All Forum Posts by: Joshua Martin

Hey Hicham Riffi ! And welcome! Just dive into bigger pockets, this place is the bomb! See you around the way! JTM

Tracy Price Hey! Looks great, I'd run with it. I'm in a similar situation, we want to start mailing in about a month and so I'm building a local peonage strategy as well as selecting criteria for a list. I feel like some of the feedback was a little negative about the idea, but I've decided to start marketing really because of the podcast: almost every successful investor on there, with few exceptions, works a direct mail campaign. I don't have time to find every lead from driving alone (though I have also been incorporating this), so I want to mail volume. Hot and cold markets, it always seems to work for people, whether overworked or not. Anecdotally, I have a friend that bought into a Homevestors franchise just 4 months ago. It's already working really well for him -- they do massive marketing, and that's how he acquires all of his leads. Lastly, as I'm building my own list too, I'd second that it seems unnecessary to only mail 65+. Why not 50+ of you want to use the age criteria. I might do the same. A 50 year old could have kids out of the house but own most of their home due to appreciation or just being financially responsible, you never know. I know one thing however, it'll work for both of us ;) Best of luck, JTM

@Justin Silverio

 I'm putting the pieces in place to start a marketing campaign here in Milwaukee, and I'm trying to be conscious of the details you just mentioned. So, my question is: do you use any type of software that is designed or easy to use to track this data? Or are there such programs out there?

 I'm looking to design a marketing plan for probate in my city, as well as start working a more common list - absentee, equity, or mortgage late (still undecided which) - and want to spend between $750 - $1500 p/m on that list, mixing up mailers and spanning out over 6-8 months. But, as you said, I want to diligently track this marketing so that I can refine it later on as I go.

Thanks in advance.

JTM

And one last comment, if you're looking for just a little more self accountability and clarity, I've recently started using this Passion Planer (that's the name) and its pretty sweet. A daily planner like any other, but one that is aimed at incorporating your short and long term goals in very concrete ways. Again, best of luck, JTM

Oh, and I said 'time,' but the obvious goal is FREEDOM.

Matt Gehrls Hey Matt, Great question, my friend, but maybe one that resides more in the realm of philosophy and theories of the good life than on a forum for investing. That being said, I'm sure we've all thought about it, and I'll weigh in anyhow. Recommended reads: Plato's Republic, and Plato's Gorgias (though you'd be stretching to make the connections with this one, or at least they never actually talk about money). My takeaway: money is undeniably an instrumental good, we really only desire money for x or y, to do this or that, and it is what you might call a necessary evil (although Socrates obviously didn't think it was at all necessary). My motivation: make a lot of it in as short a period of time as possible. Why? So I can live the life I want. Surprisingly (maybe), this doesn't require sports cars and yachts, but what it does require is time. I currently have two bachelors degrees and work second shift in a restaurant waiting tables and bar tending (a great restaurant, but still), and I just can't imagine doing this long term. In ten years I want to build custom furniture, I want to sit around and study philosophy, I want to travel. None of those other routes exclusively will or can afford me that lifestyle. As a result, I have a crazy fierce level of motivation to make this work for me, and it will. If you're not into reading the ancients, check out Mr. Money Mustache (a blogger), and the MadFientist blog, the latter is all about people who have achieved financial freedom and live the early retirement lifestyle. Discovering such a thing was possible was hyper-motivating. Maybe for you too. Do or don't, best of luck. I guess we all live the life we think is best. JTM

Why would a cash buyer buy from you and not the MLS directly? I've heard of this strategy, and it is something buyers complain about, because you likely negotiate the price down and then tack your wholesale fee back on top see it is near retail anyhow? Or perhaps you have a deep discount and the property has sat a very long time? And what is EMD? In any case, the title company you're working with should be able to handle this one. Sorry that's not very helpful, but best of luck, JTM

@Omar Mallick What up Omaarrr?

Hey gang,

I thought I'd put this up to the trusted BP community, ask you guys to tear it down, and then I'll build it back up. (I also apologize in advance if this gets just a little long - I'll do my best).

So I'm planning to start a marketing campaign with my partner in exactly a month's time. We first want to wholesale deals before we put other tools in our kit. We have a budget to send out 1500 pieces of mail each month for six-seven months, and in my head these are the steps between here and there for the next 30 days:

1. Legal coverage. We are both real estate agents, and he is also an attorney though he doesn't specialize in RE law. We need to first figure out how we operate as a licensed person assigned to a brokerage because we want to do this whole campaign separately from that (for marketing reasons).

2. Choose a list. This is where I could use some advice. I understand the basic options, and have listened to the podcasts with Michael Quarles as well as the ones with the other wholesalers, but are there strong reasons you would recommend new wholesalers choose one particular list? We are thinking about working probate. He has done a bit of legal work in this area, and I've gone through the process personally. I know there are some hoops to jump and processes to learn with any strategy, but it's all doable. Also, everyone on the podcast says absentee is over worked, do you guys think that is because it seems like the easiest list to mail?

3. Marketing pieces. I like everything I see on yellowletters.com, and might just use that for all the pieces, though we are looking into other avenues (my friend knows a local printer, for example). Would everyone be kind enough to maybe throw out list sources as well as marketing platforms that provide these services? (In addition to listsoure and listability).

4. Set up lead capture. What services are available in addition to google voice for bouncing calls to my cell phone during the day and my partners at night? As well as a prerecorded voicemail if none of us are able to take it? (As well as saving the number for quick call back?)

5. LLC? I'm not sure it's necessary at this point, but it only takes 20 minutes to do and it might be worth it because then when either of us signs a contract we can just use the name of the LLC rather than our own.

6. Design scripts so we can standardize and systematize all of this and how we deal with sellers.

7. Systematize.

8. Close deals, scale marketing, and hire VAs.

I believe we already have the contracts covered. In WI its just the WB-11 'and/or assigns' clause with a separate assignment of contract that my partner is currently drafting.

Additionally, what metric tools do people use for tracking response rate, lead capture, etc, etc.?

If you read to the end of this I heartily thank you, whether or not you choose to respond.

Thanks in advance, I wouldn't be doing it without BP.

Best,

JTM

P.S. I'm not sure this was the best place to post this, so sorry if you see it again elsewhere. 

Hey @Steven Bruce, you could contact @Zarak Sharwani on here and maybe get on the phone with him. He's a great guy and just started another Homevestors / WeBuyUglyHouses franchise in Milwaukee. He'd be happy (I'm assuming) to give you the pros and cons as he sees it.

But in a general way, the marketing budget is huge and you don't pay it or manage it directly. You do pay per contract and per lead, but there are certainly tradeoffs and restrictions with what you can do.

Best of luck,

JTM