All Forum Posts by: Account Closed

Good day everyone. I have my first wholesale deal under contract but my buyers list isn't very big yet ( 3 or 4).

I was wondering if I could get some feedback on my Craigslist post as this is my first deal and first time posting to craigslist. I have scoured the forum but any advice on how to market this deal for free to get it sold would also be great. I have this under contract for $8500.00 plus all closing costs and looking to assign it for $10,500 or more. This is in Wichita Falls, TX. This lady really needs this house sold as its preventing her from qualifying for Medicare and I have 30 days to close as of the 26th. I don't want to let her or myself down.

The CL post is 5979245204

http://wichitafalls.craigslist.org/reo/5979245204....

Thanks in advance

Robert Stone

I kind of got sidetracked and haven't done a lot with them yet.

I recently moved about 2.5 hours away from that area and haven't been marketing at all for a few months as I was busy with the move, finishing grad school, etc. I actually started marketing for that area again within the last week and have kind of shifted over to pulling Absentee Owners from leadsource.com.

I still plan on traveling back to the area from time to time and will be stopping the mailman when I see them.

Hello BP Members

I need some advice

Background Info First:

I have very little capital to start my real estate investing (like many others), so I decided I would start Wholesaling first and build up capital to eventually roll-over into financing and flipping houses. I then plan on taking the proceeds from flipping houses to start investing into rental property.

Last May I decided to take action in the real estate game and purchased an Absentee Owners list for the Wichita Falls, TX zip codes and started sending out yellow letters. Again since I had very little capital to start off and very little time with working a full-time Outside Sales Rep job covering all of Northwest Texas plus New Mexico plus a family, I was sending around 100-200 letters per week in May and June. I actually had a pretty good response rate of around 5-6 calls per 100 letters (or 5-6%) but didn't land a deal. In June I suspended my campaign and efforts to be able to focus on my last semester of Graduate school (oh yea I was also in Grad School) and finish. I also moved my family down to Mansfield, TX from Wichita Falls, TX over the summer which is where I now reside.

I am finished with Graduate school and I have the family moved down and situated so life is good in that aspect but I am definitely getting the itch to get back into the real estate game and Wholesaling. Here are my two options and where I need advice.

Option#1:

I have all these leads from Wichita Falls, TX (around 2000-3000) that I have already paid. I know the Wichita Falls, TX market pretty well, including the good and bad parts of town, since I have lived there most of my life. I don’t think there is as much competition there doing what I want to do, wholesaling, as well. Wichita Falls, however, is now two hours away and a four hour round trip for me to drive to and see potential houses. With my current job I do set my own schedule so I could make the trip fairly often if needed like once per week. I’ve also though about trying to find a partner in Wichita Falls, TX that would be available to look potential houses more often and I just handle all of the Marketing, fielding the calls, etc. We would just split the profits on any closed deals. I’m not sure of the best way to go about obtaining a partner there from a distance.

Option #2

Start over; buy a new leads list for Mansfield, TX and the surrounding DFW areas that are within one hour radius of me. On the other side of the coin there is also a lot more competition in the DFW, TX area doing what I want to do.

With all that being said I could use some advice from everyone on what’s the best approach and strategy to take that will maximize my time, efforts, and profit potential.

@Justin Silverio That's kind of what I was thinking and the strategy to take, but thank you for providing the advice which gives me validation that I am headed down the right track.

@Jerry Puckett- Thank you for the reply to my post. I have listened to your podcast before, I started at episode #1 and am now up to #185, but I could not find it this morning when I tried to go back and listen to it again. Your right we are neighbors !!! I am sure you get this all of the time as your very knowledgeable in the Wholesaling business, but I would like to take you to breakfast or lunch sometime if your interested to network and get to know one another. I'm sure there is a lot of valuable knowledge and information that I could learn from you and maybe be able to bring you a deal sometime to help repay the favor.

@Justin Silverio: Thank you for the reply Justin. Right now I just have the Absentee Owner list as a classification. I will be looking at other lead source avenues including pursuing probates, tax liens, etc and some point and your system would be very valuable to utilize when I am at that point. Thank you for the instructions regarding duplicates as well.

@Jerry Puckett & Justin Silverio: What are your two's thoughts on what I had to say regarding marketing to Absentee Owners with severl properties? Should I just send them the same generic letter as to owners with only one or two properties or send them a letter geared toward generating a buyers list or both? Jerry I know you touched on this in your response, but please expand on that if you dont mind and have the time.

I also listed another post last week and then again this week but have not received any reply's. If either of you wanted to take a look at it and comment I would appreciate it as well.

https://www.biggerpockets.com/forums/12/topics/386387-need-some-advice-and-help-please

Thank you to you both. 

I need advice on the best strategy and approach to take to maximize my efforts and marketing budget for my Wholesaling Real Estate Venture.

I recently bought a list from listsource for all the zip codes in my city. Listed below are the criteria I utilized to create the list:

Property Type: SFR, Bedrooms: 1-5, Bathrooms: Left Blank, Sqft. 1000sqft.-3000sqft. Equity %:40-100

Last Market Sales Date: 1900-2015, Absentee Owner: In State and Out of State

I organized the list into a “Master List” with all of the properties from all of the zip codes and organized the “Master List” by owner’s name. I did this so that I could see which owners had multiple properties and how many each had. I then copied the Master List over and separated the properties by zip code.

My question is do I send the same generic yellow letter to every property owner including a letter for every physical property address on my list even if an owner has multiple properties? I assume this would be a waste of money for property owners with multiple properties and maybe even an annoyance with getting multiple letters at the same time for their various properties, but again that’s just an assumption.

One though I had was to pick out the owners who had at least three properties and separate them and their properties from all of my lists. I would then send them one letter (versus multiple letters for each of their properties) to introduce myself, explain what I was doing ( Wholesaling), and ask them to contact me if they are looking for additional properties to buy and what their criteria is. This would in effect would also help me build my “Buyers List” which I don’t really have at the moment. In the same letter I could also say that if they are interested in selling any of their properties presently or in the future to give me a call to discuss as I could market their properties to other buyers on my list aka assignment, wholesale, etc. What would be a good frequency to send these types of letters to these owners aka Buyers?

For the remaining property owners on my list who only have 1 or 2 properties I would send the generic “We Buy Houses” yellow letter that I create.

Am I heading down the right road here to maximize my budget and opportunities or no???

Any and all feedback is appreciated.

Robert

I posted this in the Wholesaling Forum over a week ago and did not receive any responses, so I figured I would post it here and see if I can get anyone’s attention to help.

Hello BP Members

I need some advice

Background Info First:

I have very little capital to start my real estate investing (like many others), so I decided I would start Wholesaling first and build up capital to eventually roll-over into financing and flipping houses. I then plan on taking the proceeds from flipping houses to start investing into rental property.

Last May I decided to take action in the real estate game and purchased an Absentee Owners list for the Wichita Falls, TX zip codes and started sending out yellow letters. Again since I had very little capital to start off and very little time with working a full-time Outside Sales Rep job covering all of Northwest Texas plus New Mexico plus a family, I was sending around 100-200 letters per week in May and June. I actually had a pretty good response rate of around 5-6 calls per 100 letters (or 5-6%) but didn't land a deal. In June I suspended my campaign and efforts to be able to focus on my last semester of Graduate school (oh yea I was also in Grad School) and finish. I also moved my family down to Mansfield, TX from Wichita Falls, TX over the summer which is where I now reside.

I am finished with Graduate school and I have the family moved down and situated so life is good in that aspect but I am definitely getting the itch to get back into the real estate game and Wholesaling. Here are my two options and where I need advice.

Option#1:

I have all these leads from Wichita Falls, TX (around 2000-3000) that I have already paid. I know the Wichita Falls, TX market pretty well, including the good and bad parts of town, since I have lived there most of my life. I don’t think there is as much competition there doing what I want to do, wholesaling, as well. Wichita Falls, however, is now two hours away and a four hour round trip for me to drive to and see potential houses. With my current job I do set my own schedule so I could make the trip fairly often if needed like once per week. I’ve also though about trying to find a partner in Wichita Falls, TX that would be available to look potential houses more often and I just handle all of the Marketing, fielding the calls, etc. We would just split the profits on any closed deals. I’m not sure of the best way to go about obtaining a partner there from a distance.

Option #2

Start over; buy a new leads list for Mansfield, TX and the surrounding DFW areas that are within one hour radius of me. On the other side of the coin there is also a lot more competition in the DFW, TX area doing what I want to do.

With all that being said I could use some advice from everyone on what’s the best approach and strategy to take that will maximize my time, efforts, and profit potential.

I'm waiting on a hopefully accepted Colleague Request for Tom Krol so that I can mention him on this post and receive his feedback. If anyone is colleges with him and could mention his name on here to catch his attention and response I would appreciate it.

Hello BP Members

I need some advice

Background Info First:

I have very little capital to start my real estate investing (like many others), so I decided I would start Wholesaling first and build up capital to eventually roll-over into financing and flipping houses. I then plan on taking the proceeds from flipping houses to start investing into rental property.

Last May I decided to take action in the real estate game and purchased an Absentee Owners list for the Wichita Falls, TX zip codes and started sending out yellow letters. Again since I had very little capital to start off and very little time with working a full-time Outside Sales Rep job covering all of Northwest Texas plus New Mexico plus a family, I was sending around 100-200 letters per week in May and June. I actually had a pretty good response rate of around 5-6 calls per 100 letters (or 5-6%) but didn't land a deal. In June I suspended my campaign and efforts to be able to focus on my last semester of Graduate school (oh yea I was also in Grad School) and finish. I also moved my family down to Mansfield, TX from Wichita Falls, TX over the summer which is where I now reside.

I am finished with Graduate school and I have the family moved down and situated so life is good in that aspect but I am definitely getting the itch to get back into the real estate game and Wholesaling. Here's my two options and where I need advice.

Option#1:

I have all these leads from Wichita Falls, TX (around 2000-3000) that I have already paid. I know the Wichita Falls, TX market pretty well, including the good and bad parts of town, since I have lived there most of my life. I don’t think there is as much competition there doing what I want to do, Wholesaling, as well. Wichita Falls, however, is now two hours away and a four hour round trip for me to drive to and see potential houses. With my current job I do set my own schedule so I could make the trip fairly often if needed like once per week. I’ve also though about trying to find a partner in Wichita Falls, TX that would be available to look potential houses more often and I just handle all of the Marketing, fielding the calls, etc. We would just split the profits on any closed deals. I’m not sure of the best way to go about obtaining a partner there from a distance.

Option #2

Start over, buy a new leads list for Mansfield, TX and the surrounding DFW areas that are within one hour radius of me. On the other side of the coin there is also a lot more competition in the DFW, TX area doing what I want to do.

With all that being said I could use some advice from everyone on what’s the best approach and strategy to take that will maximize my time, efforts, and profit potential.

On a side note, Tom Krol, I just listened to your BP Podcast and have subscribed to your Podcast as well so I would appreciate your thoughts as well.