Posted by Michael(NY) on April 09, 2002 at 09:08:14:
No not WP.
And sorry, I’m not qualified to help. I’d love to but…
Anyway, I’m sure some of these guys will step in.
Good Luck.
Target Marketing - Posted by Michael(NY)
Posted by Michael(NY) on April 08, 2002 at 21:22:19:
Hello-
Marketing question. I work in City Hall (large city directly outside of NYC). I find myself looking at properties that haven’t paid taxes in years and convincing myself they are motivated to sell. Are they, or are they deadbeats who still want FMV and couldn’t care less about taxes (the city hasn’t foreclosed in 20 years).
My question (finally) should I start firing off letters to any owner that is back in city tax for a couple years? At the very least they are uninterested owners. Maybe not MOTIVATED…but obviously uninterested).
The bad thing has been that I’ve been driving aroung the city like an A$% looking for properties, that I can’t seem to find, or realizing that if I owned the properties, I probably wouldn’t pay the taxes either.
Also, in a local(large municipality) where would I find foreclosure info, or anything else besides back taxes??
Any…ANY suggestions/info is appreciated.
Michael
Re: Target Marketing - Posted by Tim Jensen
Posted by Tim Jensen on April 09, 2002 at 16:36:29:
Michael,
You would be crazy not to send these people a letter. All you have to lose is the price of a stamp and an envelope. If you really want to be cheap you could always send a postcard. I have done this type of marketing myself. Here are some suggestions:
1)Send them a very simple letter. don’t mention the property tax situation.
2)Do a quick title search on the property beforehand. This will tell you if there is any equity to have. In my county, I can do my own title search in less than 2 minutes. It isn’t required that you do a title search, it just eliminates sending letters to people who owe too much on the property.
3)After the letter, give the people a call. You may find that they are listed in the phonebook. Once again, I would keep it simple and just tell them you sent them a letter about their property and you are interested in buying it.
Good Luck,
Tim
Re: Target Marketing - Posted by Bill (NY)
Posted by Bill (NY) on April 08, 2002 at 22:49:32:
Hey Mike
What County are you in. I’m working on the same type of thing.
Re: Target Marketing - Posted by Michael (NY)
Posted by Michael (NY) on April 09, 2002 at 18:05:16:
Thanks for the reply Tim. I was actually thinking it might be a waste of time.
Then again, how could it hurt? My plan is to get a general list of ALL deliquent property owners (city tax wise).
I know from preliminary investigations, that a lot of the properties are you know what. I was thinking of putting the time in to fire of a letter to them while concentrating on out of staters as well. The problem is that the city as large as it is hasn’t foreclosed in 20 years. Why? I don’t know…
That means to me… nobody is worried…
The reason I fell upon this was a friend of the family who owns deliquent property all over my city. He came to me because I worked for the department of Finance and he wanted to know where he ‘stood’ as far as taxes went. He hasn’t paid in 10 years…50k on a vacant warehouse that has development opps next door. He’s now worried about being left out of the progress. After talking to him for awhile it hit me (listening to JB, you and others…MOTIVATED SELLER). Maybe not crying for me to take it from him, but a guy who knows he blew opportunities and at the very least I can get involved for a lot less.)
I know this might not be very creative way of target marketing…but hey it’s tough starting out in NY). Still learning, still trying.
I’m starting to realize that their is no script in life and especially not in CRE.
Thanks again boys and girls.
Michael in NY
Re: Target Marketing - Posted by Michael (NY)
Posted by Michael (NY) on April 09, 2002 at 17:53:07:
Thanks for the reply Tim. I was actually thinking it might be a waste of time.
Then again, how could it hurt? My plan is to get a general list of ALL deliquent property owners (city tax wise).
I know from preliminary investigations, that a lot of the properties are you know what. I was thinking of putting the time in to fire of a letter to them while concentrating on out of staters as well. The problem is that the city as large as it is hasn’t foreclosed in 20 years. Why? I don’t know…
That means to me… nobody is worried…
The reason I fell upon this was a friend of the family who owns deliquent property all over my city. He came to me because I worked for the department of Finance and he wanted to know where he ‘stood’ as far as taxes went. He hasn’t paid in 10 years…50k on a vacant warehouse that has development opps next door. He’s now worried about being left out of the progress. After talking to him for awhile it hit me (listening to JB, you and others…MOTIVATED SELLER). Maybe not crying for me to take it from him, but a guy who knows he blew opportunities and at the very least I can get involved for a lot less.)
I know this might not be very creative way of target marketing…but hey it’s tough starting out in NY). Still learning, still trying.
I’m starting to realize that their is no script in life and especially not in CRE.
Thanks again boys and girls.
Michael in NY
Re: Target Marketing - Posted by Michael(NY)
Posted by Michael(NY) on April 09, 2002 at 08:25:12:
Westchester.
Are you the guy with the 10% return? If so, any insights as to what you had done.
Thanks,
Michael
Re: Target Marketing - Same guy. - Posted by Bill (NY)
Posted by Bill (NY) on April 09, 2002 at 08:49:54:
Hey Mike
Yup, same guy. I’d quess you’re in W.Plains. Go to tax office, find sections on map that are desirable. (by sections in mean as in sec.- block -lot) Fire off letter to out-of-towners who are late on taxes. Keep it simple and direct.
I’m also a new guy. Any thoughts on the prospects I wrote about? Maybe you are more prepared for making offers than I am? If not I suggest you get that squared away first.
Good Luck!