All Forum Posts by: Dev Horn

Hey @Crysta Balbontin when I read your original post, it sounded almost like a list of all the reasons you think you might fail.  That's a good list to know, but now that you know it, THROW IT AWAY.  Stop trying to defeat yourself before you even get started.

Change your inner dialogue to one that is supportive "This is a people business and I am excellent with people.  I will do WELL at this business...".

It takes time to create any new business and this one is no exception.  Just start putting small things in place over time and they'll add up to something meaningful.  It really doesn't matter what people think the first year you're doing it, but when they see you sticking to it in year 2, 3, 4, etc,, they will CERTAINLY take you seriously.  And if you are not in it for the long haul - you need to seriously evaluate your interest in this, because it will take time, money, and lots of hard work to succeed in this business.  But you CAN do it!

"Success isn't owned. It's leased, and payment is due every day." ~ J.J. Watt

Wow, @Cortney Jones that's an excellent story.

I've taken on a few people to mentor and saw the same exact thing.  I have a new guy starting now - we'll see how it goes,

Most people want success and financial freedom, but so few are actually willing to WORK for it.  Alas, real estate investing is not magic.  It's business.  It's work.  It's hard.  It SUCKS sometimes.  But the dream is real for those with the character to pursue it...

First of all, don't write letters.  That's a crazy use of your time.  I really do think that YellowLetters.com has all you need to do this in a cost effective manner.  Or a similar company - the point is no don't write letters.

And why focus on out-of-state?  All absentees are just as likely to have the same issues, problems.

Just do the typical "I buy houses for cash, as-is, FAST" kind of marketing.  Lease options are a different list - those are generally people with a nice houses but they have no equity.  Some of those will show up in your leads.  But marketing to them for those deals is a different list with different criteria, and a completely different message...

Here in Texas, we can use contracts other than TREC.

We have 2 simple agreements for the Purchase and the Assignment, and they are tailored to this type of transaction.  Used many many times here.  You do need a title company that is investor friendly and understands the transaction.

I'm happy to share our simple wholesale contracts (as Word docs) if you PM me.  Take them to a few title companies and see if they are acceptable for your use; modify them as necessary.

Barry - I don't know anything about those guys, but I know a lot about online marketing.  My criticism of their stuff is - they sell websites, and their company website is way out of date.  It does not use current technology.  This would be like buying a new car from a Yugoslavian car company....

THE PRICE WAS RIGHT, BUT...

Consider the Investor Carrot sites at oncarrot.com - their stuff is also not expensive but it's clean design and current technology.

Hey Brian - I know your old employer well.  Put me on your mailing list.  We are looking at 2 ends of the spectrum:

1) Arlington and anything in the mid-cities, especially H-E-B, NRH, and Watauga. Typical 3/2/2 SFR below $150K ARV.

2) We're also buying HIGH-END flips in D/FW -- houses in very nice areas with ARV's of at least $400K. In FW, that would be any nice neighborhood near downtown, such as Monticello, Arlington Heights, Magnolia Ave., Museum District, etc....

 I was thinking you might have to expand into the growing metropolis that is... ROYCE CITY!  =)  (Remember when it just had a Dairy Queen? ha ha)

Any number is better than 0, right?  Do what you can with the budget you have - and consider:

1) Postcards, which you can do around 50 cents each vs. letters at ~$1 each.  That would double how many you hit.

2) With a small budget I think your option of hitting people every other month - in order to double the # of people reached - is a good idea.

As Gerald said, it's all about getting your # of contacts up.  Good news is you're in Caddo Mills, TX - a list of 800 addresses might be just about everyone out there!  =)

Last thing - don't just mail a few letters and then sit back and wait for the phone to ring.  Make your mailing 1 part of your strategy.  The biggest thing you can do is WORK YOUR CENTER OF INFLUENCE (COI) - the people you know.  Business cards and car magnets are not very expensive - use them to let everyone know that you are in this business.

Consider dividing the $3K by 6 and setting a $500 per month marketing budget for the next 6 months.

Use Listsource.com but consider ALL absentees - not just out of state (OOS).  OOS absentee's are a small subset of the larger absentee pool.  There is no particular advantage or reason to only mail to OOS owners.

If you do direct mail, most respondents will prefer to CALL you at a local phone number, so you'll need that.  If you do online, you'll need a landing page or web site.

Only commit about 80% of your monthly budget - other expenses will come up (buying a mailing list, getting bus cards, etc.).  With the 80% - if you'll do direct mail, keep your cost at around 50 cents per mailing so you can hit twice as many addresses as you have dollars. ($500 per month x 80% = $400... $400 / 50 cents = 800 mailers...  that's the size list I'd look for on that budget!)

The moderators on the site are super quick to act when you Report Abuse.  Despite the occasional attempt to game the system, this site is extremely well moderated and maintained.  Good job BP moderators!