Is this worth my time???

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Is this worth my time???

Account Closed
Flipper/Rehabber · Rowlett, TX · Member since 2019 · 49 posts · 31 votes

Hi all!

This is my first time posting (other than the obligatory intro post) and I'm just wondering, is it worth it?

I have been studying and listening to the podcasts for a long time and finally convinced my husband and our two best friends (our partners) to jump into real estate. The problem is that we don't have much extra money for marketing, and such. I didn't have money to buy a list, so I went to the Central Appraisal District and got my own. It took me HOURS and HOURS to sort through all the properties. I don't have money to buy and mail a ridiculous amount of postcards, so I bought stationary and I'm handwriting letters. (I know this isn't scalable but once I get a deal, I can allocate more toward marketing.) The problem is, once I whittled down the list of tax delinquencies, I'm down to less than 200 that fit my model. Is this worth it? Am I wasting my time with so few properties? I don't want to put a list, postcards, and mailings on a credit card, but I will if I have to. What would you do?

Thanks!

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Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
7y

@Account Closed as you are finding out despite what the Gurus say, it does take money to do real estate.  Is it possible to start with nothing, yes. Are you likely to succeed by starting with nothing, no.

The people who do succeed are the ones who persist, and continue to learn and grow.

So is it worth you time? If you persist until you succeed, yes. If you learn something from the experience you can apply later, yes. If you give up before you get anywhere, no. 

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  • Tyler GibsonBusiness Member
    Real Estate Agent · Orlando, FL · Member since 2017 · 1k+ posts · 2k+ votes
    7y

    @Account Closed Hard to tell if it worth your time or not. What do you think your time is worth? what else would you have done with the time you have invested in this en devour? If it works and you get a deal and you make some money then I'm sure you will think it was worth it. If you don't will the things you learned be worth the time you invested? I think only you can answer these questions. When you don't have much money then you need to make up for it with hustle and knowledge. If you have a bunch of money you can make up for a lack of hustle and knowledge but it will cost you.

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    14Reply
  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    7y

    @Account Closed as you are finding out despite what the Gurus say, it does take money to do real estate.  Is it possible to start with nothing, yes. Are you likely to succeed by starting with nothing, no.

    The people who do succeed are the ones who persist, and continue to learn and grow.

    So is it worth you time? If you persist until you succeed, yes. If you learn something from the experience you can apply later, yes. If you give up before you get anywhere, no. 

    26Reply
  • Account Closed
    OP
    Flipper/Rehabber · Rowlett, TX · Member since 2019 · 49 posts · 31 votes
    7y

    Thank you for the insights. I guess I was thinking in the more literal aspect, as opposed to the figurative. Yes, I realize that it will be difficult, especially without money. I guess what I'm looking for is, is it worth it to spend so much time on less than 200 properties. Should I spend the money and do a big marketing campaign or can it be done small scale? I am not afraid of hustle. I'm willing to write 200 letters if there is even a slim a chance it will pay off. Is there anyone who has worked through the same issues and come out profitable?

    0Reply
  • Account Closed
    Specialist · FL · Member since 2018 · 75 posts · 45 votes
    7y

    200 is perfect. You never know who is willing to sell. I would advocate getting every buyer (LLC) in that CAD list as well so you aren't heavy sellers without any buyers. It's always worth it to learn something new. And it just depends if it will pay off or not. The way to win at this game is being persist. Good luck!

    6Reply
  • Account Closed
    OP
    Flipper/Rehabber · Rowlett, TX · Member since 2019 · 49 posts · 31 votes
    7y

    @Chris Magma thank you so much! I never thought about using the LLC's on the list. Great tip!

    1Reply
  • Ehsan Rishat
    Specialist · Carlsbad, CA · Member since 2018 · 1k+ posts · 638 votes
    7y

    @Account Closed Welcome to Biggerpockets!

    200 is a good number to mail to but not the best. You need to make sure to touch those 200 records for at least 5 or 6 times with a gap of 3 weeks in between. If I were you, I would not spend time handwriting 200 letters. Instead, I would cold call them and keep on calling them every day unless they ask me to remove them from my list. Moreover, speaking from experience, handwritten letters and handwritten fonts delivers the same results.

    4Reply
  • Account Closed
    OP
    Flipper/Rehabber · Rowlett, TX · Member since 2019 · 49 posts · 31 votes
    7y

    @Ehsan Rishat Thank you! I was wondering that about the handwritten font. That will probably be a lot easier than handwriting them!

    Would it be acceptable to send a letter the first time around and then call for the second round? Maybe alternate every other time?

    I’m ready to get this ball rolling while also terrified about getting started. Lol! You know what they say; if you’re not uncomfortable, you’re not growing!

    Thanks again!

    2Reply
  • Lee Bell
    Real Estate Appraiser · Isabella lake, CA · Member since 2018 · 628 posts · 491 votes
    7y

    If you don't try, you'll never know how it might have gone.

    Can you afford the paper, ink, and stamps? Try it.

    2Reply
  • Account Closed
    OP
    Flipper/Rehabber · Rowlett, TX · Member since 2019 · 49 posts · 31 votes
    7y

    @Lee Bell you are so right! Thank you!

    1Reply
  • Brent Paul
    Rental Property Investor · Shakopee, MN · Member since 2015 · 985 posts · 374 votes
    7y

    Wholesaling is not cheap to get started.   You could also try doing some door knocking and that will only cost you gas to get there.

    2Reply
  • Account Closed
    OP
    Flipper/Rehabber · Rowlett, TX · Member since 2019 · 49 posts · 31 votes
    7y

    @Brent Paul the only issue I have with door knocking is that I live in Texas. Everybody has a gun on their hip!! 😂😂

    1Reply
  • Ben Leybovich
    Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    7y

    So, @Ned Carey and I usually agree on things. This time is no different. I think most people would agree that I've succeeded, at least to some extent. But, it has taken 15 years of eating a lot of ****...

    Is it worth it? Yes.

    Is it common? No.

    5Reply
  • Account Closed
    OP
    Flipper/Rehabber · Rowlett, TX · Member since 2019 · 49 posts · 31 votes
    7y

    @Ben Leybovich but you wrote 20 Ways to Buy an Investment Property for $2000 or Less, so you must think it’s possible, amiright? 😉 I’m willing to work hard. I’m willing to learn. I’ve just got to get started. 😃

    3Reply
  • Dustin Mathenia
    Flipper/Rehabber · Dallas, TX · Member since 2017 · 174 posts · 157 votes
    7y

    @Colleen Cupp

    What part of Texas are you in ?

    1Reply
  • Account Closed
    OP
    Flipper/Rehabber · Rowlett, TX · Member since 2019 · 49 posts · 31 votes
    7y

    @Dustin Mathenia I live in Rowlett which is about 30 minutes East of Dallas

    0Reply
  • Ben Leybovich
    Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    7y
    Originally posted by @Account Closed:

    @Ben Leybovich but you wrote 20 Ways to Buy an Investment Property for $2000 or Less, so you must think it’s possible, amiright? 😉 I’m willing to work hard. I’m willing to learn. I’ve just got to get started. 😃

    Hah That's a blast from the past. 

    Well, of course, it's possible. And there are more than 20 ways. So, what's stopping you?

    0Reply
  • Account Closed
    OP
    Flipper/Rehabber · Rowlett, TX · Member since 2019 · 49 posts · 31 votes
    7y

    @Ben Leybovich if I’m being totally honest: fear. But I’ve gotta get over it quick because I’ve mailed out my first 20 letters and plan on writing 20 more tomorrow. No turning back now! 😆

    3Reply
  • Dustin Mathenia
    Flipper/Rehabber · Dallas, TX · Member since 2017 · 174 posts · 157 votes
    7y

    @Colleen Cupp

    That's awesome I am familiar with the area. I live in Arlington. what is your plan when you get a deal?

    0Reply
  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    7y

    Yes you're wasting your time...and money.  The goal is to find quality...not quantity.

    Let me ask you this question.   Let's say you have this list in front of you, and you are about to sift through it.  What are you looking for?  What would make you put aside properties?  What would be your next step with these "put aside" properties?What do you plan on doing with those properties you put aside?

    3Reply
  • Steve Milford
    Lender · Vancouver, WA · Member since 2015 · 482 posts · 316 votes
    7y

    @Colleen Cupp When I first started, I put everything on the credit card. The key is to keep finding ways to engage your market until the phone starts ringing. I.e. I test as I go. Direct mail is hard, but it can be useful as a way to gather contact information to start conversations, and the more conversations you have the greater amount of deals you will find. Tenacity is the answer.

    2Reply
  • Account Closed
    Rental Property Investor · Yuma, AZ · Member since 2019 · 637 posts · 46 votes
    7y

    @Colleen Cupp of course, im 18yr old I sent 500 postcards I spent 350$ and im gonna mail it 3 or 4 times, I used my dad's credit card. I just got 6 calls.. 1 appointment,

    1Reply
  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y

    Try handwritten bandit signs I get a call a week later n mine .

    1Reply
  • Anthony Rosa
    Rental Property Investor · New York City · Member since 2019 · 703 posts · 538 votes
    7y

    You are getting experience and that means a lot. You put thought into your goal and doing what you can with what you have.  

    How much are postcards? It may be worth it to do postcards on a large scale considering your current postage, paper and printer ink costs. Plus, most likely ou will wind up doing more than your current 200 letterd and the cost will increase. Kind of like averaging your losses.  The more postcards you buy the less it costs.  

    0Reply
  • Account Closed
    OP
    Flipper/Rehabber · Rowlett, TX · Member since 2019 · 49 posts · 31 votes
    7y

    @Dustin Mathenia it depends on the property. If it fits my model, I'd like to BRRRR it. If not, I'll wholesale.

    I’m going to Pumpkin Nights in Arlington this weekend ☺️

    1Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    7y

    Save up money and work with a plan to spend it on marketing.  I was never concerned with my time. I was only concerned with doing whatever it takes to make investing work.  

    0Reply
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