All Forum Posts by: James Stockton

Hello All!

I'm still a newbie out in Elkton, MD. Currently seeking recommendations for several pieces of a team that I will need to put together for further success in Delaware. I'm targeting New Castle county for the most part. 

I'd really appreciate it if someone could give me their best recommendations for companies/individuals who could help me out in the following capacities:

-Title Company

-Experienced investor friendly agent

-Property manager

-General contractor (I know this one will be the hardest to locate a great one)

Thank you for all your time!

-James

@Malik Welch

My thoughts on radio are similar to TV. Not really a common source for attention today. However it should be cheaper to produce a great product for radio. 

For my ROI, I like to target my advertisements. I prefer homes that need work. If there are any reliable contractors in the area with a storefront in my area, my cards will be there. I look for problems that people will have where buying their house would be a solution, and I target them.

Honestly, I'd send out the mailers. This is purely from a novice point of view, I'll explain my reasoning though. 

TV, as of late, has been declining in numbers. The cheaper rates for spots will probably ensure your message is getting to the least amount of eyes possible. I can't tell you the last time I turned on my tv to watch something not on netflix. Also, the likelihood of me pursuing anything I've seen on the tv only once is very little. I'll have to see a commercial probably 3-5x before I'd even think of calling. Consistency  will normally give me a better feeling of the brand, even if it's a false sense. 

Mailers though, I believe will reach more in the short term with longer term growth. Also when marketing as a licensed agent, you will want to add more than just mailers to your advertising. The things that I personally, and many that I know will look for is a physical item to touch, TV simply wont do that. The timing of a person selling the house is crucial. 

Which do you think is more likely;

-Someone being able to remember a commercial they say 6 months ago?

or

-Picking up a mailer that they put in a drawer a year later when they are getting tired of the house they want to get rid of?

Another media you might want to consider is the internet. Facebook marketing can be huge to your business if done with proper taste, it will also reach more people than with most other media forms on a lower budget. This will trick the seller a bit. You never want to convince someone of your product, you want them to feel like they convinced themselves. 

Lengthy post, I know. I'm just telling you what would work for me as a consumer/possible seller.

Good luck!

Hello!

I'd first like to say that I don't know that it will fit in with the majority of the other stories here. However, I wanted to share my success here shortly. It's still in the works, but should be done by the end of the month. 

The small win that I achieved was being able to successfully trace an owner of a property from a post card that was sent back to me as "return to sender". I was even able to get in touch with them via a phone call and set up a first look through of the property. My market is fairly hot for new wholesalers, so this was my way to separate my self, I WILL do the extra work to trace down these sent back to me.

The deal looks to be turning out great so far with fairly little work. The owner says that no one else contacted him about the property before I did! This is incredibly seeing that it was from a listsource list originally. 

I'm stoked that it actually works! this will be my first deal and I'll be even more excited to tell about that success later on. (hopefully by the end of the month!)

Welcome Jessica! 

There are many successful landlords at the REIA here in Delaware. I'd reccomend checking that out.

I'm just around the bend over in Elkton,MD. I wish you the best in your journey! 

Contact your local Attorney on the LLC structure. You should obtain one in the near future, but it is NOT necessary. However, if you're making it a rental, it would be a great idea to protect your personal assets.

As far as your IRA, unless you already have the money already put into there, then that ship has sailed for the time being. If you don't have a self directed IRA set up currently, I would highly recommend getting one set up ASAP. They're a huge tool to your future.

Welcome!

I've driven past your area many times in my day job. I hope you enjoy the site as much as I have and can learn tons. The Beginners guide is fantastic! If you aren't listening to the podcasts, I would recommend it!

Best of luck in your journey.

Personally, I'd take the leverage because that's what my business needs right now. I'm trying to actively grow my portfolio so the access to that money is very important. I could very easily use it as a down payment on a new project.

@Zachary Foust that's a great idea to limit price. I'm learning now how to tweak my list, my first is probably way too broad. It's a learning process though! 

Can you tell me more about how you're able to offer property management? Was that an already existing system or did you create it for those owners? Also, what requirements are there to doing that in Delaware beach areas?

Eric Armstrong I'm glad to hear other options for lists. I'm looking into getting a list for those who are delinquent on taxes, having a rough time finding a good one but hopeful I will. That's a large list price for sure, gonna have to be creative. My post cards were all hand written except for the front. I photo copied the same post card to reduce cost of outsourcing. The call is for a property that has home build options. Not really my cup of tea but I might be able to do something with it. I'm also looking to get my license this summer before the school year gears up to start.