All Forum Posts by: Account Closed

I'm not sure what you expect us to say. Of course he "went about this wrong".

But it doesn't mean he is wrong. It doesn't matter if the guy is crippled, he single handedly lowers the property value for everyone in the neighborhood. Pride of ownership has a big impact on people's perception.

Which kind of notes are you looking to invest in?

Aside from asset protection, one of the biggest reasons not to buy delinquent notes under your name is that you want to create distance between yourself and the borrower.

It's easier to build rapport with the borrower when they're dealing with you as "just doing your job and trying to help them" than as the guy who holds their note and is about to foreclose on them.

Obviously if you're only going to buy notes on vacant houses with the only goal to foreclose, then that's different.

Show us what you're ranking for in the top 3 in San Diego, and I may have a job for you, wise guy.

Instead of using theory, focus on reality. The San Diego market is not the Steamboat Springs, Colorado market.

Rank top 3 for anything meaningful, above Zillow/Trulia/etc and above the other real estate agents/agencies that have been doing this for 10 years? Hmmm.

Just make sure you use strategies that work now (active) rather than later (passive).

Online strategies do work, but they take time. Even PPC, you'd figure it would be quick, but the thing is that even when people sign up on your website they usually aren't ready to buy.

They're just window shopping and it's going to take 3-6 months before they reach the next step. So in the mean time you're spending a ton of money (I would assume PPC in San Diego isn't cheap!) and not making any.

Nothing beats direct mail / calling / door knocking for speed. Open houses can be good too if done right. I wish I had known these when I started. I focused a lot on websites and stuff like that and it took months before they started generating anything meaningful.

A normal thing to ask is if they plan to pay this outright or use financing.

Then regardless of what they say, you can tell them we'll need a proof of funds letter or pre-qualification letter as sellers are expecting them.

If they don't have them, and they usually don't, you can direct them to your preferred lender.

Why in the world would you sign up with a brokerage that doesn't have local support and back office? That's pretty silly.

That's hilarious. You guys are so biased against agents you're oblivious to reality.

Even assuming your scenario (which is realistic in some areas and completely unrealistic in others), you don't include any expenses such as taxes, gas, dues, signs, advertisement, administrative support etc.

So on one hand you fantasize about the 4 hour work week, but you want your agent to work 60 hours a week for 30k per year.

Yes.. they are doing you a massive favor.

There is a difference between being incompetent and managing your time and money (establishing priorities).

Not a single agent in the US is going to spend 100% of their time and money marketing your property (unless maybe it's a 100 million listing).

Now that we've established that it's all about managing your resources, do you honestly believe the agent is going to spend the same time / marketing effort with a $50k listing than a $500k listing? If you do, you're being unrealistic. The agent isn't your employee and isn't a charity.

Money is a very strong excuse for lower effort when it comes to these low priced homes - until you start paying for your advertising and give us $250/hour like attorneys.

Agents ARE doing you a favor by helping you with these properties.

How much money do you think agents are making on these sub 50k houses? Those houses are a headache to deal with, for peanut rewards (pre-commission split! pre-tax!)

The mindset is simple: spend as little time as possible, as little gas as possible, as little effort as possible on those homes. Squeezing 10% more money on a 50k house MIGHT afford you enough extra commission to go eat at McDonalds. If you don't have kids.

There is a lot less competition in the mail box (and a much higher perceived value) than an email.