From MLS to Yellow Letters

[Account Closed]

I've put in 18 offers so far on SFR's/multi's and have been rejected on each and every one due to a number of reasons - when there has been a good deal on the MLS, especially, other buyers are offering cash while I have financing. Additionally, when I see their offers, they're not really making sense (using the 2% rule as a metric).

I'm thinking I need to approach the Phoenix, Arizona metro market differently and am willing to begin a marketing campaign. I have an affinity for lists - checklists if you will - that simply tell me exactly what to do and when to do them. Thus far, I've listened to probably 60 of the podcasts starting @ #1, read a few books, and have compiled this list of everything that needs to happen before I purchase my first deal. Until today, I have not included marketing in this checklist. 

My questions to you: What other items must I consider when carrying out a campaign? Additionally, I assume there are as many approaches to seriously entering this business as there are investors, but am I missing anything on this list? I'm currently @ step # 6 (not including SEO).

• 1. Begin to Save Money, ensure personal finances are in order. The Complete Money Makeover.
• 2. Become educated – read, listen to podcasts. Learn the vocabulary. http://www.reiclub.com/real-estate-terms.php#top
• 3. Once confident, decide your niche(s).
• 4. Form 3 (or more) LLC's to avoid having all assets being subject to getting sued. 1 – An LLC as the buy and hold holding company, 2 – An LLC for flips, 3 – An LLC as the operating company (heads into contracts, collects rents, etc.). As an alternative, set up a Series LLC, to file one tax return for what is legally treated as separate LLC's. BiggerPockets.com/show109
  • a. Establish each LLC with two (2) members in order to ensure corporate protections are enforced. "Pick your best friend or your mom and give them a 1% non-voting, non-saleable interest, not entitle to distributions interest."
  • b."Consider using a trust to hold the deed to a property as well as be the manager when you file your LLC and you've just created a very decent smoke screen to ward off creditors."
• 5. Use saved money to purchase business cards.
• 6. Create a website detailing your business, allow for user input if planning to directly cater to your desired market.
  • a. Research Search Engine Optimization, consult a SEO professional.
• 7. Use saved money to begin marketing campaign – as of right now in the Phoenix market, the MLS is a challenging place to find deals.
  • a. Yellowletters.com
  • b. Listsource.com
  • c. Drive for Dollars
  • d. Be prepared to answer calls and how to speak with callers/getting the correct questions answered.

[William Allen]

Stop at step 2 and make step 3 say "learn how to run the numbers to determine a good deal" and step 4 say "make offers."  Your niche will come into play too...  You don't need to do any of that other stuff if you don't have any property yet. Don't over think it with LLCs, websites and business cards at first.