All Forum Posts by: Account Closed

@Account Closed glad you have to arrangement straight with your investors. 

With the spreadsheet,I was thinking more along the lines of what your investors want from you specifically. I would assume for them to pay you they have what they need to go after the deal. If not, try looking around the resources on bp. 

Sorry I don’t have anything.

Hey Michael,

Ask your investors what they want and give it to them. They are the ones paying so they should tell you what they want.

Before you start shopping a list to investors you really should have an agreement with them as to what they are going to pay, for what and when you actually get paid so there are no miss-understandings.

There are several things that will help the ratios. 

Target better leads / lists. For instance, absentee owners can be a good source of leads. Absentee owners with equity are better because they have room to negotiate.

Focusing on a specific type of deal can help you become the expert and improve your ability to spot and close deals. Short sales can be a great source but you have to know the process or you can waste time, money and hurt the sellers in the process who are already in trouble.

Have your process in place before the phone rings. Even if you are new (I am) you cannot sound like it. A script can go along way to ensure you get to the information you need without wasting anyone’s time- including your own. Don’t read it like a robot but simply use it as a guide for the discussion to ensure you get what you need.

Real Estate is about relationships. Find a way to connect with people and your numbers will get better. People like to do business with people they like.

Good luck

I believe the point others are making here is to move quick with cash then re-finance with more traditional loans for the long hall and to get your cash out/leverage. The BRRRR (buy renovate rent refinance repeat) strategy has a lot of info here on BP.

If you find a good wholesale deal it will most likely go to cash long before you could get financing in order. 

Hey Alex, 

Welcome and good luck!

First thing  I would recommend is to really dig in and learn as much as you can. BP is a good source of information. Read the types of questions that others had when they started and you’ll get an idea of what you might be in for.

Find a local RE I a and start networking. Again BP is a good resource for finding meet ups in your local markets. I have had good luck meeting local investors though my REIA, take them to lunch, ask them how they started and then shut up and take notes.

After you understand the process, focus on the deal. Don’t get caught up in all of the websites, software platforms, phone systems, find the deals.  You have to have basic systems to work through the process but don’t spend all of your time and money getting fancy when you first start out. 

 If you can find someone that is fairly local to you that you can partner with in some form or fashion it can be very beneficial. I did not do that, but I read and hear on this site that many people have had great success going that route. 

This is simple, but it’s NOT easy!

Anthony,

I suggest you come up with a post card and letter rotation that will spread your budget out over time but keep you in front of them.  Maybe a postcard to half, letter to a third, post card to next half, letter to next third, new post card to first half etc.

Max your budget and rotate message and method each month.

Good luck!

@Cody Evans 9 potential  leads in 2 hours is better than I have done before but I have not been doing it all that long. 

@Cody Evans congrats on getting out on the road! In my market Atlanta suburbs google data is dated. My house pictures is at least 9 years old.  Seems to me it would be good for structure of houses but little else.

I would keep looking for 3 like property sales. Start with 3 months history , 1/2 mile radius, same bed/bath, +/- 10% sq ft , +/-10 years. Expand time and distance from subject until you have 3. Just be realistic as to if they are pre or post rehab comparables. Good luck.

In Georgia, auction.com conducts many of the courthouse steps auctions and they have the schedule on their website as well as the properties scheduled for auction.