All Forum Posts by: John Horner

Do you have experience helping people with credit repair?  How could you charge them for internet access, aren't they allowed to setup their own account with the cable provider?  How would you make money on rental insurance?  Are you an insurance broker?

You could focus on acquiring more rental properties to create more cash flow!

For that amount you could do direct mail and a website.  

I would follow @Michael Quarles  instruction on the DM, he is the resident expert.  If you don't have experience talking with sellers you really want to start small.  It can get overwhelming fast if you are busy with other tasks and have 20-30 calls coming in per day.  You don't want to lose leads by not making contact with them quickly.

For a website Oncarrot works or I started out using Wix for $25 upfront and $10/month.  Design a simple website with form and phone number.  Then setup a PPC campaign with Google and Bing, set a budget and watch the leads come in.

Hubzu is a scam.  There are stories her on BP where Hubzu actually bids along with the actual buyers to raise the price.  Then if no one goes above them they just tell the 2nd highest bidder that the highest bidder bowed out or couldn't close or something.

Total Scam, I wish these banks would quit using them.  If you call it an "auction" then treat it like an auction and be consistent.

I'd like to quote Winston Churchill, one of my favs:

"Never, Never, NEVER give up".

When I first started about a year ago I was inches from an amazing deal.  I had a relationship with the seller before he decided to hire a realtor to list it.  There were troubled tenants in the property so they couldn't show it.  He finally called and offered it to me at $0.50 on the dollar, half its true value.  I thought it was a done deal, but when he told his realtor to work up the paperwork she realized what he was about to do and offered to pay him the same amount only waive her fees.  After that neither would return my calls and and about a month later I found out why, the Realtor bought the property out from under me, put about $5k into it and made probably $35k profit.  This was my first great lead and I lost it due to some unfair circumstances... 

Fast forward 10 months and I am on my 16th deal.  Flips, wholesales, wholetails, we do all of them.  

BOY AM I GLAD I DIDN'T QUIT! 

Our company typically focus's on Franklin County (Columbus, OH), but we do receive quite a few leads for surrounding areas from our websites and Craigslist.  Right now we have a lead in Newark, Ohio that we are considering rehabbing or wholesaling to a cash buyer.  We would really like to touch base with any investors who are focusing on this area and pic your brain and possibly partner on some deals!

We have a guy here in Columbus who does some of these. It really makes the deal look bad whens someone is trying to wholesale it for $100k, and you get on MLS and see it is in contract and list price was $95k. If it was on the MLS and they didn't get offers above $95k, what makes it worth $100k to you or your buyers?

I'm not saying it can't work with the right agents and transactional funding if you don't have the cash, but keep in mind this could be a turnoff for your cash buyers.

This is absolutely hilarious! I can certainly appreciate because I am also still currently employed (with unlimited internet access) and my day looks surprisingly similar! Instead of browsing for deals on listing sites I am checking podio to see what leads are coming in from our mailers and website, analyze deals and quarterback tasks to our local VA to call, analyze or visit!

#maybeweshouldquit!

I had the same experience, being a natural introvert I dreaded talking to sellers.  So I just said screw it and started with 250 yellow letters, got 30ish calls and was on my way.  The last mailer I did myself was 3,000 postcards and got about 80 calls.  I could do it in my sleep now, luckily I don't have to anymore :)

Practice makes perfect.  You're going to sound awkward at first no matter what, the only way to get better is keep doing it.  I think Michael Quarles suggests saying your script 10 times in the morning and 10 times at night as fast as you can and you'll sound natural in no time.  Never done it just heard it helps.

I always try to ask "So what's your situation", this causes most people to open up if there is a reason they need to sell fast.  Some people are just short and no matter what you won't get what you need out of them.  I also like to ask "why haven't you contacted a realtor about listing your property?"  This will force them to reinforce the value that you are provided by make a fast cash offer.  Most people will say they don't want to take the time or money to repair the property, or they don't want to wait to list and sell it, etc.  I always remind them of their response in negotiations to reinforce the service that we provide and the reason we deserve the discount.

This is great, way to take action.  I sure hope you do get a deal on your first mailing, but don't set your expectations too high.  250 is a very small mailer and direct mail is a numbers game, the more you send, the more leads and deals you will get.  Creating rapport is fantastic, but I always try to get a ballpark price before I spend to much time on any single lead.  When I was starting out I would spend 30 minutes on the phone with someone building rapport before they through out an asking price 50% above retail.