All Forum Posts by: Brandon Foken

@Will Barnard timely post by you as we put our first higher-end house under contract on Monday! The ARVs on our first 3 houses were 400k, 450k and 475k. This one we are pegging the ARV at just under $900k. The biggest downside, as you mentioned above, is the fact its on a pretty steep hill with no yard, but hopefully since roughly 1/3 of the homes in the neighborhood are facing the same issue it won't be too much of a discount.

As for your luxury properties, do you had anything that, for lack of better terminology, is a "Will Barnard" staple/standard that tries to set yours apart from the competition. Now that sentence may have not made much sense so let me try some examples. For instance, I know one flipper who adds wine fridges to $450k houses to make them seem more high-end (personally, I'm not a fan). Maybe something like a water feature? Unique focal point in the house? Chandeliers? Amazing landscaping? Etc. Just wondering if there is something you do that when an agent walks in, he/she goes, "Oh, this is Will's work...".

Also, what are your thoughts on staging higher-end houses? We've staged every room on our previous houses, but were discussing not staging beds & baths anymore. Do you normally stage your houses, if so, to what extent?? Appreciate the help in advance!

I'll agree completely that door knocking isn't the most scalable of business models, but I'll also agree with @William R. that it can make sense, especially if you do not have much money and/or just starting out. I was at a meetup one time and a few people were moaning about not being able to find any deals and one of the group's leaders chimed in to ask if they had gone knocked on any doors to try and find leads, which it turns out they hadn't. If deals aren't coming to you via relationships, mailings or your website then, if you are serious, you might as well go out there and find that deal.  Finally, I know a few agents in the area that get over half their listings from knocking on doors in their farm area. 

Much like any marketing, one avenue won't do it for you, but if you have mailings going out, a website, develop relationships and knock on a few doors on the side, well, more power to you!

@Sharon Vornholt is that number an "industry" statistic or based upon your own experiences with direct mail campaigns? I've hit the 4th touch on 2 campaigns (the others are too new for that many touches), so if I've only hit 15% of my deal making, these next few months will be incredibly busy for me!

I like @William R. suggestion of cherry picking out a handful of leads to doorknock/call weekly. It's a lot easier to fish in a pond vs. the ocean.

This post finally made me update my profile here on BP. It was woefully outdated so thanks for the reminder on how to use BP more effectively!

I'll echo what others have said on here, be sure to diversify your marketing efforts. Have a website. Cold call realtors. Send mailings. Knock on doors. Hang flyers around town. Hanging bandit signs does not constitute a marketing campaign. Also, it took me 16 months to find my first deal (and I've since found 3 more in 3 months) so do not give up.

1. How long until you closed on your first property.

I joined BP in Nov '12, sent my first mailing in January '13 and didn't close on my first property until April '14. I had some savings but nowhere near enough money to buy off the MLS in the Bay Area.

2. Were you working full time or part time on REI when you acquired your property?

I was full-time in REI when I got my first property because I was laid off (unintentionally full-time).

3. My first property came from ________ (MLS, Driving for Dollars, Yellow letters/postcards, another wholesaler found it for me, other)

PPC Campaign

4. My first property was located __________ (near my home, out of state, abroad, other)

About 30 minutes away in Oakland, in the hood.

5. I have been involved in REI for ________ months/years and I now have closed on roughly __________ properties.

19 months or so. 4 total properties thus far (all since April '14).

6. I currently work at REI ______________ (full time or part time)

Full-time and I love every second of it.

@Eric Manuel I took a look at the website, some very intriguing stuff in there. Do you guys plan on doing any open houses/networking events for folks to meet, greet and learn more about crowdfunding?

I'll go with Halloween as the big day.

Welcome aboard, Jacob. I graduated from Blue Springs South and lived in Lee's Summit years ago. Haven't been out to that area in forever. Best of luck to you!

3 deals for me so far. 2 of them have been from our direct mail efforts (both typed letters, one had a handwritten envelope, the other was typed as well). The other one came via PPC campaign - the only real success I've had from that avenue.