All Forum Posts by: Anthoy James

I used to use this list but heard in the last couple of years they have stopped supplying it or something of that nature.

I'm looking to get good short sale leads, and NOD's are way too competitive in my area. By the time they come out they've been contacted by dozens of other investors.

Anyone still using 60/90 day lates?

That's great advice Marie, thanks.

@ k.marie

I personally know a couple of other investors that are doing this, so I know it's 100% true. I usually stay in touch with the sellers, but they're usually just not in the mood to talk once they have another investor offering them so much more.

@Ibrahim Hughes

I know this is happening. It's not happening a majority of the time, not even close, but it does take place and I'd still like to be able to capitalize on all my leads. I have even have a friend of a friend admit that he's done it. I appreciate the advice though, and I'll definitely be doing that from now on.

@Sharad M.

I have 100% proof that it happens. It doesn't happen on most of my offers, but like I said, even if it's only 1/15 or 1/20 I still need to capitalize on it.

So I've noticed when I get calls from my mailings a lot of times I will meet with a seller and offer them something that is good for me to buy as a rehabber. (Like $240k for a property with an ARV of $400k) The seller will think about it, and when I contact them after they say they've gotten another offer from another investor for $350,000. (Keep in mind the investor that made them that offer is a rehabber like me)

A lot of times people will make up the fact that they have a higher offer just to get you to raise your price, but I know for a fact in my market a lot of investors are making offers that will simply price out any of the competition, and then when it comes to closing time they will drastically reduce the price down to a more realistic price.

They will come up with an excuse such as "I don't have the money anymore" or "The house had unexpected repairs I didn't notice", etc... By the time of closing the seller needs to sell already or maybe doesn't want to go through the hassle again and just goes through with it or will negotiate down enough that the investor is happy.

Is there anyway I can counter this? Just last week I made an offer of $210,000 on a house, ARV was $355,000. Needed about $30,000 in rehab. I called the seller back and she told me another guy offered her $350,000. I told her there's just no way he's going to go through on it, and if he was serious to sign a contract with no contingencies and put down 20%. They still decide to go with the other offer obviously, and I don't blame them, but I feel as if I'm losing deals like this.

Thanks for the replies everyone!

I've thought about doing JV, still looking for partners! Most of the people I know in the business are doing their own deals, but I'm not against partnering up with a few people I trust.

My typical day consists of waking up at 6 am, going to the 2 houses I'm currently rehabbing and making sure everything is going smoothly and making offers on other houses to purchase. I typically purchase through agents I've established relationships with.

I'm usually in and out of my office during the day, and to be really honest, I have a LOT of down time. I usually try to call new agents and make offers on houses, but there's only so many available. I'll kill time by posting ads on craigslist or reading BP, but I hate the feeling "wasting" my day and I want to make as much as I can out of every day. I'm not trying to be a workaholic, but I want to work 12-14 hour days and push my business to the next level.

I have enough money that I can take on big rehab projects if I need to, as well as construction crews and the time for it. I've been thinking of ways to expand and make the best of my time... Any suggestions?

I've been thinking of starting a mailing campaign for 60 - 90 day lates, sending 3 letters with one of the mailing companies. I've sent letters to absentee owners and didn't get anything, but I know that even a sample of 1,000+ isn't enough. Aside from mailings, I'm still thinking of ways to be more productive. Any thoughts or opinions from the great minds at BP?

So I sent out 1270 letters to absentees last week. I got 60 calls for a response rate of 4.7%.

To be honest, out of all these calls I only went out to see 2 of the owners, and made a few offers over the phone (mostly out of state owners). Here's a summary of what the calls were like:

About 15% of the people who called didn't want to sell and asked me to stop sending them letters.
About 95% of the people who were interested in selling wanted either full retail price or even higher. For instance a lot of them wanted 600k for a house that would sell for 450k fully renovated.
5% of the callers (maybe 2-3) were willing to go A LITTLE under retail but not enough for me to make profit on as a rehabber.

Do I just suck at negotiating? When I would speak to them over the phone or see them in person I would go over the benefits of selling to me (not having to pay closing costs, bringing it up to market standards, not dealing with a contractor or paying holding costs, etc) but I still couldn't close a deal. I know that no one can expect to close after just sending 1 batch of letters but it's honestly a little discouraging and I wanted to know if maybe there are some things you guys thought I can approve on. Thanks!

Hey Will, could you give me an example of what parts of las vegas you can find homes like this for? Are they $50,000 in decent condition or do they need work? My friend actually just moved out there this week and is wants to start looking at properties to buy and rent as well. Thanks!

Michael, as always, thanks for the reply. I will take your advice.

Levi, I should have been more specific. I meant I sent 50 out that week (all that was available), but that it was part of a bigger mailing.

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