All Forum Posts by: Danny Day

@ Geoffrey - Thanks! I made it with the intention of knowing it would help others out.

@ Kevin - Yes, I had contractors ready to go. I got my deal funded through ISB Capital, a Hard money lender here in Houston.

Updates: I've reduced to $125,000 with the intentions of a fire sale. The note is called in soon, so I need to sell fast. I've learned a lot on this 1st deal. I have experience in multi-family rehab, but I must say things were different in this. Not so much on the rehab side, but the strategy side. There are things I have learned throughout the process that I will be posting up here soon. I am going to be going over the things I did good, and the things I could have done better - then I will share with BP.

Heres to a quick sale!

Danny

Joel - Thanks for the info! I got my license 2 months ago. Its been great so far!

Jimmy - I am doing it all! This month I've mailed letters, picked up the phone, knocked on doors, contacted my SOI, talking to neighbors, talking with builders, talking with my broker, talking with EVERYONE! You're right about buyer leads, they are easier to come by. I like working with sellers more so due to time limitations. I've got a pretty strong marketing plan, and once I get a prospect on the phone its hard for them to say no!

Got another listing lead! Out in Cypress, listing on Friday!

Happy July 4th!

Danny

I am mainly focusing on JUST SOLD prospecting in areas, and my SOI.

I just got another listing appointment down in Pearland with a guy selling a $200,000 house. The problem is this holiday weekend! I've got another appointment I'm trying to get to in Pasadena, and can't get there until after the weekend!

Have a great holiday weekend all!

Clay - Thats a great idea! I would love to break into the REO business. I am going to look into it. I spoke with an REO broker last night via email about it, and he told me to attend the REO conventions.

Just listed! 3/2/2 home in NW Houston today

Good question J Scott

Each one of my listings is properly marketed. My marketing plan includes an open house, broker open house, direct mail, syndicated internet advertisements to over 30 different web pages (REALTOR.com, Zillow.com, Trulia.com, etc, exposure in the Houston Chronicle, YouTube video walk through, as well as a Virtual Tour slide show.

Thanks for asking!

Starting a thread on my goal this month:

30 Listings in 30 Days

I got this idea after listening to a Napolean Hill audio-book, The Law of Success. I am applying the principals used in this book to my listings.

If any other agents / brokers out there would like to get on board, lets do this :cool:

Day #1:
- Prospected, got 6 leads for listings
- Ended the day with a voicemail from a home owner who is ready to sell. Set listing appointment for this week.
- Got a lead from a current listing that their neighbor will be selling soon, dropped off a letter to him. No word yet.

Day #2:
- Got a phone call from a woman who needs to sell ASAP, she is short sale approved. Listing tomorrow morning.
- Prospected

Came down on my price twice now. My neighborhood has over 13 months of inventory (ouch!). Wish I had MLS access before I purchased the property. That is something I would highly recommend any new investor do before buying a house to rehab and sell.

With that being said, my house is listed at $129,900 right now. Priced to sell. Very little room for profit for me. I will still walk away happy at that price.

My hard money loan is due in August, so I have a few options:

A) Find a buyer at current list price and close by August
B) Refinance out of the hard money loan, lease for a year and potentially risk the tenants destroying all my work
C) Owner finance the deal

I've posted the property on Craigslist, and have got over 5 calls today asking about owner financing. Something I was not considering, until I got an offer for 30% down, 5 year pay off with an interest rate of 9%. I also mentioned that if I was to owner finance, I would be raising the list price to $137,000.. and they were okay with that.

I'm showing this weekend to the potential owner finance people. I would rather just do a conventional / FHA sale right now and walk away sold.

Does anyone have advice with the owner finance situation? I noticed a lot of investors on Craigslist are advertising owner financing available. It seems like a win-win situation if I get 30% up front (pays for out of pocket expenses), and can sell at my original list price.

Could be a headache if we have to foreclose, but couldn't we just re-sell with another substantial large down payment?

Thanks,

Danny

Maybe we could get a bi-monthly or monthly meeting set up? That would be great. I'll volunteer to set the first one up. What side of town works best?

I've been experimenting with Facebook Ads. I can't get a CTR over 0.019 on my ads directed to the website. My CTR is much higher that sends to friends who are connected to my Facebook Fan page (CTR of 0.047%).

I have changed the picture in my ad (removed my headshot) and we'll see what happens. I'll let you know..

Just wondering who all on here owns their own property management company. It seems like a fairly decent job to do on the side.

I've been showing houses around the Houston area, and have spoke with a broker who manages about 35 properties in my area. Seems like its a very leveraged job as far as time goes.

Can anyone chime in with their experience, or how well they are doing with this? I've been thinking about venturing into this side of the business, but would like to hear some feedback first.

Please note: I am talking about managing SFRs only. Not for apartment complexes. The idea of residuals every month seem more appealing to me.

Could you also break down a sample pay structure as well?

Thanks in advance

Danny