been finding houses via a variety of methods, although YL is not currently in the mix - we were the third letter that hit Airdrie back after the Edmonton conference, lol (although it was interested that there was more than one person that did not differentiate between the senders, and the sequential marketing aspect got them to call us.....)
We get responses from and have bought houses directly due to: bandit signs, kijiji ads, newspaper advertising and referrals - one from a realtor (someone called him and asked if he bought houses and he told them no, but he knew someone that did....), one from a property management company. One was from a condo owner where we have current buy and hold props.
How about you?
- Joined
- Mar 31, 2009
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- 149
QUOTE Could I appeal to any of the Ron LeGrand bootcamp graduates from out west to suggest how I would go about this crucial assessment of each property I investigate?
Hi Ben:
I like Godfried`s answer (avg. list price...deduct 5% in a balanced market , 10% in a buyers). You`re going to find either yourself or your Personal Assistant making a mound of outbound calls to FSBO`s. I keep a lot of my property info sheets and call them back at a later date only to find that the house is sold, when I find this out , I always say "I`m looking to buy in your area and was wondering if it would be OK to ask what your home sold for?" It`s definitely not the answer to our comps problem, but I sure have collected a lot and filed them away.
Gary
Hi Ben:
I like Godfried`s answer (avg. list price...deduct 5% in a balanced market , 10% in a buyers). You`re going to find either yourself or your Personal Assistant making a mound of outbound calls to FSBO`s. I keep a lot of my property info sheets and call them back at a later date only to find that the house is sold, when I find this out , I always say "I`m looking to buy in your area and was wondering if it would be OK to ask what your home sold for?" It`s definitely not the answer to our comps problem, but I sure have collected a lot and filed them away.
Gary
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- 731
QUOTE (neill @ Oct 21 2010, 08:48 AM) We get responses from and have bought houses directly due to: bandit signs, kijiji ads, newspaper advertising and referrals - one from a realtor (someone called him and asked if he bought houses and he told them no, but he knew someone that did....), one from a property management company. One was from a condo owner where we have current buy and hold props.
How about you?
Thanks for the info. I`m still getting a decent response from my online ads and website. I`m also running a simple "investor wants to buy houses" ad on kijiji. The deal I just closed on for 3 houses from another investor came from kijiji. Interestingly, the seller told me he replied to many "I buy houses" ads online and I was the only one that responded to him. Makes you wonder why someone would advertise and not follow up.
I have 200 bandit signs ready to go out now. I was just waiting for the election sign cleanup to be done before placing them.
How about you?
Thanks for the info. I`m still getting a decent response from my online ads and website. I`m also running a simple "investor wants to buy houses" ad on kijiji. The deal I just closed on for 3 houses from another investor came from kijiji. Interestingly, the seller told me he replied to many "I buy houses" ads online and I was the only one that responded to him. Makes you wonder why someone would advertise and not follow up.
I have 200 bandit signs ready to go out now. I was just waiting for the election sign cleanup to be done before placing them.
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- 731
QUOTE (neill @ Oct 21 2010, 08:48 AM) Hi Jim - long time no talk! How is your national rto website progress?
Oops, I forgot to answer this earlier. The site has launched at http://www.easyhomebuycanada.com/ and we`re gradually building the userbase. There`s about 30 properties listed on the site now. We`ve recently arranged a partnership with REMA to offer the REMA software to EHBC members at a 10% discount which is a nice additional membership benefit for investors.
We`re seeing a fairly steady influx of tenant buyer members on the site now. We have a feature where they can save a search for homes in whatever area they are interested in and as soon as a new property in that area is listed, they get an email notice. I`m about ready to launch a new integration with Google, Facebook and several other identity providers for a unified (OpenID) login to make account creation even easier.
It`s kind of a chicken and egg thing - in order to provide value to investors, we need to have a large membership of potential purchasers and those purchasers want to see lots of homes and investors participating. The focus for our next marketing push will be to provide free education on RTO to prospective tenant buyers. We`ll be producing a series of educational articles, webinars and informational videos to teach about the benefits of RTO as an alternative financing tool for home buyers. I also have a few tech improvements in the wings for investors, like custom urls for their profile pages, etc.
I`m always open to feedback on ways we can improve the site.
//sorry for the threadjack
Oops, I forgot to answer this earlier. The site has launched at http://www.easyhomebuycanada.com/ and we`re gradually building the userbase. There`s about 30 properties listed on the site now. We`ve recently arranged a partnership with REMA to offer the REMA software to EHBC members at a 10% discount which is a nice additional membership benefit for investors.
We`re seeing a fairly steady influx of tenant buyer members on the site now. We have a feature where they can save a search for homes in whatever area they are interested in and as soon as a new property in that area is listed, they get an email notice. I`m about ready to launch a new integration with Google, Facebook and several other identity providers for a unified (OpenID) login to make account creation even easier.
It`s kind of a chicken and egg thing - in order to provide value to investors, we need to have a large membership of potential purchasers and those purchasers want to see lots of homes and investors participating. The focus for our next marketing push will be to provide free education on RTO to prospective tenant buyers. We`ll be producing a series of educational articles, webinars and informational videos to teach about the benefits of RTO as an alternative financing tool for home buyers. I also have a few tech improvements in the wings for investors, like custom urls for their profile pages, etc.
I`m always open to feedback on ways we can improve the site.
//sorry for the threadjack
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QUOTE (JimWhitelaw @ Oct 21 2010, 09:08 PM) Oops, I forgot to answer this earlier. The site has launched at http://www.easyhomebuycanada.com/ and
I`m always open to feedback on ways we can improve the site.
//sorry for the threadjack
Jim,
This website is a great idea. For new RTO investors this is a very cost efficient way to try the RTO route. Congratulations. When in the position to do so, I`ll certainly use your sit - why try to reinvent the wheel for setting up my own site when you offer a very professional one?
One of the big concerns I have regarding RTOs is the large number of transaction failures that appear to exist based on a hands-up survey by Don Campbell at one of the REIN workshops. RTO education on your site may help potential renters better understand how to set up the deal for them to reach the end-goal: a home they own.
Great idea!
I`m always open to feedback on ways we can improve the site.
//sorry for the threadjack
Jim,
This website is a great idea. For new RTO investors this is a very cost efficient way to try the RTO route. Congratulations. When in the position to do so, I`ll certainly use your sit - why try to reinvent the wheel for setting up my own site when you offer a very professional one?
One of the big concerns I have regarding RTOs is the large number of transaction failures that appear to exist based on a hands-up survey by Don Campbell at one of the REIN workshops. RTO education on your site may help potential renters better understand how to set up the deal for them to reach the end-goal: a home they own.
Great idea!
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- Aug 26, 2008
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- 731
QUOTE (gwasser @ Oct 22 2010, 09:25 AM) One of the big concerns I have regarding RTOs is the large number of transaction failures that appear to exist based on a hands-up survey by Don Campbell at one of the REIN workshops. RTO education on your site may help potential renters better understand how to set up the deal for them to reach the end-goal: a home they own.
Thanks for the compliments, Godfried. The concern you raise is one we share and part of what we hope to accomplish with the site is educate both tenant-buyers and investors about how to do RTO to create success for everyone. Success for the investor at the expense of the tenant (who never becomes a buyer) is an unsustainable, not to mention unethical, business IMO.
I`ve heard some disappointing stats too, like 50% of all RTO deals don`t conclude, etc. Aside from the obvious failure where the purchaser fails in some way to repair/build/rebuild their credit, I think there`s two main reasons for this failure where the investor bears some responsibility for not setting the buyer up to succeed: 1) Final buyout price is too high and the home won`t appraise at the desired value and 2) The option credits are not properly documented or are insufficient for the required downpayment. It`s those deals that give RTO a bad rap and cause the problems, misunderstandings and lawsuits. Hopefully more education for investors on how to create a win for their clients can help to turn this around.
Thanks for the compliments, Godfried. The concern you raise is one we share and part of what we hope to accomplish with the site is educate both tenant-buyers and investors about how to do RTO to create success for everyone. Success for the investor at the expense of the tenant (who never becomes a buyer) is an unsustainable, not to mention unethical, business IMO.
I`ve heard some disappointing stats too, like 50% of all RTO deals don`t conclude, etc. Aside from the obvious failure where the purchaser fails in some way to repair/build/rebuild their credit, I think there`s two main reasons for this failure where the investor bears some responsibility for not setting the buyer up to succeed: 1) Final buyout price is too high and the home won`t appraise at the desired value and 2) The option credits are not properly documented or are insufficient for the required downpayment. It`s those deals that give RTO a bad rap and cause the problems, misunderstandings and lawsuits. Hopefully more education for investors on how to create a win for their clients can help to turn this around.
- Joined
- May 11, 2009
- Messages
- 172
QUOTE (neill @ Oct 19 2010, 10:23 AM) Hi Ben - I remember a year ago when we left RLG`s seminar in Edmonton that Lynda and I had similar thoughts going on. We ordered yellow letters for Airdrie, Olds, Strathmore and even into Invermere BC (!). I posted ads on every Kijiji website in the province and into Sask as well.... the Olds/Str/BC letters sit collecting dust in my basement currently.
We quickly realized that we could get more than enough prospects by focusing on just Airdrie (we are a pop of 40k 15 min N of Calgary) - in Sept alone we bought 5 houses, and 2 have lease-purchase tenants in already, 1 has a renter (the original owner - we will not rent to own to him in that prop), and the 4th is is c/s and the fifth has been getting traffic.....
Any Calgary leads we get (unless they are truly compelling...) I turn over to others - we are focused on being market dominant in Airdrie, not market average in the Calgary area.
You can either start broad geographics and narrow in, or start small and scale up - one big recommendation is to get your (scalable) system in place first though.
As far as comps go, we talked with our realtors (yes, we date more than one here in a city of 40k and they are aware, but each has their area of specialty and they rarely cross paths....), and a true CMA is a reasonably lengthy process. Comps are fairly quick to do, and recognizing that one hand washes the other (one of the 5 Sept was MLS bank owned) we have an understanding. We definitely (as posted above) try and have our broad filter/ranging done and the underlying deal roughed out well in advance of requesting the comps though.... (try requesting 7 comps in a week on every suspect you have and see what that does to your relationship.....)
Hope this helps - good luck at the course!
My wife Lynda will be attending next week with Maribel Pelcastre from 911 Homes / Edmonton. Look them up there if you get the chance!
Cheers!
Hi Neill,
Thanks for sharing some of your strategy here - and glad to see even a smaller population of 40K can produce all the prospects you need. My home town of Cambridge has a population of 130K on it`s own, so I guess I don`t have to cast too wide a net!
We quickly realized that we could get more than enough prospects by focusing on just Airdrie (we are a pop of 40k 15 min N of Calgary) - in Sept alone we bought 5 houses, and 2 have lease-purchase tenants in already, 1 has a renter (the original owner - we will not rent to own to him in that prop), and the 4th is is c/s and the fifth has been getting traffic.....
Any Calgary leads we get (unless they are truly compelling...) I turn over to others - we are focused on being market dominant in Airdrie, not market average in the Calgary area.
You can either start broad geographics and narrow in, or start small and scale up - one big recommendation is to get your (scalable) system in place first though.
As far as comps go, we talked with our realtors (yes, we date more than one here in a city of 40k and they are aware, but each has their area of specialty and they rarely cross paths....), and a true CMA is a reasonably lengthy process. Comps are fairly quick to do, and recognizing that one hand washes the other (one of the 5 Sept was MLS bank owned) we have an understanding. We definitely (as posted above) try and have our broad filter/ranging done and the underlying deal roughed out well in advance of requesting the comps though.... (try requesting 7 comps in a week on every suspect you have and see what that does to your relationship.....)
Hope this helps - good luck at the course!
My wife Lynda will be attending next week with Maribel Pelcastre from 911 Homes / Edmonton. Look them up there if you get the chance!
Cheers!
Hi Neill,
Thanks for sharing some of your strategy here - and glad to see even a smaller population of 40K can produce all the prospects you need. My home town of Cambridge has a population of 130K on it`s own, so I guess I don`t have to cast too wide a net!
- Joined
- May 11, 2009
- Messages
- 172
QUOTE (GJWCA @ Oct 21 2010, 07:51 PM) Hi Ben: I like Godfried`s answer (avg. list price...deduct 5% in a balanced market , 10% in a buyers). You`re going to find either yourself or your Personal Assistant making a mound of outbound calls to FSBO`s. I keep a lot of my property info sheets and call them back at a later date only to find that the house is sold, when I find this out , I always say "I`m looking to buy in your area and was wondering if it would be OK to ask what your home sold for?" It`s definitely not the answer to our comps problem, but I sure have collected a lot and filed them away.
Gary
Hi Gary,
That`s a great idea - sales data that`s current, accurate and in the areas you`re looking to buy in! Pile up enough of this info and I would think you`ll be very close to the market value in your estimates.
Thanks for the tip!
Gary
Hi Gary,
That`s a great idea - sales data that`s current, accurate and in the areas you`re looking to buy in! Pile up enough of this info and I would think you`ll be very close to the market value in your estimates.
Thanks for the tip!
- Joined
- May 11, 2009
- Messages
- 172
QUOTE (JimWhitelaw @ Oct 22 2010, 12:34 PM) Thanks for the compliments, Godfried. The concern you raise is one we share and part of what we hope to accomplish with the site is educate both tenant-buyers and investors about how to do RTO to create success for everyone. Success for the investor at the expense of the tenant (who never becomes a buyer) is an unsustainable, not to mention unethical, business IMO.
I`ve heard some disappointing stats too, like 50% of all RTO deals don`t conclude, etc. Aside from the obvious failure where the purchaser fails in some way to repair/build/rebuild their credit, I think there`s two main reasons for this failure where the investor bears some responsibility for not setting the buyer up to succeed: 1) Final buyout price is too high and the home won`t appraise at the desired value and 2) The option credits are not properly documented or are insufficient for the required downpayment. It`s those deals that give RTO a bad rap and cause the problems, misunderstandings and lawsuits. Hopefully more education for investors on how to create a win for their clients can help to turn this around.
Hey Jim,
That site is an awesome idea - congratulations on getting it up and running!
I think you`re doing the RTO industry a real favour in helping to clarify the mystery surrounding this financing option. There`s still a lot of misunderstanding about RTO out among the general population and anything we can do to communicate a clear and consistent message about the pros and cons will make it easier to get customers (and investors) on board.
To add to your reasons why the investor is the cause of such high failure rates... 3) The investor didn`t screen the tenant buyer nearly well enough. They were blinded by a big, fat option fee from the tenant and neglected to investigate the factors that would disqualify their customer from ever being able to purchase that house. I`ve spoken to fellow RTO investors who have confessed that they really don`t know how their tenant will ever qualify for their home - they`ll just have to deal with it if and when it becomes an issue a year or two from now. Scary.
I`ve heard some disappointing stats too, like 50% of all RTO deals don`t conclude, etc. Aside from the obvious failure where the purchaser fails in some way to repair/build/rebuild their credit, I think there`s two main reasons for this failure where the investor bears some responsibility for not setting the buyer up to succeed: 1) Final buyout price is too high and the home won`t appraise at the desired value and 2) The option credits are not properly documented or are insufficient for the required downpayment. It`s those deals that give RTO a bad rap and cause the problems, misunderstandings and lawsuits. Hopefully more education for investors on how to create a win for their clients can help to turn this around.
Hey Jim,
That site is an awesome idea - congratulations on getting it up and running!
I think you`re doing the RTO industry a real favour in helping to clarify the mystery surrounding this financing option. There`s still a lot of misunderstanding about RTO out among the general population and anything we can do to communicate a clear and consistent message about the pros and cons will make it easier to get customers (and investors) on board.
To add to your reasons why the investor is the cause of such high failure rates... 3) The investor didn`t screen the tenant buyer nearly well enough. They were blinded by a big, fat option fee from the tenant and neglected to investigate the factors that would disqualify their customer from ever being able to purchase that house. I`ve spoken to fellow RTO investors who have confessed that they really don`t know how their tenant will ever qualify for their home - they`ll just have to deal with it if and when it becomes an issue a year or two from now. Scary.
- Joined
- Aug 26, 2008
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- 731
QUOTE (BenSanderson @ Oct 22 2010, 01:05 PM) To add to your reasons why the investor is the cause of such high failure rates... 3) The investor didn`t screen the tenant buyer nearly well enough. They were blinded by a big, fat option fee from the tenant and neglected to investigate the factors that would disqualify their customer from ever being able to purchase that house. I`ve spoken to fellow RTO investors who have confessed that they really don`t know how their tenant will ever qualify for their home - they`ll just have to deal with it if and when it becomes an issue a year or two from now. Scary.
Wow. That`s scary and sad at the same time. I know that was RLG`s advice - don`t care whether they can buy at the end or not - if they can`t, then boot them out and collect another deposit from someone else. Rinse, lather, repeat. Yes, I can see how that could generate income, but I want to be able to sleep at night and to feel good about the business I`m in, and though it may sound corny, I really do want to help people own their own homes. There`s plenty of money to be made from doing it the right way and no reason to "churn" tenant buyers or to (deliberately or ignorantly) set them up for failure.
Wow. That`s scary and sad at the same time. I know that was RLG`s advice - don`t care whether they can buy at the end or not - if they can`t, then boot them out and collect another deposit from someone else. Rinse, lather, repeat. Yes, I can see how that could generate income, but I want to be able to sleep at night and to feel good about the business I`m in, and though it may sound corny, I really do want to help people own their own homes. There`s plenty of money to be made from doing it the right way and no reason to "churn" tenant buyers or to (deliberately or ignorantly) set them up for failure.
- Joined
- Feb 19, 2010
- Messages
- 33
hi guys, i`ve been reading this forum on RLG`s methods. i`ve listened to his workshop presentation and also his interview webinar with his students over this past weekend. very interesting stuff. i would have liked to have entertained his 4 day course but, unfortunately i live out of country and sometimes getting back is not all that easy. questions though, to whom do you mail the yellow letters to? do you provide certain demographics for the YL`s to be mailed out to? ex. out of town owners? time on market? as to avoid a mass mailing. or as stated, maybe people are getting enough response using more conventional calling of FSBO`s.
does anybody have any recommendations on how to "simultaneously" set up their buyer`s list? this is probably a can of worms but thought i`d ask.
thanks,
mike
does anybody have any recommendations on how to "simultaneously" set up their buyer`s list? this is probably a can of worms but thought i`d ask.
thanks,
mike
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- Apr 14, 2008
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- 37
Hey Guys,
If you are spending 70$ for a title search... this may be of interest.
Since it is only 8$ at the registry office, i cant justify getting it.
http://www.teraview.ca/purchase/downloads/PricingGuide.pdf
If you are spending 70$ for a title search... this may be of interest.
Since it is only 8$ at the registry office, i cant justify getting it.
http://www.teraview.ca/purchase/downloads/PricingGuide.pdf
- Joined
- Sep 27, 2007
- Messages
- 326
QUOTE (BenSanderson @ Oct 12 2010, 09:31 PM) Hi all,
As I will be attending the Ron LeGrand workshop later this month, I am beginning to look at For Sale By Owner properties and collect the various data regarding asking price, market value, repairs, etc.
The big question mark for me is how I can determine actual market value on a house without having my Realtor pull comps for me? Every other thread I`ve looked at on these forums suggest the same thing - just get your Realtor to do it. Understand that I would most likely be structuring these purchases without any Realtor involvement, so I don`t want to waste their time pulling dozens of comps for no eventual compensation. There seems to be an abundance of online services in the US that can give you approximate housing values (Zillow.com, etc.), but I haven`t seen anything active in Canada.
Could I appeal to any of the Ron LeGrand bootcamp graduates from out west to suggest how I would go about this crucial assessment of each property I investigate?
Much thanks in advance!
Hi Ben, very hard without access to the MLS. You need an agent. Marry one, befriend one, or become one.....in the mean time Target a particular neighborhood where you know values inside and out....if not...deal with rules of thumbs ie. Semi in toronto at $250k in most areas is a good deal
As I will be attending the Ron LeGrand workshop later this month, I am beginning to look at For Sale By Owner properties and collect the various data regarding asking price, market value, repairs, etc.
The big question mark for me is how I can determine actual market value on a house without having my Realtor pull comps for me? Every other thread I`ve looked at on these forums suggest the same thing - just get your Realtor to do it. Understand that I would most likely be structuring these purchases without any Realtor involvement, so I don`t want to waste their time pulling dozens of comps for no eventual compensation. There seems to be an abundance of online services in the US that can give you approximate housing values (Zillow.com, etc.), but I haven`t seen anything active in Canada.
Could I appeal to any of the Ron LeGrand bootcamp graduates from out west to suggest how I would go about this crucial assessment of each property I investigate?
Much thanks in advance!
Hi Ben, very hard without access to the MLS. You need an agent. Marry one, befriend one, or become one.....in the mean time Target a particular neighborhood where you know values inside and out....if not...deal with rules of thumbs ie. Semi in toronto at $250k in most areas is a good deal
L
lanedry77
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QUOTE (mughals @ Nov 1 2010, 07:47 PM) questions though, to whom do you mail the yellow letters to? do you provide certain demographics for the YL`s to be mailed out to? ex. out of town owners? time on market? as to avoid a mass mailing. or as stated, maybe people are getting enough response using more conventional calling of FSBO`s.
Hi Mike,
The most common method it to target a specific geographic area that contains the types of homes you`re interested in buying, and send them there.
That might be a postal code list, or maybe just a door-to-door in the mailbox kind of marketing.
Out of town owners is hard in Canada, since there`s no good way to get that info (aside from pulling the title on hundreds of properties and looking for remote owners.
Time on market would involve a realtor, and is often against the rules for a realtor to share that info (some will do it, but they can get in trouble is found out).
Thanks,
David.
Hi Mike,
The most common method it to target a specific geographic area that contains the types of homes you`re interested in buying, and send them there.
That might be a postal code list, or maybe just a door-to-door in the mailbox kind of marketing.
Out of town owners is hard in Canada, since there`s no good way to get that info (aside from pulling the title on hundreds of properties and looking for remote owners.
Time on market would involve a realtor, and is often against the rules for a realtor to share that info (some will do it, but they can get in trouble is found out).
Thanks,
David.