All Forum Posts by: Gregory Casey

Thanks for your response.  Good thing I have a BS degree in Physics from UT.

6 Months sounds about right.  I am sending about 300-500 per week, with a staggered start. I have broken them up into smaller mailing so I can handle all of the leads coming back in.

What is your take on renewing Absentee Owners direct mailing lists?

I am sending out 5 different marketing pieces to each AO over a 2-3 month period. Scrubbing my list as I get returned postcards.  How many pieces of marketing do you send out to AO until you are wasting marketing monies?

Your opinion would be greatly appreciated.

Greg

Absolutely.

I give business cards to everyone I meet.

Nice Work. 

In the past, I have had property management for 8% Texas and Colorado.

Happy Investing!

@Joe Gore

I have been having my realtor submit bids. I just send him the case numbers and my bids. He does all of the work.

I just started looking at REOs. The lists I have seen, look like "Hedge Fund Leftovers".

That could be a good thing, if the price is right.

The purchase price was $1320 - $1250 (Realtor Commission) = $70

Jon is a Broker, would receive his Realty commission paid by HUD.

It has been my experience that the HUD homes in the Austin and Dallas markets have been going for anywhere from 88% to 98% of the HUD listing price at the investor period. The HUD listing prices are pretty close to the ARV of the properties. So it is difficult to for me to get the numbers to work to include a double closing, my fee, my buyers profit and repairs. I have taken Jon's Course. Great information, but appears to work well in certain markets.

Good Luck! Happy Investing!

Michael,

The way I have been building my buyers list is pretty straight forward.

1. Every few months I have my realtor run an MLS search for properties that have closed in the last 30 or 60 days. In the financing terms section - Buyer paid CASH ONLY. With this information you can now go to the County Tax Assessor website and look up the new owner of that property using the property address. You should be able to get the buyers name, tax mailing address. I then would send marketing to these cash buyers.

2. I call other investors marketing...If they are advertising, they may be buying or know someone who is.

Hope this helps!

Nice work!  Investing smart.

To purchase REOs the banks will not allow you to purchase with your end buyers cash.  Some Banks have deed restrictions that will not allow you to sell the property from period of time.  I agree with Jon, read the addendums very carefully.  If there are not deed restrictions preventing from selling property right away.  I would use transactional funding.  This will cut into your profits due to the cost of the money. Your tranactional leander would be able to provide a proof of funds letter for your transaction.

Hope this helps.

Greg