All Forum Posts by: Account Closed

Hi, Ivan. 

I just started my direct mail campaign, so I am not any more of an expert with this than you.

What is your reasoning behind sending different styles of letters/postcards for each list? Why not different verbiage with every touch on the same mailer type? 

I know many people like to use postcards until they hear a response (because they are the least expensive), then move on to letters when a lead finally reaches out to them.

Did you notice a higher response with a specific type of mailer on your driving for dollars list? Maybe that is the mailer type that stands out the most.

Hi, TJ. 

Welcome to BP! I have some family in Pennsylvania, South of Du Bois.

Already having construction knowledge when rehabbing/flipping properties is awesome. You're at a great start already! 

Have you met other investors in your area? I would start networking with other local investors and pick their brain for some knowledge on the acquisitions side of real estate investing. 

Hi, Tracy.

I don't have much advice on this, but I understand when you say 'overwhelming'. I've been using a 'drag-and-drop' template from Go Daddy for our company website, and it looks nothing like I want it to. I just got a quote from a company today to completely design our website for us. 

Have you considered having a second party create your site for you? It can be pricey, but in my opinion, worth it.

Hi, Tin.

Welcome! I am an investor, and an investor friendly broker as well.

That's awesome you are getting some hands on experience. That is definitely the best way to learn and grow.

Do you belong to any of the local REIAs in the area? I hope to see you around!

@Patrick BrittonNo issues, just delays. We now take this timing into consideration with any project that would potentially go into plan review for something like a second story addition.

@Walter W.Thank you!

@Christine SykesIt is a great area! (My opinion may be biased. :) )

@Jonathan ThrasherI always get excited myself. Haha! 

@Elias Dagher We do not have an exact number or an estimate for the 3rd story, because we own the construction company that does the work. We estimated time and materials for our employees, and added that to our overall budget. Our budget categories are more general. For instance, "framing labor" would be labor for the entire project, versus just the 3rd story. Roughly, I would say $50,000-$60,000.

Tearing off the roof was not our first intention. We were brainstorming with our architect, and our first plan was the add dormers to the 1/2 story, which was useless at only 6'. Our architect advised us that it would be much more worth it to tear off the entire roof, and since it's something we've never done before, we decided to give it a shot. Sounds risky, but you don't know until you try, right? 

@Julie Marquez That's what this property was! A long time rental. Do you own many rentals in the Seattle area?

Here is our most extensive rehab to date, in West Seattle.

In Seattle, we have all of these wonderful old homes with unfinished square footage in the basement, but they don't always have the best ceiling height. There was a time when we were digging down the basement floors to get a mere 7' ceiling height. It wasn't until recently we realized how easy it is to lift the home in order to get 8' ceilings. 

We didn't stop there on this one. We decided to add a third story addition as well.

(This property was acquired off market.)

How she looked when we first purchased the property. (Above)

Missing something pretty important here. It looks sunny in this photo, but unfortunately it rained while the roof was off so we were not able to salvage the original fir floors (our original plan).

Hi, Rudy. 

As Andrew mentioned above, I agree that networking at local REIA is a great start!

Hi, Jony!

Welcome to BP! I am also a licensed agent in Washington.

Do you know what your primary focus will be with REI?

What @Sarah Ziehr said. 

I believe the best way to learn is hands-on experience. I would suggest finding a mentor. Perhaps act as an assistant? 

Oh, and TAXES. Be sure you are putting away money for taxes with every commission check so you aren't surprised at the end of the year come tax time!

I have a separate tax savings account and deposit money into it as soon as the check hits my account. I also have the account view disabled on my bank homepage so I completely forget the money is even there!