All Forum Posts by: Chris Bounds

Done!  If I'm in the car then the podcast is usually on. Keep up the great work!

I have two direct mail campaigns currently to absentee owners.  Each have about 900 addresses.  I am sending them every 4 weeks.

Campaign 1 - Postcards: On my 2nd batch.  I just closed on my first deal from this campaign.  

Campaign 2 - White typed letters:  My first batch goes out today.

My target is to get 2-5 deals per campaign.

@Marcus Kennedy as long as your contract has conditional clauses (repair costs, financing terms) then you should be covered in case your numbers are way off.  In that case you can come back to renegotiate or void the contract (per the contract terms).  Otherwise, if you decide to call them back to make an offer do not let much time lapse.  Maybe tell them specifically that "I will call you in 1 hour" or "at "5pm tonight" so your are giving them an expectation to look forward to.

Marcus Kennedy one more point to making offers on the spot. Know the comps and your max offer assuming no repairs well before going. Then you'll only need to deduct estimated repairs and a little extra for unknowns while you're there.

Marcus Kennedy you can wait to run numbers if you want to be very conservative and careful, but I prefer to make an offer on the spot. You don't want another investor to swoop in after you leave with an offer and you miss out. Of course, make your offer to the actual executor and not other relatives.

Jack,

Earnest money is completely negotiable.  I've bought several houses with zero EM.  Whatever amount you end up agreeing on be sure to deposit it with a title company / closing agent instead of giving it to the seller directly.

Regarding wholesaling, you should let the seller know that is your intention.  Using [your name/company name] "and/or assigns" is one way to write to write your name as the buyer.  In Texas, real estate contracts are assignable anyway so that is not necessary.  I'd assume that to be the same in MA, but you might want to check on that with a title company first.

Good luck!

If you find and market a great deal buyers will find you quickly. Other than that, attending local REI club meetings and social events is another good way.

My personal opinion is college is not required for success, but it helps. If nothing else it helps with credibility in the beginning of your career. You can always gear your degree towards real estate or entrepreneurship. A lot of colleges offer degree programs in those areas. That will likely serve you better long-term. PS: I felt the same way after I read Rich Dad Poor Dad my sophomore year. - Chris, Texas A&M University Class of 2005

@Micah Copeland  Surprisingly the very first call I got is now set to close next week.  I only received 1 other call, but they were unmotivated.  My second batch for this list and first batch for another list will go out over the next 2 weeks.

I used elance.com to find a web developer.  The guys that did mine did a good job, but I wouldn't use them again.  I found a better guy that I will use next time on my RE site.  I used him on my personal blogging website and he did a great job.  He is helping my friend with her business site too.  PM me for his info.

Oops. I accidentally Posted before finishing. I used www.realestateexpress.com. Before I decided to go for it I asked a very experienced local investor what he'd do differently starting out. "Getting licensed sooner" was his reply - for the better market insight and tools.