All Forum Posts by: Patricio P.

Request tax returns, utility bills, rental agreements, bank statements etc. You need independent sources of information to corroborate the claims he is making. You should trust but verify. That is part of the due diligence and any investor should be understanding and willing to cooperate with most of these requests.

Some people prefer to start with rehab and flipping or wholesaling to generate capital for buy and hold deals down the road. This can be done with no money of your own via the means mentioned above.

There are other ways. Normally I hear about the 4 property limit when it comes to traditional mortgages plus a couple of HELOCs as well. Then after that you can go the Portfolio lender route which essentially is a small/medium local bank that will lend you the money and hold on to the note as part of their portfolio. These are not subject to the same requirements as FHA, Fannie/Freddie loans so they can set their own criteria and will lend over the limit of 4 potentially. There is also private money where you get a friend or family member to either invest for equity or provide it as a note for a decent interest rate. Last are hard money lenders(HML) which will charge you points and high interest but care more about the deal than your FICO score and number of loans in your name. There is even a marketplace here at BP for HML.

Hello Bay Area house flippers,

In this hot and competitive market its probably more important than ever to tap into as many sources of leads as possible. When one dries up you have multiple additional streams of leads trickling in which adds up to a decent deal flow.

Which areas are you seeing your highest percentage of leads coming from? Have you had to pivot and try out a new strategy in recent months?

@Jim KellerI do think it is a great idea to go visit them in person, as you suggested, since that will give you a huge advantage over folks who only sent mailers.

Edit: deleted my initial comment because I realized I'm tired and completely misread what you wrote. My apologies!

Am I correct in assuming that he will receive somewhere between a 1-3% response rate on average and that the calls should ramp up around the 4th to 7th contact with a potential seller? 

@Troy Durrette whatever you do make sure you don't get discouraged with this first mailing. It can take a while to get some momentum going. Are you targeting different groups? Do you have a dedicated phone number for tracking purposes for each of your lists? 

Thanks for asking @Aaron Manji. I'm in the early learning stages but it's going well. I've been listening to the podcast, reading blog posts, discussing on forums, and reading J Scott's rehabbing book. 

Next steps for me are two finalize my investment goals and plan, start networking at the local REIA, and go check out as many properties as possible and perform an investment analysis on each one of them.

I also need to determine the best strategy for myself in my market in regards to finding great deals. This could be finding investor friendly agents, direct marketing, driving for dollars, and talking to experienced wholesalers with a track record. Or all of the above to get several streams going. 

In the end I want to educate myself so I can act wisely but also take action so I can get hands on experience and get started. 

Congrats! How did you find them and how was that transition for you? Are you continuing to invest in your own as well?

There may be a blog post of his regarding that but I read it in his book on flipping houses. Lots of fantastic information in there.