All Forum Posts by: Tim Watts

A website is just another stream of prospects.  Just like there are different mailing lists, or bandit signs, craigs list, driving for dollars, etc.  Each has a different time and money cost and will depend on if you have more time or money and  how fast you want to try and ramp up.

My advice is to figure out what may work best in your market and get one campaign started and set it to run... then as you have time and resources, pick another campaign to develop and get running.  What are you more comfortable with and get that going... then expand.

I'm using OnCarrot.com for my website.  A bit pricey, but they have lots of support and training that you can get with the cost.  In a large city, or places with lots of online competition, it can be expensive and take time to work on online rankings and ppc bids are high. I recommend not using cheap services like Fiverr.com.  There are a lot of ways to get  your website de-indexed if you try to push for rankings in the wrong way.

If  you are in a market without a lot of online competition, a website could be a way to break in and get those leads.  On the downside, if you are in a market that does not do a lot of searching online for ways to sell their house... then a website may not be helpful at all.

Last thing I'll say about websites.  They do take work and time and it is easy to let all your time disappear in working on your website and not on things that make you money.  If this is a temptation, outsource the website to a reputable person, or skip it and work on something that will make you money now.  Then outsource the website later when you have to the funds to hire it done right.

I've not done a large volume of letters, but so far, 99% call instead of going to my website... and one person sent me an email.  I've probably only sent out 1,000 pieces (post cards and yellow letters).  So, not a large number, but I thought it was really interesting that almost all went to the phone.

This is why we visit jobsites and don't assume things are done correctly.  Thanks for the pic

Good luck with the meeting.  Let us know how it goes.

I can't tell from your posts if you have countered him or talked to him more about his numbers.  Just wanted to make sure that you were not taking his first offer as the final offer.  You can always counter.  He can say no, but he could also say yes.  

As you talk, you probably have figured out what his greatest need is.  Cash flow for life style, need a bit of cash for some things, but willing to finance the rest, etc.  Use these as your tools to negotiate a favorable deal for yourself... figure out what your numbers.  See if you can come up with a couple of different offers, and pitch it so he understands why it is such a great deal for him and why it is reasonable.  

You are doing a good job sticking to your guns and saying you need a particular amount to make it work.  I love the line... "do the numbers and the number will tell you what to do."  Take the emotion out of it.  But be careful that you don't assume he will say no.  

I love the creative ideas so I will keep watching what others say.

It is an easy read and does a good job at revealing that there are different views of money.  Similar to the book "Richest Man in Babylon"...  uses a narrative to talk about having your money work for you, thinking about how you use your money and time.  Thinking in terms of asset and liability.  All of these things were foreign to me unti I read the book.  It put a bug in my head.

He also spent time talking about stocks and starting businesses... I would not try to implement anything exactly from his book, but it was worth the read.  I checked it out from the library... I personally enjoyed the Richest Man in Babylon more when it comes to mindset of getting money working for you.

It is a great way to get a portfolio of rentals if you want to get into that.  I like the idea of terms especially if you plan to hold them for a while.  See what monthly cashflow he would like and work backwards from that instead of the purchase price.  

But I agree, with your numbers, you will want a lower purchase price.  I've used the arguement that a seller will get that number if we put it on a 30 year note (by the end they will get that price if they include the interest they will make).

If you are flipping or wholesaling, it will take work to get him down in his price.

Congrats on the multi family property!

I agree.  I have a disclosure that lists my minimum criteria.  That might be a better way to put it.  You must meet these minimum standards.  I also think in some areas it is a requirement.

As @Dan Perrott mentioned... it is a powerful tool to screen out tenants.  I've had potential tenants come in with their check and very excited to fill things out, and as they read the requirements, they find there is something at home that they need to get and I never hear from them again.  I don't have to waist time looking into criminal history, credit, meeting their dog(s).  There are no surprises and it sets expectations for anyone and that is a great way to start the tenant / landlord relationship.

You can get a film for the window that would reduce the noise a bit.  It is basically the same thing they do to windows when you order them with soundproofing.  It may not be as expertly done, but same idea.  You are changing the thickness of the glass.  If there are two pains of glass, it will work better.  The idea is that one pane of glass is a different thickness as the other... thus disrupting sound waves.  It may not have a huge impact, but it does work some.  I think it is something like $40.

Other tips that I know of are more for the tenant/owner.  You can use heavier curtains, rugs on floors and walls, etc.  Use materials that would absorb sound from bouncing around the room.... a busy plant next to the window, tapestry on the wall, rug on the hardwood floor.  It is not fancy, but if night noise is too bad, you could put foam in the window... it would help cut out light too.  I personally would start with good curtains and add more as you need.

If you are renting it out... You could schedule showings for low traffic times.  I did this for a house that was on a busy corner across the street from a school.  Can't hide the location, but don't need to meet people there when all the kids go screaming by.

Texas... Title Company for both.