All Forum Posts by: Morris Lucas

I am still getting killed with offer turn-around time to sellers on my Wholesale leads, Please reach out if you have a handle on the Atlanta market, and can help with ARV, CMA, rents, etc, and want to partner on deals, thanks! Ramping up my marketing this month and want to get back to sellers with an offer in 24 hours(or less)

J Scott, you're right, it probably takes close to a year to figure out your marketing, how to answer the calls right, where to get lists, etc, tweaking marketing, etc. Seems like after a while once you have the machine turned on, the process gets easier and you get a better understanding of where to spend your time.

Nikki;

I normally at least ask these questions...definitely search forums for other advice on this..

1)Is there any mortgage on home and how much?

2)Any estimate on repairs needed

3)Number of rooms/baths

4)Would you be willing to close for cash in less than 30 days?

5)What is ballpark number you would take for property, as is, to close in 15-30 days?

All i can think of at the minute, but that's the basics.

Nah, i don't think i spent anywhere near 3k...for like 3 or 4 months i did like 150-200 bucks a months maybe in stamps, spent about 4-500 in signs and placement. 

If you deduct all the envelopes, stamps, etc, i probably cleared at least a few grand. 

I wasn't keeping exact record of marketing costs back then like i should, i was just hungry to get one in the can, definitely should have done better in that area.

To be honest though, to me, the actual profit wasn't even in my mind. i just wanted to prove it could be done, even if i only made one dollar. Hell, in hindsight, if i could do all over, i  wouldn't even have wholesaled it, i would have found a way to buy it and flip it myself!!!

This was purely a mindset goal...next 10 will go a whole lot different with the numbers, lol.

Thanks Gary!

You can't go wrong with that strategy, keep marketing every month, no matter what. You may get discouraged if you don't see immediate action, but look at it as like a long-term 6 month-year plan. It will pay off eventually. Key thing to remember is, if you have a juicy deal, the investor/buyer, agent, whomever you deal with, they want to close the deal just as much as you!! So all parties will assist you with whatever areas you are a little weak in...think about it...if you have 10-30k profit on the line, are you gonna let finding a Title company or finding the correct contract stand in your way?

Erin;

Yes, an agent i partnered with drafted the contract, and also brought a buyer to the table. If you look in your town, i highly recommend you find companies/investors that buy a lot of houses per month. They will know what a deal is and may be able to give you specific criteria so you don't waste your time with duds. They are in every major town. Agent and I went through comps on MLS, 65-75% arv worked as there was not many repairs at all. Incidentally, when we walked the house, we went through everything you need to look for when doing an evaluation, which was priceless.

We used an attorney to close the deal. Once you network with local Reia,investors etc, you will find attorneys that already have title companies, staff etc, with all this stuff in place. you don't have to invent the wheel.

I used postcard with business phone number app i use on my Galaxy phone, and yes, this deal came from Direct Mail, we closed about 2-3 weeks after offer. Marketing is everything, you have to have deals or none of the other stuff matters. Contracts, title companies, buyer's list all come second IMO, great deals will put light in the tunnel...you'll see.....Good luck!

Matthew, Terrance, Troy, Carlos, John,thanks!!

Hey to each his own...I don't know much about the guy's products, I happened to come across the book in Barnes & Noble and skimmed through it and bought it. 

I've used some of the marketing tips in it to get leads, some of the chapters i found informative, some a little fluff. These days everyone you find in a bookstore is out to get a buck every way they can, so you can't screen everybody, Kiyosaki has 100 ways to get your cash, but his book changed my life. Hey, was worth the 20 bucks to me, lol.

Try the Real Estate Wholesaling Bible by Than Merrill.

I just started it, has some pretty good tips on marketing, where to find deals, etc.

please send me info on winston property please

Thanks everyone!

David, your right, im gonna schedule my contractor buddy to go and do a rough estimate on repairs, have to schedule though as not to disturb tenant.

Rick, thanks, it is already rented, but i will research the other condos around and see what is medium rent! Wish i had MLS access, lol

Due to form of marketing i do, i tend to be getting many land and condo leads, even though i shoot for single family, go figure...

Have a lead from Direct Mail for home with 2k tax lien currently in payment plan.

2/2 condo in Lithonia, Ga currently rented since last year @550 per month.

Seller is asking 15k to close. No mortgage, minor cosmetic work needed. From what i can tell, this would be around high twenties to low-thirties value.

Seller says HOA bill fluctuates is now $175/mo, has been anywhere from $80 to $220/mo in the past depending on Association rules.

Would this be one to pass on? Anyone familiar deal with condos...? My attention would be to either wholesale or possibly buy for rental income (even though i don't currently buy and hold).

i'd be happy to share the address on PM to give better insight.