All Forum Posts by: Chris G.

As I was reading this thread, the Norris Group came to mind also. They are just about the most reputable HML in all of California.

Tax assessments are basically worthless when it comes to dictating the value of the property.

Like Bill stated, it seems a little too late in the game to do a mailing.

I've been doing a lot of thinking the last couple days about starting to door knock. It scares the living piss out of me to think of doing it, but I know if I just start doing it, that I'll do just fine.

You're already way ahead of the competition if you are there and able to speak to them. The biggest hurdle in direct mail is to get them to open the envelope, and then it is a whole other hurdle to get them to call you. If you're on their door step, you've already overcame both of those road blocks.

And, if I remember correctly, and you you do it in the correct manner, you can log the mileage in your car and take it as a tax write off.

I would say try to answer the phone as much as you can.

Get a free Google voice number that will ring to your cell phone. You can set up a completely different voice mail message than the one that recorded on your cell phone. As you stated, if they are truly motivated, they will leave you a message. But even if they don't let leave you a message, just call them back if their number shows up on the Caller ID.

You could also use the Google voice number voicemail message to be your "24 hour recorded message". I like what that guy Aaron said the other day. His direct mail's call to action is to have the recipient call his 24 hour recorded voice message, but he just answers the phone anyways. I don't think a seller will say "hey I just wanted to listen to a message, can you please hang up and let me call back again so can listen to the recorded message"... hahahaha.

The google voice has some pretty neat features also. Sign up for one and play around with the settings. You can have it ring to multiple phones at the same time, so if you end up partnering up with someone, the phone rings to both people at once, and who ever answers the phone first does the talking.

My thoughts exactly.

John, you need to try to solve their problem, not buy their house. Ask them why they need to sell. Connect with them. Try to get them to laugh... if you get them to laugh the chances are much greater you'll get somewhere with the deal.

After he denied your cash offer, you could have talked to him about selling on terms (but don't say the word "terms" to a seller, that just confuses them, say "take over your payments"). You could have inquired if he has a mortgage and then presented a subject2 offer, or even talk about a lease with option to purchase.

But the most important thing is that you're talking to sellers. Keep it up. It will get easier. If you can, record your side of the conversation so that you can play it back and review. You can just fire up a recording program on your PC. You're not recording the actual call, but just recording your self talk to the seller.

Very interesting. Thanks for the link! I haven't read through the PDF, but I just had lunch today with another investor that is no implementing Facebook marketing with great success.

Facebook marketing isn't in my marketing plan right now, but I plan to bring it up next month when my partner and I re-review our business plan.

Ya, he may be correct, or may not. I don't know enough about how probate works to know for certain.

As I stated earlier, just make an offer and lock up the property so he doesn't go else where. I would make the offer contingent upon him catching up on the payments and also have an inspection clause in there to cover your butt in case you need to back out.

When you're talking to him, don't say the word contracts, but call it paperwork. And before you call him again, read through this blog post about negotiations. And finally, don't make it about the house. Your trying to help him as a person. Help him solve his situation, and the house and profit will follow.

http://www.biggerpockets.com/renewsblog/2010/03/24/7-tips-for-better-real-estate-negotiation/

Some quick observations before I leave for lunch... if he says he has $42k in equity, then it sounds like he is just trying to get his pay off amount since he says he want the $95K.

Its not a horrible deal at $95K, especially if it only needs the minimal fix up he is speaking of, but sellers are usually not 100% accurate on needed repairs (especially if he is a long distance owner). No necessarily because he is lying, but they most of the time just don't what is wrong. As stated, if it only needs to minimal repairs, sounds like a good deal to market to a turn-key/landlord buyer whether it be for cash or a Sub-2 deal.

But the thing that confuses me is the "going to probate..." ???????

Based upon your $140K ARV, I'd personally just make a phone offer starting at $70K (50 cents on the dollar) and go from there. You can also re negotiate once you inspect the property if you find anything wrong. Lock it up as soon as you can.

Wow Chris... congratulations!

I agree that having the mindset of having an unlimited budget is great, but spending thousands of dollars on marketing is pointless if you can't close a deal. Also, you're just wasting your time if you don't target your market properly.

But to answer you question, I would spend $2,000 all day long to bring in $63,000.