Today’s REI Classroom Lesson
As Kevin Bupp discusses, the TLO technology is helping investors track down hard to find homeowners. By taking this extra step, you’re giving yourself a leading edge against your competitors.
REI Classroom Summary
Kevin shares a real life example of how using TLO helped track down a hard to find mobile home park owner that most other investors had given up in finding.
Listen to this REI Classroom Lesson
Real Estate Investing Classroom Show Transcripts:
Announcer: Welcome back to the FlipNerd.com REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Kevin: Hey, guys, Kevin Bupp here from the MobileHomeParkAcademy.com and the Real Estate Investing for Cash Flow podcast. Today, I’ll be the host of your REI Classroom tip, and in today’s show, I’m going to share with you a little-known secret resource that will help you quickly track down owners’ mailing addresses, alternate addresses like second homes and vacation homes, cellphone numbers, their age, and just about every other detail that you could ever want.
Announcer: This REI Classroom real estate lesson is sponsored by TheInvestorMachine.com, FlipNerd’s private investor coaching program and your blueprint to investing success.
Kevin: We use this resource on a daily basis in our very own business, and it’s helped us track down owners that we wouldn’t have found otherwise. And this site that I’m referring to is TLO.com, and that’s Tom, Larry, Oscar. And it’s a service that’s owned by TransUnion, and it’s a software that is commonly used by people like repo agents, skip tracers, bail bondsmen, etc.
This one piece of software will give you the leading edge if you’re in the business of tracking down property owners, which I’m sure you are if you’re in the real estate business. It’s an absolute game changer, and will put you leaps and bounds ahead of your competition.
In fact, I’m going to give you two examples, two recent examples, of TLO actually in action, us finding deals that we probably wouldn’t have otherwise found.
The first one is a mobile home park that is in New Hampshire. Well, the owner of that mobile home park is an older gentleman, and they vacation a lot down in Florida. In fact, they have three vacation homes in Florida, and we, actually, were sending mailers, direct mailers, to all four of their addresses, so their main address in New Hampshire and their three homes, or three different properties, that they own in Florida. In fact, one of those properties was very challenging to find. It was listed in one of their brothers’ names, so it wasn’t even owned by them directly.
In fact, we mailed to all four, and guess where they responded to us from? They responded from that fourth mailing address, which was a vacation property that was actually in their brother’s name, but they owned. That’s where they were staying for the winter.
They responded to us. We purchased their park. It’s a park that has made us a ton of money. It cash-flows greatly.
And I can promise you that all of our competition that might have been sending them direct mail as well, they were probably sending it to their New Hampshire home, where they literally only spend six months out of the year. And so, if they were getting mail up there, they’d wait until they got back home to sort through it all. And guess what? Your letter would have been in that stack, but if you’d have used TLO and followed our advice, you’d have gotten your letter in their hand at the right time. We bought that deal. It was a great deal.
The second one, a mobile home park also. This is what we do. We’re in the mobile home park business. The second example is a deal in Virginia that we own. We currently own it today. It’s a mobile home park that the owner was just . . . He was an ex-attorney. He was very good about kind of hiding himself, and his address wasn’t readily available. It was very challenging to find him.
We found multiple addresses that we thought were his on TLO, and we basically mailed to all of them. One of them was the right one. It basically arrived at some condominium that he owned in Washington, D.C. Well, guess what? He responded to us and we bought that park.
And I can tell you that, and I know this from having conversations with him, he did not receive a lot of other direct mail. In fact, he received very few other direct mail pieces about his mobile home park. It was an absolute homerun. We stole that park. We bought it for $650,000. Today, that park, just two years later, is worth over $1.5 million, and it cash-flows more than $100,000 a year, net, net, net, in our pockets.
So that’s all I have for today’s REI Classroom tip. Thank you for listening and spending time with me today, and until next time, I want you to get out there, take massive action, and make some cash flow happen.
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