All Forum Posts by: Blake Yarbrough

@Franklin Romine I got the list frommy title company and whittled it down to what I want.

Oh, and I plan on wholesaling these while looking for good rentals.

No idea. I have heard conflicting information. I have heard that I probably won't get a deal until my 6th or 7th mailing. I have also heard that for each mailing of 2000, I will get on average 2 deals. But I am not sure if that is accurate if I am mailing to the same list. So it could be 2-4 deals per list over that time, or 2 deals per month. Each mailing will be different: postcard, yellow letter, different postcard, professional letter, yellow letter, etc.

Hi,

I would like opinions and advice on this. I plan on having two lists of 2000 properties and starting an 8 month campaign on each them. I will mail to each list once a month alternating between the lists (so it will take 16 months total for the campaign). I will also be using PatLive to take my calls.

Question: Is this too much when I already work about 5-6 hours a day on average at my normal day-job?

@Brandon Barnic White fridge? I would stick with what sells in your area on that street. Now, almost everyone has stainless steel. For high end, slate looks really good now. Totally agree on cabinet depth fridge. Cabinets should be a nice colored wood (dark sells well) and counters should compliment the wood by being lighter.

Welcome!

@Dan Earth and @Mytisha Harper 

Keep in mind it is a lot of hard work and you should expect to grind. It is definitely not a get rich quick, especially if you want to be successful (nothing in real estate is if you want to sustain your success.)  When you make money on a deal, you should expect to save 25% for taxes and also reinvest 15% to your marketing to make it grow. With wholesaling, you have to know a lot about the business. Read this article for wholesaling:  http://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/

Thats a good layout, I think. Fridge is in a good place. Yes, have cabinets to the ceiling in a small place. There does need to be room for a light switch. WIndow size is fine. Raised bar is nice in a small kitchen, because it gives more counter and cabinet space. Add a corner cabinet above the bar; it adds a little more cabinet space and looks nice (especially with a glass insert).

Thanks, @David Semer !

If you spend $35k on a class, you learn a lot but you still have to take action. So, why not take action and learn along the way through BP or local real estate investors? (Join your local REIA)

 If you have the cash, get a list of houses and start mailing. Direct mail is the best way to get leads. I live in Washington State, and I can get a list of houses from my title company for $1.  For your mailings, use a website that specializes in direct mail for real estate investors. They do all the printing and mailing for you. Keep in mind, you will need to touch the sellers at least 6 times (plan on 8) before they will call you. (Sometimes earlier) Use a mix of postcards and letters (talk to the printing company you plan on using and they can give you advice on what is working!)  If you really want to be successful, you need to send out letters to 2000 prospects on a targeted list. Here is what you need to plan: 2000 mailings every month for 8 months. That will be about $1800 for letters and $990 for postcards; alternate between those. It will cost you $11,160 over 8 months. It sounds like a lot, but ask any business person and they will tell you that you have to spend money to make money. Disclaimer: This is no guarantee that you will make money. There are other factors involved like negotiation skills and education/knowledge. However, your phone will ring. With that many letters/postcards, expect up to 200 phone calls that will lead you to about 20 possibilities and about 1-2 closed deals. So if you don't have time for that, scale it down. Keep in mind, though, that the smaller your list, the longer it will take to get you money back. I learned that the hard way.

If you don't have money, spend $12 on business cards that say something like "I Buy Houses for Cash," and give it to everybody you know. Also, find vacant houses and find the owners address on the county's website. Send them a letter. Hope this helps. Good luck!

Good idea to have a business credit card. Agreed that if you are able, get a credit card with cash back or mileage. Be careful of annual fees, though! Unless you don't mind.