All Forum Posts by: Account Closed

@Ray Lai Yea I can see your response. My letter is a little more in depth than the generic " I want to buy your house" yellow letter but it doesn't say anything about paying top dollar or anything. It just describes that we buy as is, pay all the closing costs, etc.

Thanks for the reply

@Troy Luster Thanks for the reply Troy. I am on my fourth mailer spaced roughly two months or eight weeks apart. @Jerry Puckett had told me that I need to shorten that to 4-6 weeks which I am in the process of doing. Congratulations on the email.

I have Zoho CRM customized and set-up and have a stage cycle set up so I can see where I am at in the process with every "Seller". All of my leads start off as a "Prospect" until they contact me at which time they are converted over to a "Seller". Once a seller I basically have five sales cycles and a seller will stay in a cycle until I finish it and move on to the next stage. I also have a "Follow Up" stage that is used for any offers rejected, not interested in selling right now ( but did'nt ask to be taken off the list), etc.

Hello BP,

So quick question. What do you consider or qualify as a "response" in your direct mail campaign?

Is a response anyone that responds to you via phone call, text, or email no matter what they have to say ( other than they no longer own the house of course) or do they have to have a certain kind of a response in order for you to count it?

My thoughts to this would be any response (phone call, text, or email) would count as long as they still owned the property even if they were not interested in selling, asked me to take their name off my list, was interested in selling but at a retail price, wasn't really interested in selling but wanted to see what I would offer, etc. Again I am currently considering any response a response other than they no longer own the house.

Ex. Send out 100 mailers, receive 3 responses ( phone call, text, or email) with whatever the actual response is ( other than they no longer own the house which I don't count) than I count it so that would be a 3% response rate.

How does everyone else judge this?

I am trying to track my mailers and response rate to see what is working and what is not. I don't want to under inflate or over inflate the numbers and just want to be realistic as far as if I am actually getting a "qualified response" or not.

Thanks

Robert

@Jerry Puckett I forgot to ask you this at lunch the other day so feel free to chime in.

@Account Closed my thought is that when she goes through with the bankruptcy lien company and mortgage company might get little or nothing at all. The property is trashed. Offering a significant discounted payoff to me at least gets the company's some money versus having to potentially write it off. Just my thoughts

@Sharon Beason 

@Josh James

@Kenneth Hynes

@Jesse Lucero

@Wes Brumit

@Aaron C.

@Dave Visaya

@Paul Ewing

@Shital Thakkar

@Alfredo O.

Just wanted to let everyone know that I am actively marketing to find discounted deals in Wichita Falls, TX to wholesale out so hit me up if your interested.

Thanks

Robert

Hello BP

I need some quick advice. I am working on buying the property that has a previous judgement lien on it for around $18,500 and a past due mortgage with $16,900 in unpaid principal, $2,632 in unpaid interest, $1,738 in Other Unpaid Expenses, and $5738 in Escrow Impound Shortages.

Collectively this totals around $45,000. The owner had filed bankruptcy but they dismissed it so that the property could be sold and then they are going to reinstate it.

Some of these charges were a surprise that popped up on the title search by the title company.

This property only works for me if I can pay around $35,000 or less plus closing costs.

What of these charges could I call and negotiate down so that this deal would work for me and how do I do it?

Any and all advice is appreciated.

Thanks

Robert

Hello BP

I need some quick advice. I am working on buying the property that has a previous judgement lien on it for around $18,500 and a past due mortgage with $16,900 in unpaid principal, $2,632 in unpaid interest, $1,738 in Other Unpaid Expenses, and $5738 in Escrow Impound Shortages.

Collectively this totals around $45,000. The owner had filed bankruptcy but they dismissed it so that the property could be sold and then they are going to reinstate it.

Some of these charges were a surprise that popped up on the title search by the title company.

This property only works for me if I can pay around $35,000 or less plus closing costs.

What of these charges could I call and negotiate down so that this deal would work for me and how do I do it?

Any and all advice is appreciated.

Thanks

Robert

Hello Fellow BP Members

Ok so I am feeling a little overwhelmed and “Paralysis by Analysis” right now so I figured I’d reach out for some help and assistance through the forum.

As my profile shows, I am a wholesaler. For the last six months I have been a one man show doing everything including printing, stuffing, and stamping envelopes, talking to sellers, looking at the properties ( two hour drive to Wichita Falls, TX and back from Mansfield, TX where I live) running my own comps, marketing and talking to buyers, etc. I am also doing all of this around a full-time job, plus I’m a husband to a wonderful and supportive wife, two college age daughters, and a seven year old son (also a Cub-Scout Den Leader).

My target market has been Wichita Falls, TX and I have had moderate success and have closed a few deals since I started in February of this year.

Recently I hired my college daughter to work for me. Currently she is doing the entire envelope stuffing and stamping and starting this week she will start to take the initial seller calls. I am having her fill out a basic questionnaire and convert it into a lead in my Zoho CRM. She will then email me the lead name and I will review all the information and, based on the lead provided information, call back the leads that I deem as motivated to negotiate and get the house under contract. I am currently paying her a set salary but do plan on eventually paying her an additional commission as well.

With all of that being said, the Wichita Falls, TX market is not very big ( about 120,000 population) and I am working on trying to get the Wholesaling business to a solid six figure a year net income so I can go full-time myself and quit the day job. I am working on partnering with another individual (who is a brand new wholesaler and trying to break into the business as well) who is in the Wichita Falls, TX area who will go and take pictures and video of a property I am interested in for a set fee to save me the trip. I may consider bringing this person on full-time for that market to where they meet with the seller, negotiate, and contract the property and then I just handle the marketing for sellers and marketing / finding the buyers and we just split the profit. I am not quite at this point yet where I am ready to do that but I am not too far off.

With all of that being said, I am ready to target a new market in the DFW area but I have no idea where to start as it's so big. I live in Mansfield, TX which is in Tarrant County. I would prefer to keep my drive time to around a 30-45 minute radius but that encompasses several counties and way more leads than I can afford to purchase from list source right now. BTW I focus on Absentee Owners (7 yrs. or older, 60%-100% Equity, SFR), 100% Equity Owner Occupied Homes, and Inherited Properties.

Part of the reason why I started in Wichita Falls, TX ( versus closer to Mansfield, TX) is that I wanted to get my feet wet and get some experience before I brought it down here where there are more opportunities but also a heck of a lot more competition.

So in summary if you were me and lived where I lived how would you determine what county or counties to start marketing to next?

Thank you for reading all of this and responding in advance.

Robert