All Forum Posts by: Jonathan Johnson

Hello BP,

I'm looking to getting into direct mail, but I don't have a lot of money to do so. What is the best cost/effective way to market for great deals? I know I'll have to spend money, I just don't have a lot to waste in areas that might not bring the best return.

I know I can find certain lists from the county, hopefully for free. So now I'm wondering if yellowletters is best or some other way to mail out for buyers.

@Michael Merritt What virtual service do you use? May I ask the pricing and pros/cons?

@Mike F. @Charlie Hampton @Bill Regan @Joel Florek

So here's where I've ended up:

The contractor wasn't professional and didn't give a ending cost of repair. We never got to apartments 3&4 and I'm not sure that I want to. 

The problem starts and ends with the owners motivation. It's not there, he will probably hold this apartment till his dieing breath. He thinks it's worth more than $300k, said something about an insurance agency saying 800k. I have no idea what that meant. He's offering $300k minus the repairs he sees are critical, not cosmetic. 

Anyway, my last step which I'm not very quick at getting to is mailing him an offer. I'm not sure what to offer, as I'm not sure I'd take it for $120k. Perhaps for $110k. 

But I've learned a lot from going to go see it, asking questions here in this thread, and having time to think about it. 

@Jerryll Noorden

Congrats on your victory check! You're the man.

Looking to get started very soon in wholesaling myself, I'll have to check your blog out. How many people did you market to? How much did that cost? Sorry if that's in your blog, I'm at work and can't surf too long.

I don't have experience in this, but I've asked the same question. The best answer I've found is the deal itself. If you find a property and show in the numbers how great a deal it is, your credibility comes in second or third to that.

If you were hungry, would you rather buy 10 steaks for $10 or 2 hamburgers for $10? It's in the price and value that a deal is made.

Either works:

1) You pay rent as an expense, as well as receive two rents as income.

or 

2) You only receive the other persons rent.

I would put in the two rents in the analysis for future use if you move out. (option #1)

Check out the latest podcast, it's perfect at answering this question.

You can call up a real estate agent and ask for a list of cash sold's in the past few months, those people are pretty set up to buy another property from you.

Asking Price:   $22,000 + $8,000 
ARV: $65,000

Gross Income: $7,200/yr

The 2% rule would be in favor since 2% of the $30,000 is $600/month. I would call up a real estate agent and just ask if $600/mo is doable for the area, they would be able to give you a quick answer.

I would also post some pictures for BPer's to help figure the cost of repairs since that's usually what bites people in the butt.

Nice find, where'd you get it?

Ask a realtor or real estate agent for a list of the last 100 sold properties bought with all cash. Not all agents know how to do this so you may have to ask around. Once you got those you got a list of potential buyers for any good deal you can send them.

@Daria B. "The Rehab Investing Bible" by Paul Esajian

I like the book a lot, I'm actually listening to it on audible and I plan on buying a paper copy because it's so good. Really easy tangible action steps that I can follow. Lots of systems and steps that matter and how to do them.