Tag: Rehab (3 articles found) - Clear Search

Why Dogs Bite

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I’ve had some discussions lately with coaching students about marketing.  One student was perplexed and somewhat upset, understandably, that “nothing is working”.  So, we drilled down into his work to see if we could uncover something.  I asked what he was doing for his marketing.

“Direct mail” was the answer.  Good, that’s a great way to reach out to a lot of people and get decent results; although this was clearly NOT the case for this guy.  Now, I should mention that I have seen his marketing letters and they are really great – to the point, clear, and all about helping the prospect.

So, naturally, I went to “quantity” and found that he was doing about 100 a week.  Not an avalanche by any means, but certainly enough to generate a response or two from time to time.  But, “nothing” is what he claims to be getting.  Absolutely nothing.  Makes no sense, really.

Later that same day, another student approached me with a couple of questions and remarked that he was fielding a “bunch of leads”.  “Wait a minute”, I said with this earlier conversation in mind, “where are you getting these leads?”  Oh, direct mail, talking with REALTORs, and friends.

So, the first thing you could rationally conclude is that he had multiple streams of marketing going on, but with all things being equal, he should have had little or no response from direct mail.  Not the case.  He was getting the lion’s share from direct mail response.  He was having good conversations. Read More...


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Solid Kitchen Floor Danger

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I was looking for something in my old properties folders when I came across a couple of gems that made me smile and, at the same time, made me thankful that no one was killed in the process.  Now, before you think I’m being all dramatic, let me explain what one of these two properties was all about.

This was “back in the day” when most of the properties that we acquired came off the MLS.  Life was so much simpler then.  Banks would foreclose on properties in default, many of which had been long since abandoned, then they would take them back into REO inventory and have a REALTOR list them.

We miss those days of so-called easy pickin’s when banks had no intention of touching the properties, they just wanted them GONE to eliminate the “non-performing asset burden” on their books.  Now there are “programs” and “PMI” and other things that can make holding these assets lucrative.

We all thought it was weird when a bank would come in, strip out carpet, spray everything in sight with a bad flat white paint, carpet the floors, and then list the property at a price as though it was newly remodeled.  It was truly lipstick on a pig in the strongest sense of the word.

So, let’s talk about property 1 – it was pretty trashed and had that special brand of homeowner uniqueness to it – one step up into the living room, one step down into the kitchen, two steps into the main floor bathroom, etc.  You get the idea; an ADA nightmare.

But we noticed something interesting about the kitchen – the floor was rock-solid, but all the surrounding floors (one and two steps up and down) were regular-sounding wooden subfloors.  The kitchen sounded like it was “flat on grade”. Read More...


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Property Tour #3 Is Only a Few Weeks Away...

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One of the favorite features of the Madison REIA Blueprint Series is the property tour.  For those enrolled in the program, we do 4 live property tours in and around Madison every year.  Why do you suppose these venues are so well-attended and loved?

Well, let’s see – the first thing that comes to mind is the “HGTV Effect” as we like to call it.  This is where people really love to see a distressed property that’s essentially been left for dead, abused, and misused for many years, inhabited by raccoons and their relations and generally just trashed.

Yes, we’ve got plenty of those on the tour (good thing we provide masks).  Also inside the HGTV Effect is the re-building phase, where people get to see how our Rehabbers have chosen to bring a property back to life, what updates they’re doing, and how they are proceeding with the process.

During all this, of course, we stress the educational part of the process – it’s what the REI Blueprint is all about.  So we have participants use their Rehab Estimate Worksheets to arrive at a Rehab cost, and we analyze that work right on site of the properties where we do this.

Property Tour #3 is coming up on Saturday, August 26, 2017, so if you’re a bit of a real estate geek and this sounds like a fun thing to do all day Saturday, you’ll want to check out the REI Blueprint Series on our website.  CLICK HERE for more details on this event and the REI Blueprint.


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