All Forum Posts by: Jordan Archer

Option 1) Start wholesaling. Put out 100 bandit signs in a target area EVERY WEEK, and you will start getting deals...obviously easier said than done, but that's basically what I'm doing now and that's working pretty well.

Option 2) Take out an FHA loan on a multi-family (preferably 4-plex). You only need 3% down with an FHA, so a 100k quad would only cost you 3k down. Live in the quad-plex, rent out the other units, and learn how to be a landlord while getting your mortgage paid for. Maybe even some extra cash if you find a good deal. Re-invest ALL PROFITS back in to the quad-plex. Once you have a little bit of equity (10-20%), take out a home equity line of credit against the quad to use as your down payment for your next rental. This is also what I'm doing (only with a duplex), and it is also working out pretty well.

Option 3) Find an experienced wholesaler/flipper and learn EVERYTHING YOU CAN from this person. Give them your time, attention and energy, and they will help you IMMENSELY to get your foot in the door. Once again, I'm also doing this, and it is also working pretty well.

Buying from a bank, assuming you mean at auction, you would need to pay the ENTIRE cost of the property at closing. This is where transnational funding from hard money lenders comes in. Also, you will usually need to put up some cash (skin in the game) to even place a bid on the property. If this is what you mean by "down payment," then no, you wouldn't be able to get around that. You need to have your ducks in a row when buying at auction.

Hey BP, 

This is a "One Thing" type question that I'm asking to help me focus my efforts on only the most effective actions.

I do bandit signs, door knocking and cold calling....

Is there anyone who has found success with a small starting budget that can share what activities they found to be the best use of their time, in terms of deal generation?

So far I've found door knocking on 30-60-90 pre foreclosures and bandit sign leads to be the highest producing. 

...and for clarity, I understand my primary action should always be speaking with motivated sellers who have equity. ... Just trying to focus in even further from there.

Thanks BP!

@Matthew A Rodriguez, @Jeiby V.

Thanks for checking up guys!

To tell you the truth, I've actually gotten 0 success through my mail marketing. I committed to a full 6 month cycle of mailing to absentee owners with the right equity, and I ended up with nil. However, my marketing budget was only $500/mo, so this was a valuable lesson for me to wait on the mailing campaign until I can afford at least over $1000/mo.

I HAVE HAD SUCCESS THO, so don't be discouraged. I'm actually closing on my third deal this month. 

I found my success through doing the activities that few are willing to do. These activities include: knocking on doors for pre-foreclosures, calling a ton of people on CL, and putting out bandit signs. 

I've definitely found that you're begging actives need to be focused on the higher hanging fruit to accommodate for a lack of marketing budget. 

I hope this helps guys, and thanks for your interest!

- Jordan

p.s. I need to write a success story on my first deal : )

@Michael Quarles

 So you're saying that you'll mail to an area 2 times in a 30 day period (1st day and last day). Then you'll mail to a second/third/etc. area in the same 30 day manner. So, while you send mail to the second/third/etc. areas, are you still sending mail to the first area? Or are you hitting each area 1 time every 6 months (assuming you mail to 6 areas)?

Thanks,

Jordan

@Jean Lowry 

It all depends on the price that you can get the house under contract for. Ideally, all properties that a wholesaler will buy will be in perfect condition, and at a massive discount. The better condition a property is in will make it that much easier to flip to a buyer. Also, depending on the type of financing you can get (ie. seller financing, or a sub2 purchase), you can even wholetale the property and make way more money than on a wholesale. The best properties to wholetale are the ones in great condition.

@Eric F.   & @Harold Anderson

@Harold Anderson I do own a rental, but have never done a mobile home before. I've just been getting so many leads who live in 55+ that want to sell who. I don't have a problem with talking to the manager, I just wasn't sure if I could buy the place since I'm not 55+

Manly I focus on SFR that I can just get under contract that aren't in communities. In this case I would be ONLY BUYING the property, not living in/renting it, and reselling using an agent.

...incase it was unclear, I am not 55 :P

Hey BP Mobile Home Investors,

I found a good deal on mobile home that's in a 55+ community. Do I need to get permission from the community manager in order to buy AND SELL the property?

Thanks!

Jordan

@Karl Krentzel & @Christian Marin 

Thanks for the replies! I really appreciate the feedback and help. 

-Jordan