All Forum Posts by: Joe Dube

Donna,

Which offer did you end up taking? It's the 17th today and you had a closing date of the 15th on one offer and the 24th for the other offer. Just curious how your deal ended up turning out. Let us know.

Hi Shantese,

Welcome to BP, glad to know you have a plan. When I started in 2003 it was hard focusing on a specific niche and sticking to it. I always tell my students to focus on wholesaling first, get good at it then try the fix& flip and buy & hold methods. The reason being that you learn the values, how to estimate repairs, negotiating etc... with very little at risk.

Hope this helps...
Dubeman

Jason,

If your end buyer uses hard money or a credit line to purchase the home it's the same as cash. The only time I don't write it that way is when I want the seller to hold a note or if I take over payments. I'd be more concerned about the discount you're getting. Is it deep enough for an assignment fee for you and still enough meat on the bone for the cash buyer? Give me more details.

Hope this helps...
Dubeman

Hi Ed,

I've used a yellow post card with typewriter font and it works best. The card I use is one from Chris Chico I think or Richard Roop. Check out the articles on marketing like Brandi said. One other way I market to absentee owners is I write a handwritten letter on white lined paper saying:

Hi,
My name is Joe Dube.
Would you be interested in selling your house to me?
If so please contact me at _________ or email me at _______
thanks,
Joe Dube
phone
email

Then I go to the printer and he runs off about 1000 letters on yellow paper. Shove them in handwritten envelopes and stick the return address tabs on the envelopes with stamps and send 'em out. Those babies will get opened and read. Be ready for the phone to ring. This will cost about $500 per thousand.

Hope this helps...
Dubeman

Kerri,

My advice is to keep grinding. If you have requests for properties you have the beginnings of a buyer's list. Get as much of their buying criteria as possible along with all their contact info. in an excel spread sheet. Then go find these people some houses and make a profit. Just keep working at it and something will pop.

Hope this helps...
Dubeman

If it's a tenant I go through a check list and even video tape the inside and outside of my house before they move in. If I'm wholesaling to an investor he gets the keys at closing and all docs are signed and delivered there.

I suppose a nice gift basket would go over well with a couple buying one of my rehabs or it would spread some good will to tenants.

Thanks for sharing.

Dana,

I have to agree with Sean. I tell new investors to start out wholesaling 10 deals first just to get to know the values and how to vercome objections from sellers, this will also help you to learn the types of marketing that works in your area. If you start out trying to do short sales first then it's going to take a while and you'll get discouraged.

Sean gave you some great advice on lists and direct mail marketing, use them and get a deal done.

Hope this helps...

Jonathan,

I agree Josh Cantwell's book is solid info. he's a systems guy which I really like because once you learn the system you can duplicate your success over and over again.

Good luck...

Hi Ray,

When I first started out I chose a town 20 minutes from my house. Then I drilled down and chose the best blue collar neighborhoods in that town. It turned out to be about 45,000 addressses that I maket to but I started in 1 subdivison first because there were block homes, no flood insurance required and a good mix of renters and home owners. I tried to make sure I was making offers on houses that a lot of people would want to buy. Makes sense right? Well, I've been investing since '02 or '03 & I still own 4 houses in that first subdivision. When I drive down those streets in that part of town I say to myself I made an offer on this one and that one and I flipped those 3 etc... I'm telling you this not to brag but help you see that if you become a big fish in a small pond it'll all work out.

Hope this helps...
Dubeman

OK Don,

Here ya go. My partner and I got busy sending out direct mail to absentee owners, about 2,000 or so pieces in a month. We got a call from a lady that lived in Gainesville that owned a house here in Tampa free & clear. It was her and her hubby's first house, and they had to move to Gainesville so her in laws rented from them for 15 years. The mother in law passed away and the father in law had to go into a nursing home. The owner said the house was in need of repairs and they were too busy to do them and meet people to show the house. You get the idea, they wanted to be done with it. Any way the house 2 doors down all shined up & pretty sold 2 months ago for $237K and it was smaller than ours. Let's say market is $235K to $245K. The owner wanted $130K cash, I offered $120K cash and got the contract. I had 3 rehabbers wanting the deal for $135K, sold it for $139K all cash quick close to a rehabber on my buyer's list.

I used to love to read success stories in forums when I was first starting out. I'll bet others do too. A word of advice if you don't mind. Increase your offers to 10 good ones a week. Find out who the top REO agents are using to close their deals with and put money in escrow with that company. Then tell the agent you have money in escrow with their title co. Tell the agent to call you when his/her next deal falls through and you'll see if you can help out.

It's worth a try.

Hope this helps...
Dubeman