All Forum Posts by: Carey Edmund

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:)

@Jesse MacNeill 

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

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. 

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. 

@Nikki Robinson 

I am a new investor as well so my advice comes far more from life experience than re experice. Two question...first, what price is she looking for? Second, what do you think the fixed up value of the house will be? The rule of thumb is buy the property at 70% of after repaire value so let's say the after repair value is $295k. That would equal an ARV of $206k ($295k x 70%) minus repair cost of $43k = $163,500 but you still have to minus holding cost (varies but let's say $7k) and selling cost (17,700 - 6% realtor fee) = $139,500. You still need to subtract closing cost but I am not sure what those look like I'm GA. The value of the trees doesn't matter unless you plan on cutting them down. The question is can you get the property for less than $139,500? I am guessing no since the owner is having appraisals done on the property. I would guess she is looking for too dollar. I would offer her $130k and let her know that number will need to be reduced if black mold is discovered. Hope this helps. Let me know I how it goes and good luck.

@Andrew Herrig and @Dmitri L. 

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. 

@Neil Schoepp cudos on the usa.com recommendation. It is another great tool to generate leads. 

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.

@Arica Savannah 

Thank you and I definitely will.

Since my next move is a rehab I am looking strictly for SFR's.

- Absentee Owners

- 35%+ in equity

-1000+ square feet

- 50+ months owning the property

- Built in 1960 or after

- Exclude Trustee/corporation

I have to give a shout out to @Wane Tango because I stole the list from him.