All Forum Posts by: Paul Kelly

I am not a marketing expert,  but here are my 2 cents:

Any type of marketing may work, but you gotta test it. What does not work for me may work for you based on copy, list mailing to, time of year being received, etc. 

For sure what won't work? Not doing anything.

I know this is not a satisfying answer, but it's the best one I can give.

I do have ONE opinion though. Speak from the heart when reaching out to your list. Make your letter / postcard personal. A one on one conversation, like you with a personal friend.

I will not address your numbers as that you can do the math and figure out if you are making money or not. The money made on any investment is not in the rentals, flip etc but more importantly on the purchase. Analyze the comps and see where this property lines up with the rest of the neighborhood. If working with a real estate agent they should be provided to you.

I envy you! At 23 and possibly purchasing your first property, that's awesome. 

Now that being said, if I find a property where It makes 1% of the sales price in monthly income it's sold all day long.

No matter what you decide to do, flip or wholesale or keep the most important thing is that you found a motivated seller. You best know your Sale and rental numbers before going in, that way you can have the confidence in making an offer. In condos, sometimes even floors or locations can affect sale / rental prices. However, you found a motivated seller! Good job with that and be of the mentality that you are there to HELP the homeowner. If you are thinking about the money you will make instead, those subtle vibes leak out and even though the homeowner may not verbalize it, it could sour them.

Focus on finding the Homeowner that needs to sell. It may be a flip or a rental, that you will find out as you get details. 

Ok, my 2 cents. Spend time becoming and expert in the area you want to focus on. You absolutely GOTTA know sale prices, rentals, etc. As said above, prices could vary from street to street. Knowing your numbers will give you the confidence to move forward when you DO find the deal.

I have done a few deals myself and helped some buyers with Hard Money Loans. I remember that some of them the only thing that matter was the property itself. However, as far as I can remember the buyer still needs to do a loan application (1003). I asked the Hard Money Lender your question and the response was that hundreds of thousands of dollars are being lent. They should know who the borrower is. My guess is that there have to be some incredible red flags to sour a deal for a hard money lender.

What I would recommend is that (I am sure you are doing this) verify who they are and do your dou-diligence.