All Forum Posts by: Craig Moore

It's all numbers game.  On average, you can expect 2-3% response rate and ~30 callbacks for 1 completed deal.  So I think 4444 leads can realistically lead to 4 completed deals.    The questions then becomes, how many deals do you want?  If you want 4, then the size list you have seems appropriate.  A couple of things to consider...

1) Can you handle the call volume?  If you send out that list today and only 1% calls you back that's ~44 calls.  At 3%, that ~133 calls.  Each call involves some combination of analysis, inspecting the property, negotiation and putting together a deal; aka time and effort beyond picking up the phone.

2) You need to hit your list multiple times.  You will likely not get any deals off your first mailings but your odds increase with multiple mailings.

3) Past experience does not equal future results.  Make sure you're only spending money that you can stand to lose.  In other words, make your peace with the idea that those ~4K leads can result in 0 or more deals.

4) Make sure your list makes sense.  What filters are you using on ListSource?  If you have a list of 4K un-motivated sellers, you're likely not going to close any deals.

Let us know how your campaign turns out.  Good luck!

When many folks ask this question, they have a fundamental misunderstanding of how investing and compounding works, as it pertains to both business and real estate.

Most people approach getting to 21 doors in 5 years like this:

Year 1: Buy 4

Year 2: Buy 4

Year 3: Buy 4

Year 4: Buy 4

Year 5: Buy 5

Total - 21. 

In reality, the guy who achieves this goal is going to pursue a path that looks more like this:

Year 1: Buy 1

Year 2: Buy 2

Year 3: Buy 4

Year 4: Buy 6

Year 5: Buy 8

This is the power of compounding. The first property is a huge struggle to learn, adapt, DIY, grow, and make mistaks. The 21st property is just another cog in your system.

It's not just the dollars that you will have available to purchase real estate with that are compounding. It will be your ability to run a scalable real estate business that should compound as well, as you consume more knowledge, and gain practical experience.

If you apply yourself diligently to your pursuit of real estate you'll find that deals begin to present themselves to you, that lenders will be more willing to work with you to finance your deals, and that other individuals might be interested in giving you cash to partner on your purchases. 

So yes, it is possible to get to 21 doors like that in 5 years. Just expect the growth to be exponential, and to come at the tail end, not linear. It's unsatisfying at the beginning. But exponentially rewarding down the line.

No not for the MassHousing loan. That's true for the ONE Mortgage and the NACA.

Craig, I'm working with a family member who has applied for the MassHousing loan and we've never seen the 10 year requirement that you mention.  I suggest you contact the Agency or one of the participating lenders for more info.

The MHP ONE Mortgage program doesn't require PMI and has the lowest interest rate around. MassHousing also has loans, they have PMI but it's much better (lower cost mortgage insurance) than FHA. NACA (Neighborhood Assistance Corp of America) also has favorable terms, although I've heard it's a long and painful process. City of Boston has a Home Center which should be able to guide you, they have a First Time Homebuyers course which is required if you're looking for their financial assistance.

Is this for an owner occupy property? If so I did get a loan on my own home with 3% down and no PMI. It was a special loan offered by my bank the only kicker was that the interest rate was a half point higher.