Sent out direct mail for leads, what happens next?

[Eli Kallison]

I am new to direct mail, and I have always purchased with an agent through the mls. I just decided to start my first direct mail campaign (very small - about 350 sends). Now, I am realizing I don't really know what to do when/if I get calls back.

I am planning on purchasing 1 property in cash to start. But, I don't know how to write a purchase contract, work directly with an escrow company, etc. Can I get a real estate agent involved- if so, what's the best way to do this? Also, what is reasonable to ask of a potential seller who responds to my mail? Can I request an in-person walk-through of the property? Can I request an inspection? What is typical/ what is possible? Do you ask for photos of the property? How do these conversations go?

Any advice would be much appreciated. Also, if anyone is investing in Humboldt County in California and wants to connect, feel free to contact me.

[Lee Ripma]

@Eli Kallison

I’m an investor and I’m also an agent. I do some off market deals, a lot more than your average agent. I find that wanting to use an agent by an off market seller goes up as the property price goes up. In LA I find that sellers I buy from directly often want to bring in an agent to represent them. In Kansas City sellers are much more likely to work without an agent. I attribute this to a couple of things: 1) LA vs KC is a major price difference, LA is actually about 10x more expensive. 2) culture, in KC people are generally honest and trustworthy, much less true in CA. 3) litigious culture, related to 2 but generally more litigious in CA.

I knew how to close my own deals before I ever became an agent and had already done off market FSBO deals.

My advice is to work with someone who knows how to close deals. Lots of people know how to close deals, doesn’t need to be an agent. Also know the culture. And lastly don’t think that because something is off market it’s a better deal, that’s very often not the case.