All Forum Posts by: Stephen Barton

I just wanted to kinda of give some feedback about what things have been like for me starting out. I have to let others who are starting out to just take things with a grain of salt. I have been yelled at, hung up on, and generally just had people show me their darkest sides lately. I have been doing some direct mail and have to say, things are not easy. But, as Josh and Brandon have included in Podcast 67 Overcoming Inaction, would you still pick up the phone if you knew it could bring in 10k? I have and will continue to get people from craigslist telling me I am a loser, and will continue to have owners tell me to stick it. I know that those who are successful have probably heard it all, and it is like water off of a duck's back. I am just wanting to encourage new beginners to keep on doing the next right thing and the deals will happen for you as they are for me. It can be very tough out here, and I have had a few weeks at a time without any deals but every time I feel like I will not make it, I see another opportunity just around the corner! Keep on keepin' on fellow Bp'ers!

Hello fellow BPers!  

I'm wondering if anyone has some good advice for how to organize and manage your data.  I bought an absentee owner list of 1200 and to say the least, it's becoming difficult to track our responses, notes, and follow ups.  I'm currently using a spreadsheet with color coding to indicate the following:

Red - remove from list/returned mail

Yellow - responded to ad

Blue - letters sent, no response

White - no letters sent

When calls come in, we have a lead sheet we fill out.  Then we do the research, make an offer, and file the lead sheet into a folder called "open lead" (meaning our offer was rejected but we need to follow up) or "closed leads" (our offer was accepted and the deal was closed).  Unfortunately, only two lead sheets exist in the "closed lead" folder.  haha

We are looking for an easier way to manage all the data we have.  Any suggestions or tips would be appreciated!

Thanks,

Stephen

Hi everyone,

My wife and I started a direct mail campaign in July targeting absentee owners in Indianapolis.  To date we have mailed 500 letters, some typed and some handwritten.  Our response rates match what others have suggested we'd see:  2.5% for typed, 3.3% for handwritten.  The problem is, the responses we've received have been from owners who are either not motivated at all or not motivated enough to come down to our price.  We are starting to think either we are not targeting the right group or we just aren't doing a good job with taking the leads.

Can anyone offer up any advice?  We are starting to send out our second letter to those who have already received one letter from us.  We are getting more responses but again, it seems the majority of people just want to know what their house is worth.  Any feedback would really be appreciated, as we are starting to feel discouraged.  

Thanks,

Stephen

@Rick H. who do you use? I would hope you wouldn't mind telling me as I am in Indiana and even if I were would not be a threat to you. Could you name a couple of sites please?

 @Jordan Decuir 

Yes I agree Jordan. My big point was that I have seen a few beginners jump into this thing by posting endless craigslist ads, when they say they will pay cash when, in fact, they will market the deal to a buyer who will pay cash. As many have said before me, we have to put some "skin in the game" and not try to lock up a contract with $10 earnest money. Really, maybe people do this all the time but I don't want to mess with that. I want someone who is serious and will be like me and land a deal by putting at least $500 to $1000 earnest money. I don't know!? I also see people trying to bring me deals off of the MLS and trying to mark it up to others. This is why I wanted to discuss this...I want to inform people who are starting especially in wholesaling to really build yourself up before you pull the trigger. I spent the first 6 months reading, watching, talking to mentors, etc. before I got started. I want others to know they can do it too, but they need to do things right by doing their own research and learn, learn, learn.

 @David Torres thank you for that piece. I am digging in and learning as much as I can from various resources and nobody has said that yet. I really appreciate your insight. Thanks!

@Ben G. I agree but I think the knowledge that I gained is priceless (or around $700) haha. I am new to this side of things and I think for someone who is just starting it is important to know how the real world works and it has helped me become a somewhat more savvy investor. So @Ben G. what advice do you have for a newbie like myself? Cool website by the way. I want to be your friendly competition and it looks like I have a lot of catching up to do!:)

Thank you @Dev Horn @Rick Harmon @Thomas Weir all great advice. I plan to market to them for at least 6 months or until they say stop or I actually am able to purchase their property. This trouble in my county is the names are listed including the executor(rix) but there is not one address for the property. Is there any service that you guys would recommend to determine equity as well as the addresses of both subject property and the address to the interest holder of the estate? I know it is not going to be easy but this is an area where I feel comfortable. Thanks again you guys!

I am new to RE investing and absentee owners leads are so picked over in my area. How does one go about obtaining records for Real Property in probate cases? I have pulled my own list from my clerk of courts but I cannot determine if there is equity or where the property's address is. Does anyone specialize in this area who can point me in the right direction-please?

Very true! Still I think it is a small price to pay to learn this business the correct way. All these guru's tell people "oh you dont need a license to be in Real Estate." Kinda scary because I have read what the Indiana code says about "fees." What is anyone else's opinion? Is it illegal to invest w/o a license? Someone please clarify!