All Forum Posts by: Neil Schoepp

What criterion do you use to decide on whether or not a post deserves your vote?

Just wondering how the votes work. As I wish not to be rude to those helping myself and everyone else out. 

So, How do votes work?

It is my perception that if someone posts something useful to the masses that's a vote. If someone ask a thought provoking question that really gets a conversation going that's a vote. If someone goes above and beyond to answer a question by posting a detailed answer or links to additional information that's a vote. 

When I place a vote it's sorta like me saying nice job way to go above and beyond. I liked that it made me think or even just laugh a bit.

If you receive a vote do you automatically pay it back by voting for the person that gave you a vote? (Specially when their post in your option doesn't fit the above criteria for giving your vote). 

@New Lor  welcome aboard. Keep on reading the post, blogs and utilizing the podcast. Plenty of info out there for you. As far as buying a duplex are you in position to house hack. Buy a duplex in a community that you would like to live in. Then purchase the duplex as a primary residence. This may get you around the investment property problem. 

@Luiz Souza  please know that I haven't used either yellow letters nor post cards. So my experience is based more on gut than actual research. 

You asked for my thoughts so here they are. 

You can send three or so post cards out for the same price as one yellow letter. Since you will be sending out mail monthly this will turn into a big cost savings.

A post card instantly gets your info in front of your audience. A short message like 

-----------Souza properties is buying house in your area. If you know of anyone selling please pass this onto them.---------

I personally as a consumer would open a yellow letter see that it is an advertisement and throw it out. Reading just a line or two. I would feel tricked into opening it and think of it as just a marketing ploy. Again this is just me. Apparently they work or investors wouldn't be using them. 

I just recently listen to a podcast. I want to say it was # 34 or 35 and they said that they were getting plenty of responses from their yellow letters but that it translated into  very few deals. Then they went to postcards and though they received less of a response those responses turn into a higher percentage of deals. So clearly postcards worked better for them at least. 

Hope this help at least a bit. Good luck.

@Greg Cobb  welcome aboard. I had the same problem as you. Where to start? Which avenue of investing should I take. After reading a bunch here. A lot of blogs here and listening to all the podcast I have ruled out flipping and wholesaling. They just seem more like work than passive income. I haven't fully decided yet but I am leaning towards buy and hold multifamily and notes. You just have to do as much research on the different investment "roads" and decide which fits you best. Primarily the podcast really helped me.

You have much more than just money to offer. Would you be willing to drive for dollars to find an investor a deal? Would you be willing to clean up a unit during a turnover? Run around town to file paperwork? There's plenty you can offer.

Not sure if this is one of the meet ups you have attended but if not then give it a try. I can not speak to the quality of it. But it did pop as one of the largest on the REI site.

Washington REI meetup

Just as a side not. The thing I'm working on right now is my WHY. Basically why am I doing REI. To earn more money is not a WHY. A WHY is about your passion. For instance mine is based upon (it is still a work in progress) myself learning a skill that can be passed onto my children in order that they will be self reliant. You will hit many stumbling blocks during your journey. Your why will give you the driving force to keep with it when you loose 10 or 20k on a deal gone wrong. It really adds clarity to what your doing. If I can offer anything else please don't hesitate to ask. Just keep at it it will all come together.

@Troy Toliver welcome aboard. The wealth of knowledge here is insane. I do not do yellow letters yet. The one thing I have consistently read and heard about them is it's a numbers game. The more you send the better your chances. The other thing is you may have to send 3, 4, 5 or more letters/postcards to the same property before getting a response. So don't be discourage if in the beginning you don't get any responses. Just keep at. Persistence is your friend here. Good luck.

@Michael Hicks yep your right for certain. I have three properties here and a search of them produced only one property address and that property had no additional info. I haven't used this process yet but can see the value as another avenue for possible information. Definitely not to most complete though.

@Michell P. you nailed it by saying the more you do the easier it gets. Just by doing something you get that snowball rolling and then the sky is the limit. 

@James Stevens  Yes! That's exactly it. Moving forward. By doing something no matter how small you are also developing  the habit of doing.

@Scott Rowsick  I am still a basic member (obviously) but to me the two big ones right now are the ability to search the member database by zip code and to view who is looking at your profile. Right now that's not worth the money to me. I am sure that in the future I will be upgrading. I'm just hot there yet.

@Tina Ferrier  I have one rule I live by. Do something productive so that I move forward each day. Some days I do a lot. Some days I just read one post and respond to it. But every single day I will do something to move forward. EVERY SINGLE DAY. Birthdays, vacations, holidays. On the light days mostly vacations I will just log onto BP and read a post or two.  

The other thing I do is ask myself what is the on thing I can do that by doing so will make everything else easier or not needed at all? For example maybe today I attend a REI meeting. By doing so I will gain knowledge in market conditions, networking and analyzing.

You already made a list. So tomorrow I expect that you will do something that enables you to cross off at least two things. 

Remember EVERY SINGLE DAY take a step forward.