Getting ahead of yourself is easy in any new business especially one with so many avenues and opportunities. As someone that likes to take action, I find myself potentially moving in every direction - achieving very little. Without using my day job as an excuse, I'd like to know what your focus and/or recommendation is for consistency, educational value and success? Specifically related in quality lead generation and obviously conversion. 

I think what you need to do is get one plan. Make sure the one plan is tried and true. Then focus on that and don’t look elsewhere. I’m currently reading Best Ever Apartment Syndication. So far I like what they preach and it seems legit. 

In the end you need to build one bridge, not begin many at once and never have it touch the end goal.

Good luck

@Gaspare U. that’s a great book. Easy process to follow and it’s proven. I agree, make a plan and stick to it. That book has an easy plan to follow. 

@Joseph Cameron  it sounds like you need to focus on developing strict investment criteria for your property search. Once you have strict search criteria you need to spend time networking with brokers and property managers so they can help find a property that meets your criteria. Maybe @Russ Scheider can add some insights regarding other lead generation activity. 

Originally posted by @Joseph Cameron :

Getting ahead of yourself is easy in any new business especially one with so many avenues and opportunities. As someone that likes to take action, I find myself potentially moving in every direction - achieving very little. Without using my day job as an excuse, I'd like to know what your focus and/or recommendation is for consistency, educational value and success? Specifically related in quality lead generation and obviously conversion. 

Consistency is what it is. Set aside time everyday to do the activities.

That being said Some of the the best ways to find off market commercial and multifamily properties is to compile lists from city and county websites if available or through a paid service like List source, Reonomy and CoStar or you can use free resources like Loopnet, CREXI, Ten-X commercial, Craigslist, tax database, general networking, brokers, property managers, title companies, environmental consultants, building inspection companies, appraisers, landscapers and other companies that service commercial and multifamily properties and driving for dollars. The key is consistent action and how you approach the owners and then the follow up. You need to be talking to hundreds of sellers these days to develop good deal flow.

You can send letters and email but cold calling is by far the most effective method but you really need to know what you’re doing, how to open the conversation, what questions to ask and more importantly when to listen and not talk. Most importantly you need to convey confidence and assurance you are a player and not just wasting their time. Remember you are building relationships with the owners.

Follow up is crucial and where 90% of investors and sales people fall short. You have to consistently follow up in a meaningful way and you will get deals.

@Gaspare U. Were you at #bpcon2019 #onebridge

Originally posted by @Lucia Rushton :

@Gaspare U. Were you at #bpcon2019 #onebridge

I was not, I only recently began looking into RE in a more modern, professional way. But I do plan on attending events and meets going forward.

@Greg Dickerson super valuable, thank you.

@Joseph Cameron time seems to be everyone's handicap. It's all about how you use your time. Time management and time allocation. Everyone is afforded the same 24 hrs.

I enjoy reading books a ton. I dedicate an hr a day every morning. Religously. When I'm in the car, it's usually educational podcast, or motivational speakers.

With lead generation, building rapport and cultivating relationships with brokers is key to get a good stream of deal flow coming in. You can always target off market deals/sellers to. That avenue is preferred especially when dealing in smaller quantity of units. Good luck

@Joseph Cameron A lot of investors find that it can be better to look for "off market” deals. These are homeowners who haven’t taken the time and made the investment to fix up their homes before putting it on the market.

­­­­­­­­­­­­­­­­­­­­­­­­­ Mailing is probably the best way to find your own off-market deals. These are people who share motivational characteristics of people ready to sell, but haven't yet done all the work they think they need to list property. The best way to find them is to send out mailers.

Some good lists to target are Absentee Owners with Equity, Seniors with Long-time Ownership and Homeowners with Low Financial Stability Scores. New Jersey is pretty competitive so you probably don't want to mail exclusively to Absentee Owners because your will only be one of many offers that they are getting.

You can work with a list broker to optimize your list for your area. From there, there are a lot of companies that can help with the printing and mailing. Be sure that you highlight that "selling your house can be easier than you think" with the advantages of working directly with you instead of the more traditional route.

@May Emery big thanks for the input. When you say financial stability scores - do you mean credit?

@Joseph Cameron

@Greg Dickerson gave a GREAT response.  Consistency and focus are key.  I have been accused of ADD, but I think it is more "shiny object syndrome"  What works for me is focusing on people I can help, who also offer value to me.  My lead focus is systemized, consistent networking.  I do direct mail, bandit signs, and park bench advertising.  These are on autopilot, because  networking is my strength and I focus my time on that. 

I am having lunch with a friend tomorrow who is KILLING IT with SEO and PPC.  Those acronyms could be college football conferences for all I know, but I looking forward to hearing all about his success, and hope to buy some properties from him.  

Some people geek out on SEO or pulling the right lists for direct mail, or some other method.  Pick something that suits you and focus on it consistently.  ALL MARKETING WORKS! - if it is focused and consistent.

@Danny Randazzo thanks for the shout-out

Originally posted by @Russ Scheider :

@Joseph Cameron

@Greg Dickerson gave a GREAT response.  Consistency and focus are key.  I have been accused of ADD, but I think it is more "shiny object syndrome"  What works for me is focusing on people I can help, who also offer value to me.  My lead focus is systemized, consistent networking.  I do direct mail, bandit signs, and park bench advertising.  These are on autopilot, because  networking is my strength and I focus my time on that. 

I am having lunch with a friend tomorrow who is KILLING IT with SEO and PPC.  Those acronyms could be college football conferences for all I know, but I looking forward to hearing all about his success, and hope to buy some properties from him.  

Some people geek out on SEO or pulling the right lists for direct mail, or some other method.  Pick something that suits you and focus on it consistently.  ALL MARKETING WORKS! - if it is focused and consistent.

@Danny Randazzo thanks for the shout-out

SEO and PPC are top quality leads. The issue you need to address and be able to pinpoint is retail vs wholesale as many of the inbound internet leads are looking for at or above market price. This is a problem with lots of investors right now so it would be Interesting to hear what your friend is seeing.

@Greg Dickerson The fact that 98% of the leads that come in will want retail $ for their property is universal. (although I agree that is is more pervasive online)  In my experience, targeted marketing (i.e. direct mail, cold-calling, etc) will bring that down a little, but it is a simple fact.  

When I coach new wholesalers, investors, flippers, etc, I drill into them the fact that we can only help 2-3% of the homeowners out there. Especially if we are ethical and not predatory. Most homeowners CAN and SHOULD sell their homes at retail prices, usually through a licensed agent via MLS. We, as wholesalers, house-flippers, and other investors exist to serve the 2-3% for whom a retail listing is not the best option, or perhaps not an option at all.

In terms of conversion, one of my standard seller interview questions is "Have you considered listing this property with a realtor?"  This is one of the best qualifying questions I know.  It brings out the true motivation of the seller and sheds light on why they contacted a "We Buy Houses, CASH" company.  Another great question is "What would you like to see happen?"

This is a great thread!  Thanks for contributing

@Danny Randazzo great advice, thank you.

@Tj Hines I couldn't agree more. I'm an audible and business podcast addict! Taking more action has been my most recent goal. Appreciate your input.

@Russ Scheider big thanks for this. I agree that focusing and 10xing strengths is the way to go ( and grow ). Happy Holidays.

@Russ Scheider many thanks for your input. I'm a big fan of asking the right questions and coming at this from a perspective of 'how can I help' as opposed to just seeing $ signs.

Originally posted by @Joseph Cameron :

Getting ahead of yourself is easy in any new business especially one with so many avenues and opportunities. As someone that likes to take action, I find myself potentially moving in every direction - achieving very little. Without using my day job as an excuse, I'd like to know what your focus and/or recommendation is for consistency, educational value and success? Specifically related in quality lead generation and obviously conversion. 

 I find it is best to backwards plan from large end state to small actionable steps. Your end state might be "replacing your salary through multi family investing." What do you need to do before that? Identify how many units unit, each producing X amount, in order to replace your salary. To buy that many units, is it better to focus on 4plex and below or commercial (this is probably subject to your own personal abilities and skill set- or the skillset you identify needs to be built). In order to have a certain number ,you have to have the first one. So identify everything you need to do to buy that first unit. Is it education- formal or informal through podcasts/reading? Raising funds? Setting up a funnel to find deals? Build a team? Will you do these one at a time, or will you focus on three lines of effort equally?

Right now I am focusing on two lines of effort- Education and building funds. I listen to podcasts and read every day (long commute). I spend a lot of my free time side hustling to build up funds for my next down payment, since I just purchased a property this summer. Once I get above a certain amount, I'll transition my time to building a funnel and developing a team to find deals and close on my next property.

The Financial Stability Scores (FSS) aren't specifically tied to credit scores because that is tightly regulated. They were developed as an alternative to the credit scores lists. As an example,  a car dealer doesn't want to use a list based on Fico scores because that would require that they include a firm offer of credit (you are pre-qualified). However, they do want to mail to people most likely to qualify for a loan. The Low FSS list pulls from the opposite end of the scale to get people who are likely to be struggling.

So to give a short answer, yes, Low FSS is people who are likely to have poor credit.

Originally posted by @Joseph Cameron :

Getting ahead of yourself is easy in any new business especially one with so many avenues and opportunities. As someone that likes to take action, I find myself potentially moving in every direction - achieving very little. Without using my day job as an excuse, I'd like to know what your focus and/or recommendation is for consistency, educational value and success? Specifically related in quality lead generation and obviously conversion. 

 Joseph,

I understand you man. I was like that when I was younger.

BUT, I never accomplished anything of value unless I am focused.

I've acquired about 3,000 apartment units and I keep about 1,000 units today. I have 3 different businesses and starting a new one as I finished writing my book. I seem to be doing a lot but I focus on one thing at a time.

To answer your question - FOCUS ON ONE THING. And you correctly determined that one thing - LEADS.

With large apartment complexes (50 units and up), the number 1 way to find leads is through commercial real estate brokers. To crack that nut requires a singular focus on contacting all the brokers in your area and proving to them that you can close on deals if ever they find a good one for you.

Due to my track record, brokers bring me off-market deals. It's going to be hard for you since you're new but I was able to do it.

But you need to FOCUS. Here's my challenge since you love taking action: make 100 phone calls to brokers in the next week. Don't go on BP until you do. You'll be amazed what you can accomplish when you focus.

@Michael Ealy  This is excellent advice. I am officially dedicating my hour daily to BP to contact 100 brokers. I'll see you on the other side.

FOCUS: Follow One Course Until Success

Real estate has so many possibilities for making money, which causes a lot of people to get confused and never take action. There is no best way to invest in real estate. The only way to invest in real estate is to start now, take action and focus on one path.