I am new to the investing world. I’m been working as a bird dog. My problem … I haven’t gotten any deals in the year that I been doing this. I need help in understanding what I’m doing wrong.
I have tried;
1) A series of letters, sent every 2 weeks to pre-foreclosure homeowners
2) Postcards and flyers placed on community bulletin boards
3) Drive by and note homes that look vacant and due research on owners, then tried calling
4) Let everyone know that I’m in business
5) Working on a website to market my bird dog service
What am I missing? After a year of doing this, I though I would have gotten something. I’m not ready to give up. I see others on the forum making deals, I believe I can also. I need some guidance, please advise. Thanks in advance.
I myself,think your doing everything right. You just got to have a little bit of patience, and if i were you i would also start following up with a second letter, postcard,flyer,etc. goodluck
Thanks Jorge, I was wondering if it was a lack of patience or wrong marketing.
My marketing plan consists of a series of letters that include 7 different letters, 3 different postcards and 2 different flyers.
Persistence, persistence ... I know I can make it, thanks again.
Well if you've done this consistently throughout a year, I dont think patience is really the answer.
How well are your ads worded? Have you done this on a consistent basis? Do you answer the phone when they call? How well are you handling the calls? Do you get there before the next guy?
You're losing them somewhere. It shouldnt take a year to find one deal.
First, it may be that your market is terrible for flipping. When a bubble starts to deflate, the first thing that happens is that speculators leave the market. Without the speculators and with an increasing number of foreclosures and tighter credit standards, the flipping fad is largely over. So, a lot of your problem may simply be your market.
Additionally, you are doing the typical newbie strategies, just like thousands of other newbies. Nothing says "I'm a newbie" like sending out postcards and letters or posting bandit signs. I've never done any of those things, yet have managed to acquire dozens of rentals. I think that you should concentrate more on meeting people and forget the mailings. Join your REIA. Get involved in your community. Tell everyone you know that you are buying properties.
I commend you on not buying something just to buy. You are light years ahead of the majority of newbies who pay too much for their property and then go out of business. You've shown you have the persistence, now concentrate on meeting people.
I agree with Mike,you need to join your local REIA and network with other investors.This way you can see where they're buying and go to those areas.Also try craigslist.FSBO's and expired listings are great opportunities as well.I hope this helps
H.D.J- You do realize the original post is 4 years old right?
Yes Des N,
But Loretta is active on BP, so maybe she have time to write how to continued this story.
And by looking at Loretta's profile, it seems she has completed a few deals by now ...