All Forum Posts by: Daniel Hedges

Just thought I would say that you have a good attitude about investing and wholesaling.  Please be careful of anyone that wants to use your money and not contribute themselves.  As far as attitude and approach goes, I can remember wholesaling deals in the beginning for $500 at a time. I say this to tell you that you have to start somewhere. Once you have several wholesale deals under your belt ( and a good cash reserve) you can decide to move onto flipping and holding long term. Hope this helps.

I recently did a yellow letter campaign with decent results. I sent out 500 letters and got 20 calls. That is about 4% response.  I did not buy any of the deals, but the key will be to mail to this list again in a few weeks or months. Also, keep in mind that several things factor into response rate.  The list, the content of the letter, and mailing frequency. I think that anyone who tells you they have mailing down to a science may not be correct. 

I think I understand your question. When it comes to wholesaling there is always competition. Some will always say there are no deals out there.  When I started in real estate I was to dumb to know any better and I just went out and found deals.  Locating absentee owners was always my bread and butter. I sent out letters and postcards repeatedly.  I got plenty of deals this way. Let me know if this answers your question.

I have found that the county records can be a little cumbersome to look through. I have found that when I worked with NOD's in the past that I used a list broker. The list brokers access the county websites and then comb through all the information and create a clean list for you. This saves a lot of time. There is usually a nominal fee for these services and if you find a deal it should more than cover your fees for the service. Let me know if this helps.

I would like to pick everybody's brain for a moment.  I have had a thought about borrowing private money for both the purchase and future repair costs of a rental.  I have found that I always had to wholesale and stock up cash and then put it away for the rental repairs.  The challenge is that I did not always have the funds to do this whenever I found a good prospective rental property.  I thought it would be ideal to partner with a private investor to borrow from for the home purchase, the home renovation, and the future home repairs.  Let me know what you all think.  I would love to get your input.

most realtors respond immediately. If not just continue to call or email. Keep in mind that most realtors are very hungry. Hope this helps.

the best area to spend your dollars is through direct mail to absentee owners. But keep this in mind. It can take multiple mailings to start to see results. Some people need to see your message several times before they respond. Hope this helps.

Stephen, 

I may not be in your area, but I can say that you are on the right track. All the resources you're accessing are right on. Hope this helps.

Billy,

You are on the right track. Wholesaling is the way to start. Build up those cash reserves. Then you can get into rehabbing and flipping and buy and hold. Hope this helps.

You can start advertising now if your lease agreement allows. This can backfire on you though if the property is not in good shape- I mean cluttered. Anyhow, you got to get a sign up in the front yard. I have found this drives a lot of traffic to your phone. Hope this helps.