All Forum Posts by: Account Closed

I virtually wholesale in 5 markets. It does take a lot of trust but can be done. I don’t send my boots on the ground in until I have a signed contract most of the time. Most of my BOTG are also buyers so besides getting paid a few bucks ($50-$75) to put on a lockbox ( that I provide) and take pictures, and upload them to a google drive link, they also get first look at the property. Could they screw me? Sure but hasn’t happened yet. Again takes trust. I’ve even trusted a BOTG ( also buyer) to print my contract and have the seller sign it when meeting at the property. This is mainly for older non tech savvy sellers.

Anyway done plenty of houses I never set foot in but trust is the key to any great relationship.

Just my two cents

Good Morning BP.

So currently we are predominantly virtually wholesaling (few fix and flips but mainly wholesaling) in five Texas Cities. Our marketing methods include direct mail and we are just starting to deploy cold texting. THe lists we go after are Absentee Owners, Inherited Properties, and Tax Delinquent Properties.

I'm trying to determine if I should continue this wide but shallow strategy or maybe cut back on a few of the cities and dive deeper in the remaining cities. By dive deeper I mean go after other types of distressed sellers ( Code Violations, Divorces, Probate, etc.) and also spend more effort in building relationships with referral sources (Insurance companies, realtors, family lawyers (divorce, probate, etc.), property managers (tired landlords clients).

I'm pretty much a one man operation at this point in time (use a VA for some project work from time to time, have a call center answer the initial call and email basic details, etc.) plus have a W2 job and family.

What I've been doing so far has worked, but I really want to maximixe effort and profit this year as my ultimate goal is to grow this into being able to quit the W2 life (need to net about $200k per year to do that).

Interested to hear others thoughts.

Good Morning BP.

So currently we are predominantly virtually wholesaling (few fix and flips but mainly wholesaling) in five Texas Cities. Our marketing methods include direct mail and we are just starting to deploy cold texting. THe lists we go after are Absentee Owners, Inherited Properties, and Tax Delinquent Properties.

I'm trying to determine if I should continue this wide but shallow strategy or maybe cut back on a few of the cities and dive deeper in the remaining cities. By dive deeper I mean go after other types of distressed sellers ( Code Violations, Divorces, Probate, etc.) and also spend more effort in building relationships with referral sources (Insurance companies, realtors, family lawyers (divorce, probate, etc.), property managers (tired landlords clients).

I'm pretty much a one man operation at this point in time (use a VA for some project work from time to time, have a call center answer the initial call and email basic details, etc.) plus have a W2 job and family.

What I've been doing so far has worked, but I really want to maximixe effort and profit this year as my ultimate goal is to grow this into being able to quit the W2 life (need to net about $200k per year to do that).

Interested to hear others thoughts.

Good Morning BP

I remember seeing a post in one of the forums sometime in the last year that mentioned a company in the Dallas / Fort, TX area that builds customer kitchen cabinets for a price thats competitive to Lowes, Home Depot, etc. but I cannot find the post. In short I am looking for company referals that have investor pricing friendly pricing for kitchen cabinets and countertops (granite, quartz, etc.). Please reply back or shoot me a message. This project will actually be for our own home in Mansfield, TX.

Thanks

Robert

@Chad Maxwell

Hey. Chad. I think I messaged you but haven’t heard back. I’m just trying to nail down the name of the cabinet company in Arlington, Tx you mentioned you use. Thx

@Prakash Sukumar Most areas are ok but would stay away from East Side aka northeast side of town part of 76301 and 76306. 

Good Morning BP

I remember seeing a post in one of the forums sometime in the last year that mentioned a company in the Dallas / Fort, TX area that builds customer kitchen cabinets for a price thats competitive to Lowes, Home Depot, etc. but I cannot find the post. In short I am looking for company referals that have investor pricing friendly pricing for kitchen cabinets and countertops (granite, quartz, etc.). Please reply back or shoot me a message. This project will actually be for our own home in Mansfield, TX.

Thanks

Robert

I operate in Abilene, Killeen, Temple, Waco, and Wichita Falls. Our deals in those areas typically meet 1.5%-2.0% rules depending on the class of the neighborhood. Please let me know if there is anything I can do to help. Thanks

I’m originally from the area and still continue to invest, wholesale, etc there. I’d stay away from north east WF aka top right quarter aka “East Side”. I wholesale houses in this market so feel free to reach out if I can help in any way. Very easy to achieve 1.5%-2% rents here at $650-$850 monthly rents. Above $1000-$1500+ rents closer to 1%-1.25%

BiggerPockets World.

Really taking the time to deep dive our KPI's and had a few questions to clarify on what industry standards consider and define a response for direct mail and cold texting

Direct Mail

Industry standards say a 1% response rate to direct mail is good. What is defined as a response though? Is it anyone that responds to your mailer even if its just to say "take me off your list, I'm not interested in selling, property is already sold, etc" or is a response defined as those that respond that want to sell and the other responses previously described don't count as a response?

Cold Text

Similar question. Do you count anybody that texts you back a response no matter what they say (take me off your list, I'm not interested in selling, go pound sand, etc." or just those that respond that are interested in receiving an offer.

Right now we count Take me off your list and not interested, and want an offer as all responses and then have a separate category called Leads which are responses that actually want an offer.

Our current DM all encompassing Response rate for Direct Mail is around .90% and our current Lead Response (those responses that want an offer) at around 0.49%. We also keep track of returned mail and deduct those numbers from sent to generate a "Delivered" total and thats what we use to compare the Responses and Leads to generate the Response Rate % and Lead Response %.

Just now starting Cold Text so dont have numbers to report on that yet.

I await everyones feedback.