All Forum Posts by: Chris Bounds

@Fitzgerald Hall, I took @Sam Craven's advice. Here is an updated breakdown:

1. Target Market: Absentee
2. Campaign Type: White typed letters and zip letters using YellowLetters.com
3. Total Prospects: 5735
4. Total Mailings: 4
5. Frequency: Every 6 weeks
6. Total Leads: 102
7. Total deals: 5
8. Comments: This has been the best campaign yet. Only a slightly higher response rate and still a high cost per deal, but it's been the most profitable campaign yet. I'm still working on several warm leads too. 

I'll be there

@Richard Fields, correct. As long as your debt-to-income (DTI) ratio is good, with W-2 income and an 820 score you shouldn't have any trouble refinancing conventional. You'll likely start getting capped out at 4-5 properties, but it's possible to secure up to 10 conventional loans before you'll need to look into portfolio / commercial financing.

 If you have W-2 income and decent credit then conventional financing will do it. Find a broker that works with investors. 

@Ricky Brown, that was my exact same experience.  I left early to the 1 event I went to and haven't been back.  I really don't mind people pitching their products or services, but there needs to be some good value given beforehand.

Jet Lending is having their monthly investors meeting tonight at the Texans Grill. It does give a lot of value plus free food & beer. Lots of networking too since it usually has 200 or so investors there. (no affiliation, just a customer and regular attendee) There are several other good REI events around Houston as well.

Houston investors, I'm looking for local (portfolio) lenders for long-term buy & hold financing / refinancing. I use the BRRRR for acquiring rentals. Also, does anyone know of a good lender that will do equity lines of credit on rental properties?

@Chris Uhler, I agree it's good practice.  We get about 98% of all calls live.  We've actually called a few back.  Most I think wanted to be removed from our list or were unmotivated. Otherwise time limits so far have been preventing us from doing it systematically .  

A story on answering live calls...Once I called about 10 postcards/letters from other investors to add them to my buyers list.  Only 1 answered live and only 1 other returned my voicemail.  After that I figured competition may be fierce, but answering live is an easy leg up.

@Undrea King, our goal is to answer every single call as well.  To be honest, calls that are missed and do not leave a message we do not bother calling back.  If I were in your position I'd try to find someone local, maybe a friend or a relative, that you can train specifically to take messages for you during a certain period of time. 

@David Billings, not yet.  So far we've decided to hold on to the higher paid tasks and outsource some of the simpler tasks.  We outsourced bookkeeping a long time ago.  We recently outsourced blog writing for SEO.  We're still looking for motivated acquisition agents, but meanwhile we're developing our systems to minimize training time.

@Joe Villeneuve, agreed. The BRRR is a pretty straight forward and simple way to effectively design a zero down deal.