All Forum Posts by: Joshua Moore

@cage green You are doing the right thing, and I agree with Kyle, no sense in waiting, just start reaching out :)

@Joe Splitrock I will agree to disagree.

1. Your first point is very possible.

2. I agree that some people will choose to sell but there are two main issues that I think go against this line of thinking. If people were smart enough to sell rather than be foreclosed on, then why are homes always being foreclosed on? Often people in these situations are not in a capable state to handle a home, and do not have the foresight to sell prior to the bank seizing their property. In a perfect world I would agree.

Additionally, the issue isn't so much the foreclosures. Foreclosures have been halted for quite some time causing a false inflated sense of scarcity in the housing market. This in turn has caused the prices of all homes to skyrocket past anything considered reasonable. Now the fed has continued to lower interest rates in an attempt to stimulate spending thus allowing people to afford larger mortgages without actually having more buying power or cash on hand. So people are further driving up the prices of houses.
Now the issues arrises when any foreclosures being, cause this then falls on the bank as a default mortgage, thus its revenue they thought they would have to disappear overnight. Thus in turn, they will become more cautious on who they give mortgages too, and give out less mortgages in general. In turn demand will dwindle to somewhat, causing house prices to fall. Now you have all these new home buyers who bought a 600k home with a 700k mortgage on it stuck, and basically underwater on their home purchase.

Now couple in inflation, it's just a series of dominos that fall one after the other until the bottom falls out at some point.

3. I understand that there are government plans to help people, but pushing it on the taxpayers only increases inflation and ruins the value of the dollar and the overall market.

I don't see how this doesn't affect the world, either we have crazy inflation or a crash in the housing market, or dominos slowly leading to a black swan.

This will not be exactly like 2008, as it is now a different situation, but with record inflation, and the supposed 3 trillion infrastructure deal I am worried.

I do hope I am wrong...

Hi @Harvey LaCount

To find probates your best bet is to go down to your local county courthouse and ask them for the most recent probate lists. This is really the best way at the moment to get them and not pay through the nose.

In terms of divorces and other distressed homeowners you may want to look into Listsource, or something like propstream.

I hope this helps!

@Richardo Ramirez I agree with Josh Caldwell. Marketing is all about being consistent. The different marketing channels should all be utilized but at the same time be known and understood where their value is and how it can connect you to a supposed deal.

Cold calling is great, but time-consuming and can often be difficult for people who are not up to having potentially tough conversations. The good thing about it is often you know where you stand.

Direct mail is great as well as it's very hands-off allowing you to cast a large net very easily and have people come to you ready to sell. You can set up multiple mailers allowing you to focus more on inbound leads and closing a deal. 

RVM and Text are good as well, but can sometimes be viewed as intrusive,(Not always). I would make sure however that it is ok in your area to use those systems as people are starting to run into issues.

Like Josh said the goal is to keep at it. It all comes down to quality data(Lead lists) and persistence. Good Luck!

@Alexzander Ellenbogen Are you saying you have a budget for a total of 1k mailers? 

I would recommend getting a list of at least 1000 leads in one area and marketing to them. Make sure you have it in your budget to reach out to them multiple times and in multiple methods in order to make sure your presence is known. Keep track of everything you do. Both successes as well as the failures, and adapting as you go. Don't spread yourself too thin as you can always move onto other areas of the country later. 

A good methodology to keep in mind is, let's say you get a response from 5% of the people your reach out to. If that is only 333 people that would be around 16 people, and of course not all of those would be deals. But if you were able to up your budget and market to 1000 it would give you 50 people and a higher chance of finding a deal.

Make sure to not over-extend yourself and take your lessons learned onto the next marketing push you do. Remember all it takes is one.

I hope this answered your questions.

@Alexzander Ellenbogen The rule of thumb is the larger the list the better your chances are at getting a deal, "BUT" and that's a big but, your data does has to be good. Let me explain. 

The more mail you send out, and by that I mean not only the size of the list but multiple mailers to the same properties, increases your chances of having someone contact you with a deal. Like all marketing, you need to get in front of people multiple times before they trust you and also it increases your chances that they will see your marketing and act on it. 

Now going back to the list, it is important too that your list data is current, up to date, and actually has a chance to convert into a deal. If you are just blanket sending to everyone with the property type your want you may be wasting a lot of time, effort, and money. It appears though you are targeting vacancies, +70% equity, and absentee owners. All of which are great lead types. What I would do is once you create this list, see how many leads it is. If it's less than 1-2 thousand I would try and add more property types to your search. Instead, if it is some number way above your budget, I would recommend possibly slimming it down but being smart, and precise with how you do it.

The last thing I will say is you do appear to be targeting large cities with already tough competitive markets, so just take that into account during your marketing. I am not saying you shouldn't market to these areas, just make sure you take into account the extra effort needed and the competition that exists and make sure it is within the budget.

I hope this helps. Please let me know if you have any other questions.

@jian 

@Jian Wei Tandric Bench I completely agree with @Aaron W. Your best bet would be some heavy lifting on your end sadly. Driving for dollars is great. Another idea would be with foreclosures on the horizon, you look into preforeclosures or people who are behind on their payments. You can often look in the registry of deeds for your county and find properties that were sent tax notices or notices of unpaid mortgages. These are more likely to be people who need to sell and willing to make a deal once foreclosures hit.

@Kirsten Wright I agree with both of them above. I would wait. Save your pennies and attack once foreclosures and eviction bans are lifted.

@Joshua Roat Great mentality, just need to keep up that action side of things.

Good luck

Hi @Joshua Roat

Everything you are doing sounds like a great start. 

Try a google voice phone number if you are looking for another number to use aside from your personal one. 

It is very wise to keep track of everything you do, so you can see what works and what doesn't but also so when someone follows up with you good or bad you are keeping track of what events and conversations got you there. It sounds like you are taking the right steps so don't let analysis paralysis slow you down. Good Luck!