Hello all, a couple of quick questions: has anyone noticed an increase in investor calls to purchase properties?

My one duplex (very nice one, corner property in a blue color working neighborhood) has seen a dramatic increase in these fishing calls ("are you interested in selling?"), likely 3-4 x per day on both my husband and my cell phone. At the same time I noticed that number of violations on the property increased significantly. Every week it's something: trash and trashcans thrown around(waste management throws cans any which way and spill trash since we are at the end of the street and this is where they pack the trash in). Dog feces on side walk (tenants do not own dogs). Clogged drain (legitimate, but had it fixed immediately as tenants called me right away, even before the notice arrived).

Does anyone think there may be a scheme here? Select a property, call in daily with violations (Phila has an easy reporting system) and hope that sellers get tired and sell cheap?

My other 2 duplexes in neighboring zip code do not get the same attention at all.

Another thought a disgruntled neighbor maybe. But why won't they reach out directly? And why the fishing calls are so frequent?

I have 2 cell phones, 3 business lines, and 3 mailboxes.

YES YES YES.

I tell them go steal someone else's property.

One of my X tenants kids told me they sold their dads place for 44,000.00. each kid paid 22,000.00 --they had no closing cost-- handed them each certified funds.

The way I feel-- it''s just another way to get all that money we spent in Afghanistan, Iran and Iraq back home.

The outside things could be neighbors or investors, but, the clogged drain line sounds like ‘ an inside job’.

I'm seeing it too. Not 3-4 times a day, but many more than in the past. I think it's a combination of things.

* Those who have access to money are after the places that are having trouble, like a pack of wolves after a deer heard that is starving. Pick off the weak ones and the ones in trouble first and the rest as they get weaker.

* The availability of the internet to search databases and identify places in trouble (wolves with internet access_.

* On you tube, there are suddenly MANY more "guru's" selling their "courses" and training to make a killing in real estate. (And silver, dropshippint, daytrading and more).

I'm seeing it too. Not 3-4 times a day, but many more than in the past. I think it's a combination of things.

* Those who have access to money are after the places that are having trouble, like a pack of wolves after a deer heard that is starving. Pick off the weak ones and the ones in trouble first and the rest as they get weaker.

* The availability of the internet to search databases and identify places in trouble (wolves with internet access_.

* On you tube, there are suddenly MANY more "guru's" selling their "courses" and training to make a killing in real estate. (And silver, dropshippint, daytrading and more).

With the drain it was a whole separate story. The City has replaced one of the cement sidewalk squares (they were repairing the nearby fire hydrant) and cemented over the drain vent (hope this makes sense). Basically poured cement to close one end in front of the house. Covered it up, of course, didn't report it to us. After a few good storms the outside drain kept getting clogged, we kept calling plumber to unclog it. So after the last one tenants called me and sent pictures of the particularly clogged situation. We called another plumber and he discovered the problem. $2,500 job. but I paid it and didn't cause a stir since it is likely to leak nowhere. We had it taken care of before even the violation notice from the city arrived.

I hate how the responsible owners are not appreciated in Philly. I am often thinking of selling everything and buying outside of the city. but I doubt whatever we purchase will cash flow as well.

Got my first solicitation yesterday.

Im thinking of calling back and asking if they have any properties they want to wholesale to me.

Hammer, that’s funny!

Elena, ahhh ...outside drains. Whew! Now I feel better about your tenants ;-)

I have taken to sternly say, put me in your do not call list, if I did happen to answer. That seems to have helped.

But, yeah, it is rampant. As was said above, the internet makes it so easy for someone in Afghanistan, India, or California to invest where, just as you mentioning, the properties cash flow.

Don - omg, exactly the same thing! It's like they are making weekly rounds to my property. And in my Northeast location one can always find something to be fussy about. Meanwhile, a block down and there is trash, abandoned cars, etc... (shaking my head). Something is up.

Yes, I've gotten hundreds of these (calls, texts, postcards) since Florida market started recovering five years ago. Not just for the rentals but for the house I live in too.

I called one of these places (big company that does this here) and they told me they contact any owner where the home value is 200K or less.

In the past I thought they would target houses with a lis pendens, or distressed house in ill repair, but now they are just hitting everyone.

Yes, I've gotten hundreds of these (calls, texts, postcards) since Florida market started recovering five years ago. Not just for the rentals but for the house I live in too.

I called one of these places (big company that does this here) and they told me they contact any owner where the home value is 200K or less.

In the past I thought they would target houses with a lis pendens, or distressed house in ill repair, but now they are just hitting everyone.

We used to get them maybe once a year. Now it's about once every six months. Usually it's people looking for acreage, and always lowballing it.

The most recent letter was for a piece of land we weren't interested in getting rid of. But he queried about what they'd offer for a crummy little 1100 sf 2/1 in our renovation queue. It's in need of major love, and we're just paying taxes and taking care of the yard until we've got the energy to tackle it... but since we're doing the easier/faster ones first, it won't be anytime soon.

Anyhow, DH got a kick out of their website. You fill in the information in a Google form. One of the questions was "How much do you want for this?" and out of the multiple-choice answers, one was "we'll take anything" or something equally desperate-sounding. But it seems that's a normal thing they make a distinction between--- whether a quick sale is of primary value, or getting market value for what you're selling.

I also receive daily mail, e-mail, texts and phone calls. The few times I answer the phone or every so often (not often) I respond to an e-mail I always tell them to do their due diligence and make me a written offer. Just did this twice last week because I was answering local calls as I was expecting some phone calls from numbers I wouldn't have known. Not one has ever made me a written offer. They all want to know what I want and they all act like "no closing costs" is a big deal. Yes, when I buy a cheap property from a "regular" person I also use the no closing cost line.

I figure my calls are from NE and Ken !!!!

Elena - there is no price you can put on a "quality of life"

Time for you to find your nirvana and MOVE there

don't waste another minute with trying to make your city fit your definition of quality of life - it won't happen in Philly

I just got a call from a call center - lots of background noise, about a property I dont own asking if I wanted to sell.

Scott, one inspector mentioned that if the know who the caller is, even if the person ‘remains anonymous’, they also check that person’s properties, because they know about neighbor wars. Lol! He said, even if they don’t know who turned in the request, they look up and down the street, and the street behind, as it often can be neighbor disputes. He said it also helps to avoid singling one person out.

All in all, not bad, as the neighborhood improves. Had this going on by my first little house. I was there this morning, and was thinking about how much this street has ‘cleaned up’. When I bought that house, our city had a non-owner occupancy inspection program, so the inspector was at my house for an initial visit, wrote up his list, then came out periodically to make certain I was accomplishing things on the list. We dropped that program as real estate recovered, but, the inspectors continue to look. And, with government offices being somewhat shut-down, the inspectors just work out of their vehicles, typing the reports on a laptop. One property management company employee that I know said the inspectors are ‘out in the field’ more than ever now.

That certainly is suspicious to me - do you have security cameras that might help?

these guys have a data service and do mass mailings and use bulk rates for that.

they market to absentee owners and operate on the "send a thousand buy one" theory. i had one recently offer me $11,000 "cash on the barrelhead" for a parcel i had JUST paid $100k for. their data farm is not very precise.