Investor Spotlight
Issue #4:
Featuring Brock A. – Wisconsin
1 mailer, A few emails... half a million later.
Brock Agamaite is mainly a buy-and-hold investor in the Northeast WI market. He started his portfolio in 2021 with a few on-market deals and a few off-market deals he grabbed via cold calling. Since committing to direct mail marketing using Ballpoint, he has added 10 units to his portfolio in only 8 short months, bringing the total units to 17. He plans on ramping up his marketing in 2022 to reach 100 units by the end of the year.
Here’s the story of his first 2 buildings bought via direct mail marketing.
The Story
Brock bought his first 3+ unit complex in his market by sending absentee owner mailings to an entire county of WI. The buildings are in a B-class neighborhood and all filled with long-term tenants performing well under market value for rent amounts.
Seller communication:
This was a very unique situation where the seller is living and working in Poland. All communication was done through email and usually at 2 am my time. He had only owned the buildings a few years but was using a property manager who was local and that PM likely wasn’t looking out for his best interest as the rents were well below market value and the maintenance that was being done was being billed to the owner at a high rate. The owner had a power of attorney that was local that had planned on signing the closing documents but we ended up closing right before Christmas so he made it home to sign in person and I got to meet him for the first time at the closing table.
The Numbers
- Purchase price: $400,000 for two 4 unit buildings and a vacant lot
- Current rents: $4,100
- Market rents: $5,080
- COC Return: 30%
The Marketing
- List: Absentee Owners (MFU owners)
- How many addresses mailed to: 3,306
- How many touches: 1 mailer, 25 email exchanges with sellers, 1 property visit by property manager
- Marketing piece used: BPM Template Mailer
