All Forum Posts by: Gerardo Dominguez

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!

Redfin, Loopnet, Rentometer, Cook county public records sites and of course BP :)

@Tom Tippmann So the short answer is, yes. However, once you have a property under contract you are ultimately liable. Make sure you have your "escape" clauses in place in case you can't find that seller. Other wise you'll lose your EMD. Good luck!

Look around BP for more answers; example article below.

https://www.biggerpockets.com/renewsblog/2015/01/3...

Welcome to BP @Rebecca Bryant! Make sure to take advantage of the meet members tool on this site and join a local REIA so you can find someone who's done the type of investing you're interested in doing. Good luck in your investing!

Welcome to BP!  The fact that you're starting off so young means you already have a huge advantage; you have more time to grow!  The easiest way to use OPM is by having great credit.  Albeit a loan from a bank or non-traditional money lenders, if you have a high credit score it will be easier to get your projects funded. 

Regarding your last question, would you lend money to someone with no credit or income?  Until you have a track record you probably won't be able to get any private money.

Welcome to BP!  Make sure to take advantage of all the free content to educate yourself and meet other investors in your area.  Good luck with your investing :)

I agree.  Unfortunately, there's no standard definition for what a "turnkey" property really is.  The idea is that it's meant to be completely hands off.  But different companies use the term turnkey a bit more liberally than other so you might be stuck with a bad rehab job/ bad tenants/ etc.  

I met @Engelo Rumora at a meetup in Chicago recently and his company seemed really good.  About as handsoff as a turnkey can be.  If I'm not mistaken, his company actually stays on to manage the property for the owner too.

Depends on whether or not you and your seller are both ok with the bank executing the due on sale clause.  The odds are in your favor that the bank won't care but if they come a'callin', what's your plan?  Make sure your seller is on board with whatever you plan is as well. 

I think that's a great idea. Just make sure you know the zoning laws in your area. When you say "legal apartment" I'm assuming you've already confirmed your able to change the zoning on your potential SFR into a duplex. Unless you're playing the "sometimes it's better to ask for forgiveness later than for permission first" card. In that case, I don't want to know any details lol Either way, Good luck!

It was a great read.  I also received the audiobook version which allowed me to listed to it on the go.  Good stuff.