Investor · Texas/Colorado · Member since 2014 · 72 posts · 36 votes
Hello BP,
My mailers went out over the weekend, my Google Voice is set up, and my CRM is ready to go thanks to Jerry Puckett. I started with 400 and my intention is to ramp up each month over the course of the year. I am using mailers to try to find my first rehab. My intention is to wholesale anything that's a good lead but not a good fit for my real estate goals. I will keep everyone posted on my progress, my successes, and my mistakes...wish me luck.
Investor/Accountant/Builder · Meno, OK · Member since 2014 · 1k+ posts · 918 votes
11y
I have never sent out a mailer. Is it that difficult to find distressed houses and motivated sellers in Dallas? In my experience, the number of available houses has always stayed far ahead of my ability to finance and pay for the purchase of the properties.
Investor · Texas/Colorado · Member since 2014 · 72 posts · 36 votes
11y
Thanks John! To say I am excited is an understatement. I am trying to stay realistic so I don't expect anything for the first few months but I am happy to be out of the talking about it phase and into the doing phase.
Arlan - I am not sure about the difficulty in finding distressed houses or motivated sellers in Dallas. We are a very large metroplex so I will wager it is not difficult at all IF you have the mailers directed to the right individuals in the right areas. I am going to tweak the list with each mailing until I find the sweet spot.
Investor/Accountant/Builder · Meno, OK · Member since 2014 · 1k+ posts · 918 votes
11y
@Carey Edmund there are currently 2562 houses on MLS in Dallas, starting at $5,700.00. Why don't you go after one of those? I am sure there are many motivated sellers there. Not to say what you are doing is not a good plan, I just think there are boatloads of properties out there to buy. Of course you may get a deal that may never hit multi list. You might also get a bunch of crazes, that realtors have already discarded. I guess I would like to see your results as well.
If you want to rehab a house, go buy one tomorrow and get after it. Make some money.
Investor · Texas/Colorado · Member since 2014 · 72 posts · 36 votes
11y
I appreciate the feedback Arlan but my approach is a lot less about make money now and more about make the right money now. My list is directed at two specific zip codes that I am very familiar with. They are in areas I have lived and know very well and am in a much better position to gauge without help. There may be 2562 houses for sales in Dallas but maybe 20 of those are in the two zip codes I would feel comfortable buying in. Of those 20 the vast majority of are overvalued and the rest are under contract. I am friends with one of the top realtors for those two zip codes so if it hits the MLS, and is worth looking at, I am probably one of the first to see it. I appreciate your get out there and get it done mentality but it doesn't fit my life or my approach to REI. As far as making money goes, I do very well with my day job. My motivation is to build a business and any business requires a strong foundation. If I build that foundation correctly the money is guaranteed to follow. Business, like life, is not one size fits all. There are plenty of people who will read what you wrote and get excited but some very hard lessons have taught me not to be one them. I believing in study, then evaluate, then study some more, and then act and just to be clear I always do act. My studying led me to mailers so that is where I will act.
Great answer! I can second that good properties in desirable areas at the right price don't just grow on the MLS tree in Dallas. Sourcing deals yourself with direct marketing sounds like a great way to gain sufficient volume for a scalable business
Rental Property Investor · Dallas, TX · Member since 2012 · 502 posts · 263 votes
11y
Carey - sounds like a good plan! I started doing direct mail last year in the Dallas area and ended up doing 1 flip and 2 wholesale deals from it. Stay consistent and be willing to invest 6 months of mail with no expectation of a deal until then and you'll be on your way to success.
Arlan - The DFW market is extremely competitive. Any good deal on the MLS will have multiple offers within hours. Not to say you can't find a good deal on the MLS at all, but they are few and far between and you will make offers on 20+ properties to get one accepted. Even with direct mail, most of the people I'm mailing get 2 to 3 other mailings per week.
***Sorry I didn't tag names, that feature is not working for me for some reason...
Thank you for the support. I am committed to an ongoing mailer campaign that I am hoping last a very long time but no less than a year. I think it is important for everyone to understand that their situation is different from everyone else's so they have to do what is best for their situation.
Investor · Texas/Colorado · Member since 2014 · 72 posts · 36 votes
11y
I received two calls today from potential sellers. I am going to call them back shortly and see where they lead. My intention is to post whether or not they go anywhere so everyone who hasn't done it can see what it's like and learn from my mistakes. Wish me luck.
Investor · Texas/Colorado · Member since 2014 · 72 posts · 36 votes
11y
One thing I will add is Google Voice is supposed to give you a transcript of the call. The calls came from an older individual and a person with an accent so the transcripts did not make sense the way GV transcribed them.
Investor · Coronado, CA · Member since 2014 · 36 posts · 10 votes
11y
@Carey Edmund Congrats on your first mailer campaign. And congrats on the call backs! I look forward to hearing the outcome. Also, I've had similar difficulties with the GV transcripts.
Thanks you! Google Voice sent me "Yes, Hi, this is Carey you sent in the OR. Com as my you may have some on the number 111 that I think, newEaster July you can give me a call if that was all. Thank you.". This put me in a slightly uncomfortable position because I though I would get their name from GV. I then planned to use the name to find the address so I could get the basic info on the house (best laid plans of mice and men). Luckily I figured my way through it
Investor · Coronado, CA · Member since 2014 · 36 posts · 10 votes
11y
@Carey Edmund That is classic! Good 'ol Google Voice. I don't recall what mine came out like, but it was similarly illegible. Glad you worked it out. I look fwd to hearing more about how this progresses.
Investor · Texas/Colorado · Member since 2014 · 72 posts · 36 votes
11y
Ok so I talked to one lead and am waiting for the other to return my call.
I called lead one and he told me he was not thinking about selling but he would consider it if I made him an incredible offer. I have been listening to @Michael Quarles for telling me about it). I asked the gentleman to tell me what his definition of an incredible offer would be. He told me I was calling him so I should make the first offer. I told him I am an investor and my intention is to buy a property at a reduced price, rehab it, and then sell it and that I was not the type of investor that's known for making incredible offers. I asked him if his property would fit my criteria and he told me no and not to call him again. My first no in real estate so I guess I am one closer to a yes. I am going to have to tell you about lead 2 later. I just got a third call. I let it go to GV and this is what it said "Hi Carey, How you doing this with you going to see if they want to my house is You know what What. What'sabout Give me a call back. At (214) xxx-xxxx bye.". At least I know it has something to do with a house and I removed the numbers:)
Investor · Texas/Colorado · Member since 2014 · 72 posts · 36 votes
11y
Got their voicemail so on to lead two.
The voicemail lead two left said she was interested in selling me her property and that it was rehab inside and out. She also said she wanted $125k for it. I called her back and got her voicemail so I decided to take a 6 minute drive to her property. This is the joy of marketing where you live. The property had a Century 21 sign in front of it so this is a dead lead. I am going to let her know that I only deal directly with sellers so I won't be able to purchase this property but to keep me in mind if she decides to sell another property in the future.
Investor · Texas/Colorado · Member since 2014 · 72 posts · 36 votes
11y
I have had a few more calls and I have come to realize that some of the leads are calling you expecting an offer beyond the value of the property. I know that should have been expected but being a newbie I don't think I realized that some of the recipients of our letters just don't get it. They don't get that we are investors looking for good deals. Its been interesting to say the least. I am considering using bandit signs to generate more leads. I listen to the podcast and I have yet to hear one investor say they only use one form of marketing. I look at it as the worst thing to happen is I will get a lot of practice talking to people. I know a lot of the leads will be unqualified but I would rather make the mistakes on an unqualified lead instead of a qualified one. I plan on putting the signs out Friday evening and picking them up Sunday evening. I would love to hear feedback on this.
Investor · Texas/Colorado · Member since 2014 · 72 posts · 36 votes
11y
Just got over the flu so I will update where things are at with the mailer tomorrow. I don't think anyone is following the thread so I am going to use it as a journal. More to come...