All Forum Posts by: Michael Quarles

Good to meet you...

The reality in today's market (6 years after this post) is that data is in the fingertips of the sellers. I am going to stay with my post from 6 years ago... Just be in contr5ol and buy some houses. 

Personally i would never ask if someone has asked someone else for help... I would use the info if they gave it to me however why bring it up? 

The HUGE takeaway is that what we do for most of the sellers who call us is a better choice... we dont have to compete or fear a listing... That is weak at best.

Happy House Hunting

Dont just use handwritten Letters. Mix it up... 

Different people are attracted to different things. A highly educated person may rather read a longer typed letter where a busy house husband/wife may not have the time and a Postcards fits them perfect. 

Mom and Pops may like the personal approach of the Yellow Letter.

Since we dont know what someone likes only that they are qualified to sell us their home I send a series of 6 pieces. 

• PixList Postcard
• Yellow Letter
• Text Postcard
• Typed Letter
• ZipLetter
• Naked Letter

The list is compiled of 

• 30% + equity
• SFR
• Under Median
• 5 Years of ownership
• No Corps or trusts

Happy House Hunting 

There are two types of Subject To strategies. 

1- Buy low equity 10-15% and resell via a wrap, rent to own, or keep as a rental.  These deals are plentiful however the exposure can be extreme  if the Due of Sale is called. At that point the investor will have to come to the table to cure the loan prior to foreclosure. 

2- Buy high equity properties 30%+ and outright sell the property. In this scenario you can use the above strategy however most wont. Most will sell the property and pocket the profit

In the second one mentioned above I prefer the wholetail method over wholesaling or assigning. 

Happy house hunting 

Hi Scott, As a Broker and Investor myself I have only purchased one property via the MLS and have over 1000 under my belt.

The list is crutial. I like

• 30+ Equity
• 5 years of ownership
• SFR
• Under Median in value
• No Trusts and Corps

I run a market algorithm on an area and that report tells me where to send mail. I then send 6 various mail pieces on a monthly basis.

As the owner of a communications platform which handles all of my digital marketing, I like text, RVMs and email for follow up. I know 80% of our deals come down the road from the original conversation.

the prospect is going to receive these messages over a 90 day period.

• SMS - weekly for 8 weeks
• Email - Every three days for 59 days
• RVMs - Every week 8 weeks
• MSM - Monthly for 3 months
• Live Call - 3-5-7-10-15-30-60-90

The reason we stop at 90 is because that is the maximum length from first inbound that can legally be responded to if someone happens to be on the DNC. Also on the Text Messaging make certain you build into your inbound script the question asking for the right to follow up via text messaging and give them the ability to opt out or you are violating the FCC.

Happy House Hunting

Good to meet you..

Negative equity would be great for short sales. Minimal equity for Sub2 and 30% and greater for the typical prospect.

EDDM works great for Pizza Companies and Hair Salons as everyone tend to utilize their services.

In the real estate business we know only 1:100 homes will sell every 6 months so unless farming as an agent it tends to be an expensive play.

If it were my goal to brand which is what blanket farming is all about I would rather wrap my vehicle, network with ribbon cutting events; chamber meetings and on purpose pass out business cards...

Hello Cassandra, welcome...

Great questions.

- I've been using Fast People Search to skip trace, but was wondering if there are any other sites to help locate sellers? 

I dont do any Skip Tracing and find all of my leads via advertising. I mainly use Direct Mail, Facebook. TV and Google

- Do you get better success with sending handwritten letters on yellow lined paper or do you send printed letters on white paper?

I send out all types of mail. Pixlist postcards, Text Postcards, Yellow Letters, Typed Letters and ZipLetters. Using Cluster marketing will produce better results.

- Are your envelopes colored or white?

Color of choice is beige for Yellow Letters. White for Typed Letters

- Do you use postcards instead?

I also use Postcards

- When do you find the best times are to call?

Within 10 minutes of the caller calling you if inbound. If cold calling 9-11 am 3-5pm M-F

- How much time between calls and mailings do you wait?

Calls are days 3-5-7-10-15-30-90 letters/PCs are 30 days

- How do you overcome objections?

Practice

- Do you work solo or work with a team? If you work with a team, does everyone take on the same responsibilities or do they utilize their best skillset?

In the beginning solo now a full team.

I think everyone should start solo so they learn everything they can and not have to rely on someone else.

Happy House Hunting

Deal History:

Originally a Facebook Lead who on first contact wanted full value... Facebook leads tend to be full value leads.  

Because they were a seller, although not highly motivated, we put them in our email, text and call follow up campaigns. 

Which meant that they received 29 emails over 59 days, 6 text messages and followup calls on 15, 30 60 and 90 days. Although we didnt get to the 90th day call.. 

As the campaigns were in their second month the seller replied to one of the text messages stating that they were now more interested in selling and asked us to call them.

We did and contracted at a higher value than I would like however this house is promising.

About the home and deal:

Home was built in 2013. 4-2 located in a moderate to great neighborhood.

As Is and ARV are 220-228. Payment PITI is less than 1400. Rent role indicates 1850.

Buying Sub2 165k loan 4.25%, 24 years left on loan and 60 day closing and can market during purchase.

Lets see if we have any creative investors on BP...

What would be your exit strategy?

 Good to meet you Chris.

YLC is a good company and I am certain you'll be fine there. As for every 3 weeks... That is a bit aggressive even for code violations.

As for which work better PCs or YLers. Do both and youll want to add a PixList type PC in the mix as well. I like a series of 6 different pieces mailed every month. 

For these questions..

1. Beside a voicemail message, what other systems should I have in place prior to beginning to not miss any potential leads, or make the process smoother? Would a website for leads traffic be worth the expense? I like using a complete CRM that does much more then phones. I use one that does phones, texts, email, RVMs with calendars and more... 
2. Any thoughts or recommendations on violations lists themselves? My list is very specific so quite small (~240 total). I’ve also thought of adding a delinquent tax list. Would it be better to hone my skills/mail message first, or get in front of both from the start. Code Violations are okay however as you mentioned the lists are always small and frankly much like tax default folks these sellers tend to be procrastinators. I like the equity list better. Especially since every house must have equity to buy and I dont care if the prospect is a divorcee or code or tax lead. 
3. Any recommendation on your set up to track split testing of mailings? Two Numbers will be the easiest.. We use multiple numbers with multiple tags so that on every call we can launch an automatic followup action plan... 

Also look into Facebook and PPC as well as a great website and SEO. 

Marketing for houses requires many different avenues to maintain a steady lead flow. Doing one isnt enough to create on-purpose results..

Happy House Hunting

Michael

Hello Horacio Gutierrez good to meet you.

That is a bigger question then you may imagine. In my experience the placement of the return address is dictated by the envelope and the font used. Be it is typed font, handwritten font or human handwriting.

• If typed font and a number 10 envelope without window or addressee window use the top left corner.
• If double window it will go on the actual letter.
• if Invitation and Handwritten font there are two choices. 
  • Back Flap - This one will present better
  • Left hand corner.
• if Invitation and Human addressee address with font return - back flap.
• if Invitation and Human Addressee address with human return left corner. 

as for stickers. 

• If the small 1/2 x 1.25" that you buy from the TV Guide front left corner. ( I think I dated myself)
• If Avery - Back flap.

Happy House Hunting...