First post on BiggerPockets
Hello everybody,
I have been listening to the podcasts for a while now and enjoy them very much Brandon and Josh. They're "Awesome. Awesome."
My story- I have always dreamed about buying and renovating houses for a living and I am to the point where it's time to start going for it. If I take action today, in 3-4 years, my life could be completely changed. And that's ultimately what I want. Provide a good living for my family and build a successful local business.
I started marketing a couple weeks ago and received a few calls, but still sending out more mail, so I figure I am going to need to join BP to help me when I come across challenges.
In October, I mapped out the areas and neighborhoods where I want to market directly to homeowners. I believe its only around 30,000-40,000 people. I have spent Sat and Sun mornings driving up and down neighborhoods, writing down the addresses of every house that I would actually buy if they contacted me to sell.
(I want to buy houses I can rehab and sell to a family. Looking for 1950-1990 built because they turn into very cool homes after opening up walls, upgrading kitchens and baths with high end finishes, new doors and millwork, lighting, landscaping, etc. Would still consider older properties since I live in an area that has historic 1900's houses. )
My list has grown to about 700 very targeted properties so far and I still have more areas that I want to d4d. This is the exciting part and makes me realize there are potential opportunities all over!
I am also interested in mailing certain targeted lists, like probate. But right now, I just want to get to know my area by driving the streets and start making connections with houses that will sell at a wholesale price when the owners need to move on. Their homes either haven't been updated for decades or deferred maintenance. There are SO many homes out there like this and will need to be resold at some point. Opportunities are everywhere.
On Nov 6, I sent 77 letters out.
Nov 14, another 165 letters.
And tomorrow another 63.
These letters are a typed with Dear "owners name" and how I am interested in their property at "401 Dundee Pl" for example. I also have my handwritten signature on each letter. They folded into #10 envelopes with handwritten address, return address and stamp. It takes quite a bit of time, but I believe that all you have to do in marketing is be unique. That's how people will remember me. I prefer this type of "local, yet professional" type VS the yellow letter with I want to $buy$ your house coffee stained paper. I am not marketing to that type of demographic I guess.
Well, I got an email the day after my first mailing! An elderly man that lives in a hoarder home with trash piled up outside but it sits on a corner wooded 4 acre lot next to a new development with homes that sell in the $500,000-750,000. Beautiful property, horrendous house! Since we have snow on the ground here in Minnesota, he said he would like me to come out next spring and walk the property with him. Didn't say he wanted to sell - and I don't expect it either. But I have no problem building a relationship in hopes that he will sell it to me down the road.
Last week, a phone call came in from a guy that wants me to leave him alone since he is bothered "daily" from solicitors wanting to refinance his house. I explained what I am trying to do and told him if he knows anyone wanting to sell their home to call me.
And then yesterday I got a call from an elderly couple. She told me "We received your letter last week and would like for you to buy our home this spring." I didn't know what to say because I straight up froze in my tracks! The letter worked! ha ha. I thought of Michael Quarrels right away and said "Great. Is the house currently listed with a real estate professional?" "It's not? Fantastic!" They would like to move to their other home up north this spring. I asked her if I could come out to the property to see the house, meet her and see if I can help them and she agreed and wants me to call her in 2 weeks to set appt.
This was such an awesome feeling! It makes me confident about sending even more letters out to these targeted homes. I haven't received the greatest response from these mailings as I hoped for, but hey, we've got winter going on right now and Thanksgiving is right around the corner. I am sure they made an impression on some people, but my letter is being set aside for now. I plan to mail to the same addresses every 6 weeks now and scrub the list as time goes on.
I do not have any capital yet to buy these homes. My mindset has shifted from How Do I Get The Money? to Find The Deal First and then go to your network and ask for it. I absolutely believe that it will be there for me once I truly have an opportunity under contract. So, I am not too worried about it yet. Fake it til I make it style.
And that's where I am at so far. Glad to be on here finally! I will continue to update.
Thanks for reading!