All Forum Posts by: Craig Moore

Have you tried connecting with a wholesaler in the area to get a property? Do you attend meetups or are you part of any of the REI groups in the area- people tend to share deals amongst those networks?

Your marketing strategy and effort could be time consuming and not as cost effective as maybe scooping a deal from a wholesaler. However, you also could be successful in landing your deal without having to wait on anyone other than yourself.

If you do choose to do the mailing, your message would be very similar to wholesaling in the sense that your goal is to purchase the owner's home. Where some marketing mailers speak of "We buy houses", your message would be similar to mailers that are direct: "I want to buy your house".

Thanks for your response, Cynthia!

I have spoken to a few wholesalers, however, they would like cash buyers only. I used to be apart of several groups, but I did not see any that truly kept me interested.

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Originally posted by @Jessica A. Smith:

@Craig Moore First off I'm a wholesaler, but I do believe your marketing could be effective. I would also add since you would house hack this property to keep an eye out for rent signs you see posted. Give those landlords a phone call to gauge their interest in selling, and continue to follow up. You never know when someone's circumstances may change that will put them in a position to want to sell.

Good Luck!

Thanks, Jessica!

So it IS a thing for people to use direct mail as a means to find a house to hack? As opposed to flipping it?

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Hi BP,

I have a question:

I'm considering starting a direct mail campaign in order to find my first duplex. I've found that the MLS is far too slow for how much action I need to take now. Is it smart to send out mailings to potential sellers if your intention is NOT to wholesale the property? Is this even a thing? If so, I would plan on sending out about 300-600 mailings per month to targeted neighborhoods and hoping someone would be willing to sell their house. I would not necessarily be planning on rehabbing it, just a house hack and continuing on my investing journey.

P.S., from the threads I have seen here, I'm not entirely sure how I would type up a direct mail letter if I'm not coming off as a wholesaler. Any advice?

Thanks,

1 Vote

BP,

I'm doing some research into what wholesalers are receiving for fees in the Boston Area (or Mass). For those of you from here or surrounding areas, on average what is the fee you usually see through wholesaling? How much have you made in a year?

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Originally posted by @JR T.:

You start by pitching your friends and family to invest. Until you can get someone you know to trust you don't attempt it with strangers.

What if this isn't likely to produce much in terms of actual dollar amount?

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Originally posted by @Joe Villeneuve:

No, that's not the way to do it...unless you want to die from exhaustion before you turn 40 (or earlier). That $100/door is an arbitrary number that is based on your market. This is how you do it:

1 - Add up all your monthly bills
2 - Figure out how many doors you want to handle in total
3 - Divide #1 by #2 above...that tells you what you need to get per door.
4 - Go find a Market where these deals are, and...
5 - Camp out there.

....or....

1 - Add up all your monthly bills
2 - Figure out what the average $$$/door is in the Market of choice
3 - Divide #1 by #2 above...that tells you how many doors you need.
4 - Go find a good Doctor, and...
5 - Camp out there....this is NOT the way to do it, but many do unfortunately.

Joe,

I would be hiring property management. I'm not sure how this changes #2 on your first example. As long as I get to the $10k number.

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Originally posted by @Brie Schmidt:

@Jerry Poon - I envisioned working less, but anyone who knows me knows that I can't relax and not do anything.

Our goal was $10k a month cash flow, and we felt $35k a month gross rents would get us there.

This is literally my goal in it's entirety.. I love traveling and my number to live comfortably on my own terms is 10k. Congrats

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Hi BP,

I'm wondering if you all can advise me on the proper way to set-up my goals and make sure the math makes sense. I had this figured out about a year ago (before I even had any capital), but have since forgot the method. Here's an example:

I'd like to have at least $10,000 a month in rental income. I would like to be a buy and hold investor. I believe I read somewhere that you should take your goal and divide it by $100 per door. Is this true? Would that mean I'm dividing $10k by $100 leaving me at 100 doors? So that is translatable to: 33 3-family houses, or 50 duplexes. Do I have this math correct? What are some other ways I could reach this $10k per month number? I'm giving myself a 6-8 year window.

Thanks for your help!

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Originally posted by @Luke H.:

my OPINION in no particular order of importance:

1) see if you can borrow 20k on your 20k.

2) get you wholesaling up so get steady income

3)scope out long terms deals

4)network, partner up on mid term deals to use and reuse your cash

Good luck

Borrow 20k on 20k? Can you explain?

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Can you house-hack every year on an FHA loan? Or do you use an FHA loan the first year, build equity, pull it out, buy another home and house hack again? What's the strategy here?

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All Forum Posts by: Craig Moore

Craig Moore has started 40 posts and replied 187 times.

Post: Using Direct Mail to buy your 1st multi FHA - Right idea?

Post: Using Direct Mail to buy your 1st multi FHA - Right idea?

Post: Using Direct Mail to buy your 1st multi FHA - Right idea?

Post: Boston Wholesalers - What is your highest earned fee?

Post: How Do I Raise Capital?

Post: The Math for your Real Estate goals?

Post: Financial Independence Lifestyle: Before and After

Post: The Math for your Real Estate goals?

Post: What is your first move with $20k?

Post: House Hacking Opinions