All Forum Posts by: Brendan D.

Here are some articles about wholesaling that should be of help, especially to newbies.

Getting Started in Wholesaling Real Estate
Wholesaling — A Strategy for Real Estate Investors

If anyone is interested in submitting a wholesaling article that we can use here, let me know and I'll place it on this post.

Im searching the web as for now to find some FSBO properties. And all this contract talk had me thinking about the contract itself. Where to get from, do you make it yourself, if yes how do you know its good enough? Can anyone let me know where they got theres from? I read you should have two separate contracts one for the seller and one for the buyer. As far as the title companies where can I find them? Should i research some appraisers or trust the sellers appraiser?
Also if anyone can attach a contract to see how it looks and what it contains that would be nice. Should I get a RE attorney involved, if yes anyone know how good ones in NYC?

Originally posted by "gideon625":

Here's a post I put out elsewhere: I’m a newbie and just bought my first set of 200 bandit signs. Last night, Friday, we placed our first 30 signs at key intersections of our target area and at a couple of on ramps to the freeway leading into downtown, so I’m positive they are getting tons of exposure. I’m a little discouraged because I haven’t received a single phone call and I’m under the impression that the life of a bandit sign is mostly weekends. The signs I put up are 18x24, white letters with a red background that read:

WE BUY
HOUSES!!
1-800-BUY-KWIK

We purchased a license to use the vanity number in hopes that we could generate more calls. To be quite honest, I’m feel discouraged that I haven’t gotten a single call, but I don’t know the effectiveness of bandit signs and approximately how many calls they generate a week, I would love to hear from experienced investors about their stories with bandit signs and what kind of responses they get. Also knowing where you place at intersections, as in telephone poles or stakes, facing traffic as it leaves to work from the target area or facing traffic as it comes home from work, what is too many signs and what isn’t enough, etc.

I really look forward to hearing what you guys have to say.

Here is my story.

I have been wholesaling, rehabbing, retailing for 4 years now. Bandit signs are my favorite form of marketing in low income areas. My first time out I only put out about 25 signs which got me a couple of calls from what seemed to be 2 heroin addicts seeking conversation about buying houses :groovy:

My second time out after speaking with more experience investors was that you HAVE to do at the very least 100 signs at a time. I chose a zip code, picked up a map and plotted out a course to follow. It took me and a buddy about 3 hours to put up 105 signs. I went out at 12 midnight, got home at about 4 and the calls started rolling in at 8:30 that morning. I got about 8 calls which turned into 2 actual deals that paid me.

From there I was out every friday night putting up signs at 12 midnight (no police or homeowner associations members to see you doing it and complain). I did this for about 4 months straight and did 1-2 deals per month. I have since moved away from bandit signs because I have different techniques for lead generation, but stay the course and be consistent it works!

I agree with CumminsHomesLLC on this... if you are using the signs to find deals, then the best thing to do is place them off the main roads, but in the traffic path of the areas that you are looking to buy houses in.

For example, if you want to buy a house in a specfic neighborhood, then there are usually just a few intersections that all those residents will funnel through to get out to main roads. I usually place them a few corners back off the main roads, preferrably up on a telephone pole (or tree) where its out of reach of the neighbors and local kids. (ideal if the corner is wooded or has a commercial propery there).

But your expectations are relatively correct when it comes to the time frame... if you place them out on a Thursday night, expect that they will be gone by monday. But your best bet is to get them out there for the weekend.

The other reason you dont want to put them out by the main roads is because most peolpe dont drive with a pen and paper handy ready to write down the number... even if it is a vanity number. You will certainly get some calls, but a much lower volume if you have them in areas where the drivers are passing the sign at 35+ MPH. You could try placing them near traffic light corners where they sit and have time to read them... but those corners are usually the first place the code enforcement goes to pull them out of the ground.

Here is the only way I know that you can get around all this nonsense... you can try to contact the owners of commercial properties (or residential) that are located with high exposure to traffic, and ask them if you can place your "We Buy Houses" sign there, and tell them you will pay them a referral fee for any houses that you buy from callers of that sign. This is like mini-billboard advertising... and this is going to get you past all the code enforcement, and you can put a nicer sign out there. Worst case scenario you have to pay them a few dollars per month to keep it there, but that could be easily saved in all the wasted money on the bandit signs.

I hope this helps a little... good luck!

I'm a new investor and trying to figure out how to get the best bang for my limited buck. Let's say I have $500 a month that I can spend on marketing until I get my first deal completed. What is the best way to market (I'm looking to either wholesale ugly properties or lease option pretty ones).

My original thinking was:

a) get an answering service and a zero option for a live operator to capture leads (probably $75 per month on average)

b) bandit signs (buy 200) "we buy houses" at a cost of about $350 or so (one time expense). don't know if stakes are included or not (metal or wood?)

c) some limited and very targeted direct mail (no idea on costs to acquire a target list, such as out-of-state owners or expired listings, etc.).

d) hand out flyers/business cards that say "we buy houses" etc.

If you had $500 per month to spend, I think my original thinking would be over budget, not including the one-time expenses of bandit signs, but not sure. Where would I get the best bang for my buck?

Thanks!

Hello,
I am expanding my investment marketing to seeking motivated lease purchase sellers. I am thinking of targeting certain neighborhoods, ones that have a low enough FMV so that rent can more than cover the existing loan payment, and placing bandit signs, as well as sending direct mail postcards, and/or placing flyers on doors. Does anyone have ideas for good wording for these pieces - and has anyone had success in working lease purchases? Thanks in advance, Mike

I have a limited budget so I want to be very targeted with any direct mail I do. Where can I efficiently get a mailing list? For example, if I want to market to tired landlords in a certain area, I've heard go to the courthouse . However, with a full-time job, I usually can't get there on weekdsays.

How do you all compile your list of pre-foreclosures? tired landlords? divorcees? estate sales? etc.

Thanks!